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Telecom Sector Contributes N2.508 Trillion to Nigeria’s GDP.



Telecom Sector Contributes N2.508 Trillion to Nigeria's GDP

Nigeria’s telecommunications and Information Services sector has, in the first quarter of 2023, delivered N2.508 trillion in terms of financial value contribution to the nation’s gross domestic product (GDP), representing 14.13 per cent.

A statement signed by the Director of Public Affairs, Nigeria Communications Commission, NCC, Mr Reuben Muoka, notes that Figures released by the National Bureau of Statistics (NBS) showed that the sector recorded a 4.3 per cent increase from its performance in the last quarter of 2022 when it recorded 13.55 per cent.

When compared on a year-on-year basis, the growth showed positive progression from 12.94 per cent in the first quarter of 2022 to the 2023 figure of 14.13, an approximate increase of 9.19 per cent.

Telecom Sector Contributes N2.508 Trillion to Nigeria’s GDP

The statement notes that the percentage of telecom contribution to GDP was calculated from 46 distinct sectors of the economy, which constitute telecom and information services baskets. The Nigerian telecom industry has continued its positive outlook, credited to the innovative and predictable telecom regulatory environment promoted and implemented by the Nigerian Communications Commission (NCC).

It further states that one of the key highlights of the telecom industry performance within the period was the generation of $820.8 Million for the federal government from 5G spectrum licences fees paid by three eventual winning operators, MTN, MAFAB and Airtel, following the issuance of the licences in December 2021 to MTN and MAFAB, both companies have launched 5G services. Airtel, approved in December 2022, is set to launch services in June 2023.

Telcos Begin the Implementation of Harmonised Shortcodes

Another significant development in the sector was the launch of Starlinks broadband services, a satellite-based wireless broadband service with potential nationwide coverage. This followed the issuance of a licence to Elon Musk-owned SpaceX by the Commission. The benefits are now available in different parts of the country.

Meanwhile, the telecom industry’s growth statistics show an impressive record of contributions to the economy. The number of phone subscribers, as of April 2023, stood at 223.6 million subscribers, scoring a teledensity of 117 per cent. Internet subscribers for the same period were 157 million, while Broadband subscriptions stood at 92 Million, translating to 48 per cent. Broadband penetration in the country.

Telecom Sector Contributes N2.508 Trillion to Nigeria’s GDP

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