The Nigerian Communications Commission (NCC) says the total investment in the Nigerian telecom industry is currently estimated at $70 billion.
Its Executive Vice Chairman (EVC), Prof. Umar Danbatta, made this known on Thursday in Lagos, during the Nigerian Telecom Leadership Summit 2019.
The summit, organised by NCC, has the theme – ”Repositioning the Nigerian Telecom Industry for the Future: Prospects and Challenges”.
Danbatta said the figures from the National Bureau of Statistics (NBS), at the 4th Quarter of 2018, showed contributions of telecommunications and information services to Gross Domestic Product (GDP) stood at about N1.9 trillion.
He said that the telecom industry was making remarkable contributions to the nation’s GDP as it contributed 9.85 per cent, as at the 4th Quarter of 2018. The EVC said that the figures were very impressive and indicative of a very fast-growing and resilient sector of the economy.
According to him, however, no such industry with these characteristics can be sustained over a long period of time without a corresponding injection of more investments. Investors, on the other hand, are not attracted to environments where returns are in doubt.