Nigeria loses $15bn annually to poor broadband access — FibreOne

Nigeria’s widening internet infrastructure deficit is costing the country an estimated $15 billion each year in lost economic opportunities, according to Yinka Isioye, Chief Experience Officer of FibreOne, a leading broadband provider.

Speaking at the 21st edition of the Titans of Tech Conference, Expo and Awards in Lagos, Isioye issued a stark warning on the implications of limited broadband access on the nation’s economic and social development.

“Broadband is as important as oxygen,” Isioye declared during his keynote address. “It is the foundational infrastructure for all digital ambitions — from education and healthcare to SME growth, fintech innovation, and smart cities.”

Citing data and personal experience, Isioye noted that more than 60% of Nigerians and over 70% of Africans still lack access to reliable internet. He recalled missing out on a career-defining opportunity due to slow internet speeds — a common plight for many in the country.

“Our internet speeds are five to ten times slower, yet cost two to four times more per megabit per second,” he lamented.

He referenced a World Bank report showing that a 10% rise in broadband penetration can yield up to 1.4% GDP growth in developed economies.

For Nigeria, he projected that achieving just 30% more broadband coverage could unlock $19 billion in economic value and drive GDP growth by an additional $45 billion annually.

“The $15 billion annual cost of the broadband deficit is nearly four times Nigeria’s combined education and health budgets,” Isioye noted. “It’s equivalent to a state’s annual federal allocation.”

Isioye warned that digital exclusion was fast becoming a social crisis, especially for Nigeria’s youth. Over 45 million students are at risk of being left behind in an increasingly digital world, he said, while rural access to telemedicine remains virtually nonexistent.

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He added that without urgent broadband expansion, Nigeria risks missing out on opportunities to become a global outsourcing destination — a space already dominated by countries with better connectivity.

Despite these hurdles, he praised the resilience of Internet Service Providers (ISPs) and Mobile Network Operators (MNOs), as well as the proactive steps taken by the Tinubu administration to prioritize digital transformation.

He lauded the strategic leadership of the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, for driving policy initiatives aimed at closing the connectivity gap.

“Broadband is not just cables and signals,” Isioye emphasized. “It’s life-changing infrastructure that drives national progress.”

Pedro Aganbi, Convener of the Titans of Tech Conference, praised the event’s focus on digital trailblazers. He said this year’s theme was crafted to spotlight visionaries reshaping systems and inspiring innovation in connectivity and digital access.