Telecoms Investment In Nigeria Hits $75.6bn

Similarly, Danbatta said the telecom sector has continued to be a major contributor to the Nigeria’s economy through an impressive sectoral contribution to the nation’s Gross Domestic Product quarterly, up from about 8.5 per cent in third quarter of 2015, contributing N10.126 trillion to the nation’s GDP in 2022 alone.

“The growth trajectory continued this year as telecommunications and Information Services sector in Nigeria delivered a handsome N2. 508 trillion in terms of financial value contribution to the nation’s gross domestic product, GDP, representing 14.13% in the first quarter 2023,”he said. Also in the second quarter of 2010, it added 14.30 per cent to GDP; 14.42 per cent in the second quarter of 2021. The highest quarterly contribution to GDP by the sector to the economy was 15 per cent in the second quarter of 2022.

In addition to the growth in investment and GDP contribution, Danbatta said, “As of May, 2023, active voice subscriptions reached 221.3 million, equivalent of 115.91 per cent teledensity, while Internet subscriptions rose to 159.6 million.

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Telecoms investment in Nigeria hits $75.6bn, sector adds N10.1trn to GDP - DanbattaInvestment in the teleco sector in Nigeria is computed from two sources: the CBN, and the financial data obtained from service providers by the Commission.
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Danbatta: Telecoms investment now $75.6bn | Sector contributed N10trn to GDP in 2022 | TheCableUmar Danbatta, the executive vice-chairman of the Nigerian Communications Commission (NCC), says the country has attracted $75.6 billion in investment through the telecommunications sector.
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