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HomeExecutive BriefFEATURE: Connecting Nigeria: A deep dive into telecom sector growth

FEATURE: Connecting Nigeria: A deep dive into telecom sector growth

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By Temi Olowu

 

The Nigerian telecom sector, a powerhouse of connectivity and innovation, continues to witness steady growth, echoing its pivotal role in the nation’s economic landscape, data from the industry regulator, .

With each passing month, we observe the shifting dynamics of mobile and internet penetration, reflecting not only the ever-increasing demand for telecommunications services but also the evolving preferences of Nigerian consumers and businesses.

The Unrelenting Rise of Mobile Telephony

As of August 2023, the number of mobile (GSM) subscribers in Nigeria stands at an impressive 158,475,341, reaffirming the nation’s voracious appetite for mobile connectivity.

The data from the previous eight months suggests stable growth, consistently maintaining over 158 million subscribers.

These figures are not just mere statistics; they signify the deep-seated reliance on mobile technology for communication, information access, and business transactions in the country.

While the figures for mobile (CDMA) and fixed wired subscribers remain dormant, mobile (GSM) is the uncontested kingpin, facilitating the virtual interactions and transactions of millions of Nigerians daily.

In a nation of nearly 200 million people, this level of mobile penetration highlights the critical role of the sector in connecting Nigerians and serving as a catalyst for economic activities.

The Internet Revolution: ISP and VoIP

Beyond mobile telephony, the internet sector in Nigeria has witnessed remarkable growth in recent months.

Internet Service Providers (ISP), offering both wired and wireless solutions, recorded 208,612 subscribers in August 2023. This underscores the increasing demand for reliable internet connectivity, not only in urban centres but also in emerging markets across Nigeria.

Voice over Internet Protocol (VoIP) services have also seen a steady rise, reaching 333,607 subscribers in August 2023.

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This technology, enabling voice communication over the internet, has become an essential tool for businesses, particularly in the face of remote work arrangements and the need for cost-effective communication solutions.

Economic Significance

The data from Nigeria’s National Communications Commission (NCC) is not just a numerical presentation; it tells the story of an economy in motion.

The telecom sector is a major contributor to Nigeria’s GDP, driving economic growth, innovation, and job creation.

It is intertwined with various sectors, from e-commerce to banking, health, and education. Mobile technology has facilitated financial inclusion, access to healthcare, and learning opportunities for many Nigerians.

Furthermore, the telecom sector attracts substantial foreign investment, fostering economic stability and employment opportunities.

As international tech companies recognise the potential in the Nigerian market, partnerships and infrastructure investments become instrumental in the nation’s technological advancement.

Looking Ahead: The Tech-Powered Economy

Nigeria’s telecom sector is not just a means of communication; it is a force of progress and development.

As we delve into the data month after month, we witness a resilient and adaptive industry. It accommodates the diverse needs of an ever-growing population while embracing innovative technologies.

Looking ahead, it is clear that the telecom sector will play an even more significant role in Nigeria’s economic transformation.

With the advent of 5G technology, the promise of smart cities, and the potential of the Internet of Things (IoT), the sector is poised for unprecedented growth and innovation.

In the midst of this evolution, we remain committed to providing in-depth insights into Nigeria’s dynamic telecom sector, showcasing its relevance to the nation’s economic landscape, and celebrating the boundless possibilities it offers in shaping Nigeria’s tech-powered future.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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