The Nigerian Communications Commission (NCC) has disclosed that telecoms investment grew from about $38 billion in 2015 to over $70 billion currently., attributing the growth to an efficient regulation by the Commission.
It also stated that the telecoms, trade, services and agric sectors are major drivers of the Nigerian economy as they were mainly responsible for lifting the country out of recession.
The commission, in a statement signed by its Director, Public Affairs, Dr. Ikechukwu Adinde, said: “Through effective regulatory regime emplaced by the Commission, under the leadership of its Executive Vice Chairman (EVC), Prof. Umar Garba Danbatta, telecoms investment grew from about $38 billion in 2015 to over $70 billion currently.
It noted that broadband penetration also increased from 6 per cent in 2015 to 45.02 per cent as at December, 2020, indicating that 85.9 million Nigerians are now connected on 3G and 4G networks which provide enhanced high-speed Internet that has continued to boost efficiency and increased productivity across the economic spectrum..
The NCC also stated that “between 2015 and December 2020, active voice subscriptions have increased from 151 million to 204.6 million, with teledensity standing at 107.18 per cent, adding that basic active internet subscriptions grew from 90 million to 154.3 million during the period.
NCC recalled that Nigeria slipped into a second recession in about four years in the third quarter of 2020, which it exited last week.
The latest gross domestic product (GDP) released by the National Bureau of Statistics (NBS), agriculture, industry and services sector, under which telecommunications is categorised, contributed 26.95 per cent, 18.77 per cent, and 54.28 per cent respectively.
This, it observed, is a pointer to the fact that telecommunications, trade, services and crop production were the main drivers of Nigeria’s exit from recession.
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