Nigeria's telecoms investment hits $32 billion

Nigeria's telecoms investment hits $32 billion

Investment in Nigeria’s telecoms sector has topped $32 billion, according to the vice chairman of the Nigerian Communications Commission (NCC).

In 2010, investment in the sector totalled $18 billion, but the region has seen heavy investment in recent years.

“The sector has created stable jobs, and as investments grew over the past four years, more jobs, both direct and indirect, have been created and are still being created,” said vice chairman Eugene Juwah.

“We’ve also done remarkably well in the contribution to the Nigerian economy in terms of contribution to GDP. We’ve increased it from 5% when I came in to 8.5% as announced recently during the rebasing of the economy,” he added.

In May 2014, South African operator MTN reported double-digit growth in Nigeria and Globacom announced plans to increase its investment in Nigerian connectivity.

Vendors are also taking note of the potential in Nigeria, with Finland’s Nokia Networks expanding its presence in the country in March this year.

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