Nigerian market attracting investment
The Nigerian mobile industry has received approximately $16 billion worth of investments over the last ten years according to Pyramid Research.
This has created almost three million jobs directly and indirectly relating to mobile services nationwide.
The report found that the annual revenue from mobile services represents 4% of Nigeria’s nominal GDP. The Nigerian Bureau of Statistics claims that last year the expansion of the telecoms industry led to a 6.9% growth in the national economy.
At the end of 2009, it was estimated that there were 72.6 million mobile subscriptions in the country, which means a penetration rate of 50%. Pyramid predicts that subscriptions will be over 128 million by 2014. It also anticipates the future of the mobile market in Nigeria will be driven by collaborations among industry players, the local government and international organisations.