Investment in Nigeria’s telecoms now $70bn, NCC says

The Nigerian Communications Commission (NCC) has said total investment in the nation’s telecom industry is now $70 billion.

The commission’s Executive Vice Chairman (EVC), Prof. Umar Danbatta disclosed this known on Thursday in Lagos during the Nigerian Telecom Leadership Summit 2019.

While relying on data from the National Bureau of Statistics (NBS), Danbatta said at the 4th Quarter 2018 of Telecommunications and Information Services had contributed about N1.9 trillion to Gross Domestic Product (GDP)

He said that the figures were very impressive and indicative of a very fast-growing and resilient sector of the economy.

”Investors, on the other hand, are not attracted to environments where returns are in doubt. ”In a very capital-intensive industry like telecom, investors are looking for both a very friendly investment climate and predictable outcomes.

”They are interested in an environment where the regulator is independent, fair, firm, forthright and where such attributes like professionalism, responsiveness and transparency are part of its core values.

”These are what we are striving to achieve in our regulatory environment in Nigeria.

”But we are not unaware of the daunting tasks ahead. This is why we consider consultations with the stakeholders as a critical success factor in our regulatory mandate,” he said.

He noted that the approach of consultations with stakeholders had yielded enormous positive results. He said that the regulatory body had engaged the Governors forum, collectively and individually, to address some of the challenges, in the areas of multiple taxation, regulations and Right of Way.

Read also: Firm commits N2bn to set up 10,000 CCTV locations, public Wi-Fi hotspots in Lagos

”We are also aware of several emerging technologies, which may continue to drive innovations and investments.

”It is our commitment to follow the trends of these developments, so as to leverage on the best regulatory approaches to optimise their potentials for the benefit of Nigeria.

”The leadership of the Nigerian Communications Commission has taken a deep and predictive look at the financial health of our industry and the aspiration of Nigeria in the context of the 4th industrial revolution.

”We have looked at the potentials of emerging technologies, the global movement and demand for expanded frontiers of availability, accessibility and affordability of all the ICT drivers and enablers of economic growth.

”We have looked at broadband infrastructure and services; the dynamism of growth, among other things, and reached a conclusion that investments are very critical for our future growth,” he said.

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