Nigeria’s telecom industry attracts $70bn investment in 16 yrs

….NCC courts ICT community to invest in economy
The Nigerian telecommunications industry has attracted about $70 billion from a mere $50million in 2001 when the Digital Mobile Licences (DML) was issued.

However, most of these investments are Foreign Direct Investments (FDIs).

This disclosure was made by Executive Vice Chairman (EVC), of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, at the official opening of Nigeria Pavilion @ ITU Telecom World 2017 – Busan, South Korea, on Tuesday.

He added that the Nigerian delegation were in that country to tell the ICT community that Nigeria, with a population of about 170 million, is a preferred investment destination in Africa for ICT and its associated businesses.

Danbatta said, “Our engagement with the global community during this event will include creating awareness of the investment opportunities in Africa’s biggest Telecom market, as well as guarantee of adequate Returns on Investments (RoIs).”

He said,“With over 150 million active subscribers, in the voice segment, over 102 per cent teledensity and a little over 92 million Internet connections, Nigeria is indeed a place to invest.”

He cited the ITU/UNESCO Broadband Commission for sustainable development in a recent statement that Nigeria now has about 21 per cent broadband penetration;

and conscious of the reality that broadband fuels faster data transmission speed and capacity, adding that ‘our focus now is on how we can attract the right investments to grow this critical area of the sector through broadband coverage expansion.’

The EVC NCC disclosed that the commission, in consultation with industry stakeholders, introduced a mandatory Code of Corporate Governance as guide to managers and boards of telecommunications’ companies, to woo investors and guarantee returns on their investments.

He said that “we are already in the era of Internet of Things (IoTs) where every sector of the economy will depend on telecoms’ infrastructure to maximally operate”;

stressing that failure on the sector would have far reaching negative ramifications to other sectors hence the need to build capacity in the sector.

He said: “When we rolled out the 8-point agenda in 2016, it was predicated on the change mantra of the new democratic government in Nigeria, led by President Muhammadu Buhari, GCFR.

“It is premised on facilitating broadband penetration, improving quality of service, optimizing usage and benefits of spectrum, promoting ICT investment and innovation, facilitating strategic partnership, promoting fair and inclusive growth and ensuring regulatory excellence and operational efficiency.”

Danbatta said,“Because we recognise the importance of ICT to national development; that is why growing this sector has been top on our agenda. Hence, despite our modest achievements, Nigeria’s ICT sector is still work in progress.”