According to Professor Umar Dambatta, Deputy Chairman of the Nigerian Communications Commission (NCC), the total investment in the telecommunications sector has increased to US$75.6 billion by the end of 2021.
From 2021, this will include foreign direct investment and domestic investment, he said. He made the statement Wednesday during a dialogue session with stakeholders from the communications and media ecosystem in Lagos.
He also revealed that 5G subscriptions have increased to more than 60,000 in many cities in 12 states. He explained that the investment profile in this sector increased from US$68 billion in 2018 to US$70.5 billion in 2019 and US$72 billion in 2020. By the end of 2021, he noted that figure had risen to $75.56 billion. He noted that the next investment in the telecom sector is calculated from two sources.
Financial data received by the Central Bank of Nigeria and the Commission from service providers.
Dambatta said the sector’s investment profile has grown tremendously since his early $500 million investment profile in 2001.
Regarding the sector’s contribution to GDP in 2022 and 2023, he said, “In the first quarter, the sector contributed 12.94% (equivalent to 2.25 trillion nebula), while in the second quarter the telecommunications sector It made a record contribution to GDP.” “The country’s economy accounts for 15 percent and is worth 2.59 trillion Nebula. “The sector’s contribution to GDP increased from 12.85 per cent in the third quarter to 13.55 per cent in the fourth quarter, representing N2.44 trillion and N2.85 trillion respectively.
“Nigeria’s telecommunications and information services sector has continued its growth trajectory this year with an impressive financial value of Naira 2.51 trillion to Gross Domestic Product (GDP), an increase of 14.13% in Q1 2023,” he said. ‘ said.
