The Telecommunication sector contributed more than $700 billion to Nigeria’s Economy as at August 2022, NewsSpecng learnt.
The Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC), Professor Umar Garba Danbatta, disclosed this during the CyberChain event which happened in Abuja at the weekend.
Danbatta also said that the Telecom sector provided over 500,000 jobs in the formal and informal sectors, and improved the lives of millions of Nigerians.
He said, “Following the deregulation of the telecommunications sector in 2001, the sector has been one of the success stories of the Nigerian economy. Nigeria has evolved from having 400,000 functional phone lines to over 209 million mobile phone subscribers with 110% teledensity as at August 2022.
“Telecommunications has contributed over $70 billion to the Nigerian economy, provided over 500,000 jobs in the formal and informal sectors, and improved the lives of millions of Nigerians. Most Nigerians today cannot comprehend life without mobile phones.
“Presently, the liberalised telecommunications sector has brought with it, instant messaging, instant information, financial inclusion, telemedicine, smart farming, eCommerce and virtual learning, however, the best is yet to come.”
Speaking on the Fifth Generation Mobile Technology (5G), which was launched by MTN in Lagos, August 2022, The EVC said the adoption of 5G in the sectors will be able to eradicate inefficiency and provide economic revenues, jobs, and employment opportunities while shoring up the nation’s Gross Domestic Product (GDP).
“For 5G, certain applications will drive its success, these are e-health, advanced manufacturing, real-time cloud gaming, 360-degree video, virtual reality (VR), augmented reality (AR), and applications for smart agriculture customised for the monitoring of crops and livestock. 5G will also support a large network of Internet of Things (IoT) devices, the creation of smart cities, smart infrastructure, and smart grids capable of self-identifying issues on networks. In the agricultural sector, farmers will benefit from sensors located in fields that can identify with precision which areas need wateding to PricewaterCooper (PwC), it is expected that 5G will contribute $13bn and 0.37% to the GDP of Africa.” The EVC said.
Danbatta who was represented by Mrs Ehi Ella added that Electronic commerce is another avenue where technology has improved the GDP of the nation, stressing that Thousands of Nigerians have also been able to embrace digital entrepreneurship thereby, becoming self–reliant and self-employed.
“e-Commerce is another avenue where technology has improved the GDP of the nation, e-commerce is characterised by its low financial start-up cost; global appeal; marketing options; and business scalability. A report credited to the Minister of Industry, Trade and Investment states that an estimated 76.7 million Nigerians shop online, and by 2025, this figure is expected to grow to 122.5 million. The contribution of the e-commerce market to the GDP of Nigeria is phenomenal, and is still evolving.”
Danbatta stressed that the Financial Technology (Fintech), utilises digital technology and applications for financial transactions. He added that Data is said to be the new oil of the digital age and is one of the derivatives of the telecommunications revolution, and is extremely valuables resources when utilised efficiently.
Danbatta also added that Nigeria’s adoption of digital technologies has enabled it to diversify its revenue and economy, created jobs, improved services and efficiency, reduced wastages, and optimised resources available.