Telecom sector contributes N2.51tr to Nigeria’s GDP
Economy TeleCom Uncategorized

Telecom sector contributes N2.51tr to Nigeria’s GDP

Nigeria’s telecommunications and Information Services sector contributed about N2.51 trillion to the nation’s gross domestic product (GDP), representing 14.13 per cent, in the first quarter of 2023.

Reuben Muoka, Director of Public Affairs at Nigerian Communications Commission (NCC) announced this in a statement emailed to The NewsZenith at the weekend.

Figures released by National Bureau of Statistics (NBS) showed that the sector recorded a 4.3  per cent increase from its performance same period of 2022 when it recorded 13.55  per cent.

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

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 to show a positive outlook, due to innovative and predictable telecom regulatory environment implemented by the Nigerian Communications Commission (NCC).

One of the key highlights of the telecom industry performance is the 5G spectrum licences fees of $820.8 million.

The licences fees came from MTN, MAFAB and Airtel, three core winning operators.

Following the issuance of the licences in December 2021 to MTN and MAFAB, both companies have launched 5G services.

Airtel received its operating licence in December 2022 and is ready to launch services this month (June).

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Another major development in the sector was the launch of Starlinks broadband services.

This is 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 services are now available in different parts of the country.

Meanwhile, the growth statistics of the telecom industry are showing an impressive record of contributions to the economy.

The number of telephone subscribers as of April 2023, stood at 223.6 million subscribers, indicating teledensity of 117  per cent.

Internet subscribers for the same period stood at 157 million while Broadband subscriptions hit at 92 Million.

This translates to 48  per cent broadband penetration in the country.


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