In a recently released report by the Nigerian Communications Commission (NCC), the telecomms sector reported a total revenue of N2,880,660,709,902.25 in 2020.
The report titled, ‘2020 Subscriber/Network Data Report’ noted that the telecomms sector saw a 12.63 percent revenue increase from the previous year.
In 2019, the sector recorded a total revenue of N2.516 trillion, with the operating costs growing from N1.782 trillion in 2019 to N1.783 trillion, representing a 0.07 percent difference.
Number of Subscribers
The report stated that the total number of subscribers grew from 184,699,409 in 2019 to 204,601,313 active voice subscriptions in 2020, representing a 10.78 percent increase.
According to the report, the telecomms sector contributed 12.45 percent to the country’s Gross Domestic Products (GDP), against the 10.60 percent recorded in Q4 2019.
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Foreign Direct Investment (FDI) into the sector for the 2020 business year was $417,481,615.30 against the $942,863,833.96 accrued in 2019.
This is representative of 55.7 percent in capital importation on a year-on-year basis, according to the report.
The staggering drop in capital importation betweeen 2019 and 2020 was attributed to the advent of the COVID-19 pandemic that caused the shuttering of business activities across the globe.
CAPEX (domestic investment) also saw a decline by 18.62 percent to N408,151,627,158.62 at the end of 2020, while the commission ascribed the drop to the COVID-19 pandemic.
The report said that the telcomms network with the highest increase in active voice subscription was MTN with a 17.45 percent increase year-on-year, while EMTS recorded a drop of 4.8 percent year-on-year.
