The Nigerian Communications Commission (NCC) yesterday disclosed that the total investment in the telecom industry is currently estimated at $70 billion. Prof. Umar Danbatta, the Executive Vice Chairman (EVC), NCC made this known in Lagos, during the Nigerian Telecom Leadership Summit 2019. The summit organised by NCC has the theme “Repositioning the Nigerian Telecom Industry
The Nigerian Communications Commission (NCC) yesterday disclosed that the total investment in the telecom industry is currently estimated at $70 billion.
Prof. Umar Danbatta, the Executive Vice Chairman (EVC), NCC made this known 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 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.
Danbatta said that the figures were impressive and indicative of a very fast-growing and resilient sector of the economy.
He however, said 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.
“In a very capital-intensive industry like telecom, investors are looking for both friendly investment climate and predictable outcomes.
“They are interested in an environment where the regulator is independent, fair, firm, and forthright and that where attributes such as professionalism, responsiveness and transparency is part of core values.
“These are what we are striving to achieve in our regulatory environment in Nigeria.
Butt, we are not unaware of the daunting tasks ahead. This is why we consider consultations with the stakeholders as critical success factor in our regulatory mandate,” he said.
The Chairman said the adoption of consultative approach with stakeholders is yielding positive results, stressing that the regulatory body had earlier engaged the Governors forum, collectively and individually, to address some of the challenges in the areas of multiple taxation, regulations and Right of Way.
According to him, the commission is eagerly looking forward to the review of the ‘Resolution of the National Economic Council on the Right of Way’ issues, as it concerns clearing impediments to deployment of telecom infrastructure across the Country.
“We are also aware of several emerging technologies, which may continue to drive innovations and investments”, he said.