NCC boss says telecoms investment in Nigeria now $75.6bn
Prof. Umar Garba Danbatta, the Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), has said that, the telecoms investment in Nigeria is now $75.6bn.
Danbatta who made this known in an interactive session with stakeholders in the communications media ecosystem, in Lagos on Wednesday.
He pointed that since he assume leadership of the regulatory body in August 2015, NCC has recorded landmark developments that have shaped the trajectory of growth in the telecoms sector.
According to Danbatta, in 2018, investment profile in the sector stood at $68 billion. This increased to $70.5 billion in 2019 and $72 billion in 2020. At the end of 2021, the figure rose to $75,560,563,417.79 ($75.6 billion). The latest figure is the current official investment profile computed in the industry up from the initial $70 billion investment in the last few years.
Investment in the telecommunications sector in Nigeria is computed from two sources: the Central Bank of Nigeria (CBN), and the financial data obtained from service providers by the Commission.
While the CBN collects and calculates an element of the telecoms sector to include FDI, portfolio and others, the Commission collects investment figures from telecom licensees described as domestic investment arising from capital expenditure (CAPEX) which form part of the total investment in the industry.
The NCC CEO said through effective regulatory environment put in place by the Commission, the telecom sector has recorded tremendous growth from an initial investment profile of $500 million as at 2001, when the sector was fully liberalised.
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