According to the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, total investments in the country’s telecommunications sector reached $75.6 billion by the end of 2021.

This figure encompasses both foreign direct investment and local investment.

During an interactive session with stakeholders in Lagos, Danbatta also revealed that 5G subscriptions had surpassed 60,000 in multiple cities across 12 states in Nigeria.

Danbatta further highlighted the growth of the sector’s investment profile over the years, noting that it stood at $68 billion in 2018, increased to $70.5 billion in 2019, and reached $72 billion in 2020.

By the end of 2021, it had risen to $75.6 billion. The NCC computes investment data from the Central Bank of Nigeria and financial information provided by service providers.

Danbatta also emphasized the sector’s significant contribution to Nigeria’s GDP.

In the first quarter of 2022, the telecom sector contributed 12.94% (equivalent to N2.25 trillion), while the second quarter saw an all-time high GDP contribution of 15% (valued at N2.59 trillion).

The telecom sector’s contribution to GDP remained strong throughout the year, reaching 13.55% (N2.44 trillion) in the third quarter and 13.55% (N2.85 trillion) in the fourth quarter.

In the first quarter of 2023, the sector contributed 14.13% (N2.51 trillion) to Nigeria’s GDP.