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.
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.