Telecoms investment into Nigeria has hit $75.6 billion. The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta. The EVC disclosed this at an interactive session with stakeholders in the communications media ecosystem, in Lagos on Wednesday.
The investment profile in the nation’s telecommunications sector comprises both foreign direct investment (FDI) and local investment, he said. This $75.6 billion was the total investment into the sector as of 2021 and indicates a 5% increase from the $72 billion dollars invested in 2020.
Demonstrating the growth of investments attracted to the telecoms sector over the years, Danbatta noted that in 2018, investment profile in the sector stood at $68 billion. This figure would increase to $70.5 billion in 2019, indicating a 3.67% increase from the previous year.
2020 witnessed a further increase of investments into the sector, rising to $72 billion. This represents a 2.12% increase from the previous year, a decreased in the percentage rate that was attributable to the global COVID-19 pandemic that halted economic activities for months, while forcing people to seek alternative means of communication.
The NCC CEO said through effective regulatory environment put in place by the Commission, the telecom sector has recorded tremendous growth from an initial investment profile of $500 million as at 2001, when the sector was fully liberalised.
Source: Technext
