Telecoms investment rises to $77 billion, NCC reports

Prof. Umar Danbatta, the Executive Vice-Chairman of the Nigerian Communications Commission (NCC), announced a substantial growth in telecoms investment inflow.

According to Danbatta during a media briefing held in Kano, the sector’s investment has surged from $38 billion to an impressive $77 billion during the second quarter of 2023.

This surge in telecoms investment has had a significant impact on Nigeria’s economy, contributing a substantial 16 percent to the nation’s Gross Domestic Product (GDP) within the period under review.

These statistics are derived from computations performed by the Nigeria Bureau of Statistics (NBS).

Prof. Danbatta remarked, “Since my tenure as the EVC of NCC in 2015, when the sector contributed approximately 8 percent to GDP, we’ve seen substantial quarterly GDP growth, reaching its current milestone of 16 percent. This growth has had a positive ripple effect on various sectors of the economy.”

Danbatta attributed this success to the Commission’s unwavering commitment to regulatory excellence and operational efficiency, emphasizing that the telecom industry has witnessed remarkable expansion over the past two decades.

He further expressed the Commission’s dedication to maintaining transparent communication with stakeholders in the media industry, ensuring that the public remains well-informed about its activities.