Investments in the Nigerian telecommunications sector have reached $75.6 billion as of the end of 2021, according to the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta. This figure includes both foreign direct investment and local investment. During an interactive session with stakeholders, Danbatta also revealed that 5G subscriptions have exceeded 60,000 in multiple cities across 12 states in Nigeria.
Danbatta highlighted the growth in investment profile within the sector, starting from $500 million in 2001 to $68 billion in 2018, $70.5 billion in 2019, $72 billion in 2020, and finally reaching $75.56 billion by the end of 2021. The investment calculations are based on data from the Central Bank of Nigeria and financial information obtained from service providers by the NCC.
Opinion: The significant increase in investments in Nigeria’s telecommunications sector reflects the growing confidence and interest of both local and foreign investors in the country’s telecom market. The surge in 5G subscriptions demonstrates the increasing adoption and demand for advanced telecommunications services. This positive trend is expected to contribute significantly to Nigeria’s GDP and further propel the growth of the telecommunications industry, providing opportunities for innovation, job creation, and economic development.
