Nigeria’s telecom sector adds N2trn, attracts $1.73bn to GDP

Nigeria’s telecom sector adds N2trn, attracts $1.73bn to GDP The Nigerian telecom sector’s contribution to the Gross Domestic Product, GDP has hit N2 trillion, representing 9.5 per cent of the nation’s GDP. He was revealed at a valedictory press conference by the outgoing Minister of Communications, Adebayo Shittu, on Monday in Abuja. The minister, who

Nigeria’s telecom sector adds N2trn, attracts $1.73bn to GDP

The Nigerian telecom sector’s contribution to the Gross Domestic Product, GDP has hit N2 trillion, representing 9.5 per cent of the nation’s GDP.

He was revealed at a valedictory press conference by the outgoing Minister of Communications, Adebayo Shittu, on Monday in Abuja.

The minister, who used the occasion to reel out his achievements in the last three and half years, put the total foreign direct investments, FDIs, to the sector at $1.73 billion.

He further revealed that the sector under his watch, has achieved 14 per cent increase in teledensity, rising from 108 per cent in 2015 to 123 per cent in 2018.

On mobile penetration, he said the rate has moved up from 83 per cent to 84 per cent.

The minister also disclosed that the nation now boasts of 53 per cent, against 45 per cent recorded in 2015 through the robust regulation and leadership he provided in the sector.

In his remarks, the Executive Vice Chairman of NCC, Prof. Umar Danbatta, said the commission has succeeded in compelling MTN’s listing into the Nigerian Stock Exchange, NSE through its focused and firm regulation.

“We have succeeded in empowering Nigerians to own,  control and manage one of the dominant telecommunication companies in the country by MTN listing in the Nigerian Stock Exchange (NSE)”, he said.

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