Posted by In terms of financial value added to the country’s gross domestic product (GDP), Nigeria’s telecoms and information services sector contributed a hefty N2.508 trillion in the first quarter of 2023, or 14.13 percent.
According to data made public by the National Bureau of Statistics (NBS), the sector’s performance in the third quarter of 2022, when it recorded 13.55 percent, increased by 4.3%.
From 12.94% in the first quarter of 2022 to 14.13% in the third quarter of 2023—an increase of almost 9.19%—the growth exhibited a favorable trend when compared year over year.
The 46 different economic sectors that make up the telecom and information services baskets were used to compute the percentage of the economy that is contributed by telecom.
The Nigerian Communications Commission, NCC, has pushed and implemented an innovative and predictable regulatory framework for the telecom industry, which has helped the country’s telecom sector maintain its positive outlook.
One of the most notable aspects of the telecom sector’s success during that time was the $820.8 million that three eventual winners, MTN, MAFAB, and Airtel, generated for the federal government from the licensing fees for 5G spectrum.
After receiving its licenses in December 2021, MTN and MAFAB both started offering 5G services. Airtel is scheduled to begin offering services this month, in June 2023, after receiving its license in December 2022.
The introduction of Starlinks broadband service, a satellite-based wireless broadband service with potential statewide coverage, was another significant advance in the industry.
This came after the Commission granted SpaceX, controlled by Elon Musk, a license. Various regions of the nation now offer the services.
The telecom sector is exhibiting a remarkable track record of economic benefits, according to growth data.
As of April 2023, there were 223.6 million phone subscribers, giving the country a teledensity of 117%.
Broadband subscriptions stood at 92 million during the same time period, while Internet subscribers totaled 157 million, or 48% of the country’s population.