Investments in telecoms hit $68b

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Investment in the Nigerian telecommunications industry since the advent of Global System for Mobile Communication in 2001 has hit $68bn.

Of this amount, $35bn came from Foreign Direct Investments.

Former Secretary General of the International Telecommunications Union, Dr. Hamadoun Toure, disclosed this in a keynote address at the Nigerian Telecoms Investment Forum at the just concluded ITU Telecom World 2016, Bangkok, Thailand, according to a statement issued in Abuja on Monday by Director of Public Affairs at the Nigerian Communications Commission, Mr. Tony Ojobo.

Toure explained that within 15 years when Nigeria opened its telecoms sector to the global community, investments have grown in leaps and bounds from 400,000 connected lines in 2001 to over 150 million connected lines and a tele-density of 107 per cent.

Minister of Communications, Mr. Adebayo Shittu, told the audience that Nigeria was now navigating from resource based to knowledge based economy.

He said, “We want to encourage you (investors) to renew your confidence in our country. Feel free to come to Nigeria and if visa is an issue let us know. Our doors are open and the ease of doing business in Nigeria is being improved upon.”

Also at the event, Governor Nasir el-Rufai of Kaduna State said Kaduna would soon launch Smart Kaduna initiative and has contacted a major smart phone manufacturer to introduce pocket-friendly smart phones to Kaduna to boost the initiative.

NCC boss, Prof. Umar Danbatta, told the audience that the regulatory agency had begun the process of digital transformation through the National Broadband Plan.

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