……value-added market …estimated to hit $500 million in 2020The Nigerian Communications Commission (NCC), yesterday disclosed that private sector investments in the nation’s telecom industry since 2001 have risen to $68 billion. This was even as the Commission also said Information and Communication Technology (ICT) now contributes more than 10 per cent to Nigeria’s Gross Domestic Product (GDP).
Speaking on the theme, “Drive Towards Digital Economy: The Journey So Far”, at the DigitalPay Expo 2018 in Lagos, Tony Ojobo, Director, Public Affairs, NCC, said that entrance to digital economy in Nigeria began with the licensing of the digital mobile service providers in 2001.
“Before 2001, the nation had less than 400,000 lines with teledensity of less than 0.05 per cent. Private sector investments in the sector were just some $50 million before the injection of funds following the successful auction in 2001.
“Ojobo explained that the Nigerian Communications Act (NCA) 2003 energized a robust regulatory environment and universal access provision fund became available to bridge digital access thereby spurring the growth so far.
He said that teledensity stood at 114.66 per cent as at April 2018 just as internet subscription was 101,209,503 as at April 2018.
The Director noted that Nigeria’s value-added market is valued at $200 million and estimated to hit $500 million in 2020.