Telecoms Investment in Nigeria Hits $68 Billion

By November 24, 2016 Investment News

A new investment figure for Nigeria’s telecommunication industry has been released by the Nigerian Communications Commission (NCC).

According to the telecoms regulator, despite ailing economic atmosphere, investments in the fast growing sector reached $68 billion (N21.4 trillion) as at July 2016.

Of this figure, the telecoms umpire said $35 billion (N11.1 trillion) came from foreign direct investments while the remaining $33 billion (N10.3 billion) came from local investment efforts. The local investment, thus, represents 48 per cent of the total investment in the nation’s telecommunications sector.

The new total investment in the industry is contained in a statement signed by the Director, Public Affairs, NCC, Mr. Tony Ojobo.

According to NCC, the immediate past Secretary-General of the International Telecommunications Union (ITU), Dr. Hamadoun Toure, said the new figure recorded so far in Nigeria pointed to the fact that “the country is certainly a preferred destination for telecommunications investors in Africa.”

Toure, a keynote speaker at the Nigerian Telecoms Investment Forum at the just-concluded ITU Telecom World 2016 in Bangkok, Thailand, told the audience at the event that Nigeria remained the place to invest because the population is large with political stability and a very robust telecommunications regulatory regime.

The audience comprised Communications Minister, Mr. Adebayo Shittu, Governor of Kaduna State, Malam Nasir el-Rufai, and Executive Vice Chairman (EVC) of the NCC, Prof. Umar Danbatta.

Toure explained that within 15 years that Nigeria opened its telecoms sector to the global community, investments had grown in leaps, stressing that from a paltry 400,000 connected lines in 2001, the country now has over 153 million active lines and a teledensity of 107 per cent.

“The next growth for voice communication is in quality of service. The new oil in Nigeria is ICT and data transmission is the way to go,” he said.

Danbatta told the audience that the regulator had begun digital transformation through the National Broadband Plan (NBP 2013 – 2018).

Source: <Today NG>