The CEO of Nigeria’s Telecommunications regulator, the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has announced that the investment profile in Nigeria’s telecommunications sector has reached $75.6 billion in 2021. This figure represents a significant increase from previous years, with the investment profile standing at $68 billion in 2018, $70.5 billion in 2019, and $72 billion in 2020.
This was announced in a statement released by Reuben Muoka, the Director of Public Affairs at the NCC.
Prof. Danbatta highlighted the growth of the telecoms sector since its liberalization in 2001, with an initial investment profile of $500 million. He emphasized the sector’s contribution to Nigeria’s economy, with the telecoms sector contributing N10.126 trillion to the nation’s Gross Domestic Product (GDP) in 2022 alone.
The NCC CEO also mentioned the impressive growth in active voice subscriptions, reaching 221.3 million, and internet subscriptions, rising to 159.6 million. He noted that broadband subscriptions on 3G and 4G networks increased to 92.2 million, representing a 48.28% broadband penetration in the country.
He further highlighted the recent deployment of 5G networks in Nigeria, with over 60,000 subscriptions in many cities across 12 states. He assured stakeholders that the NCC would continue to support a friendly investment climate for investors and enhance value for money for telecom consumers.
The announcement was made during an interactive session with stakeholders in the communications media ecosystem in Lagos. The NCC CEO praised the media for its role in reporting on the regulatory activities of the NCC and acknowledged it as a strategic partner in the growth of the telecoms sector.
The investment figures were computed from data obtained from the Central Bank of Nigeria (CBN) and telecom licensees by the NCC. The investment profile includes foreign direct investment (FDI) and local investment in the sector.
The CEO also praised the media for its role in reporting on the regulatory activities of the NCC and acknowledged it as a strategic partner in the growth of the telecom sector.