Investments in Nigeria’s telecommunications sector grow to N2.074trn

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Investments in Nigeria’s telecommunications sector grew to N2.074 trillion as at July 2016 with N1.068 trillion coming from foreign direct investments (FDIs).

The figures were disclosed by the former secretary general of the International Telecommunications Union (ITU), Dr. Hamadoun Toure at the 2016 International Telecommunications Union (ITU) conference held in Bangkok, Thailand recently.

Toure who delivered a keynote address at the event said the figures recorded so far in Nigeria indicated that the country is a preferred destination for telecommunications investors in Africa.

He noted that Nigeria is the place to invest because “the population is large and there is political stability coupled with a robust telecommunications regulatory regime.”

Toure further said within 15 years when Nigeria liberalised its telecoms sector, investments have grown by leaps and bounds that from a paltry 400,000 connected lines in 2001, the country now has over 150 million connected lines and telephone density of 107 per cent.

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

On his part, the executive vice chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, disclosed that the agency had begun digital transformation through the National Broadband Plan (NBP 2013 – 2018).

He said since broadband is the catalyst for social and economic transformation, Nigeria is a veritable investor destination.

 

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