Telecom Sector Contributions To Nigeria’s GDP Hits N2.508trillion
Telecommunications and Information Services has continued its show of positive outlook as it recorded N2.508 trillion in terms of financial value contribution to the nation’s gross domestic product (GDP), representing 14.13 per cent in the first quarter of 2023.
The record is credited to the innovative and predictable telecom regulatory environment promoted, and implemented by the Nigerian Communications Commission (NCC).
Figures released by the National Bureau of Statistics (NBS) showed that the sector recorded a 4.3 per cent increase from its performance in the last quarter of 2022 when it recorded 13.55 per cent.
When compared on a year-on-year basis, the growth showed a positive progression from 12.94 per cent in the first quarter of 2022, to the 2023 figure of 14.13, which is an approximate growth of 9.19 per cent.
The percentage of telecom contribution to GDP was calculated from 46 distinct sectors of the economy, which constitute telecom and information services baskets.
One of the key highlights of the telecom industry performance within the period was the generation of $820.8 million for the federal government from 5G spectrum licences fees paid by three eventual winning operators, MTN, MAFAB, and Airtel.
Another major development in the sector was the launch of Starlinks broadband services, a satellite-based wireless broadband service with potential nationwide coverage.
Also, the number of phone subscribers as at April 2023, stood at 223.6 million subscribers, scoring a teledensity of 117 per cent.
Internet subscribers for the same period were 157 million while Broadband subscriptions stood at 92 million, translating to 48 per cent broadband penetration in the country.