Nigeria projects $42B FDI telecoms by 2017

THE Nigeria’s telecommunications industry has continued to be investment destination from investors around the globe and with the concerted effort being made by the Nigerian government through the Ministry of Communications and the Nigerian Communications Commission (NCC), to have a ubiquitous broadband segment, investment value for the industry has thus been projected to hit $42 billion (N8.5 trillion) by 2017.
Currently the nation’s telecoms space is presently valued at $34 billion (N6.7 trillion), an increase from $32 billion (N63.6 trillion) since 2013.

According to President of Association of Licensed Telephone Operators of Nigeria (ALTON) -the umbrella body of all telecom service providers in Nigeria- Engr. Gbenga Adebayo, telecom operators have cumulatively invested over $34 billion in the Nigerian communications industry to build infrastructure that’s powering national growth and development across the country, saying with an additional $10 billion Foreign Direct Investments (FDIs) as predicted by KPMG, the industry may be valued at $42 billion in 2017.

Adebayo said as an association they have continued to invest in infrastructure to power national growth and development, and we keen to see to the sustainability of these investments in the overall socio- economic interests of the government and the good people of Nigeria.

ALSO SEE: NCC to leverage USPF for education

He said ALTON would further display its commitment by increasing its investment in the country in tandem with the Nigerian Communications Commission’s 8-point agenda, which was unveiled earlier this year; part of which is to step up the on-going efforts to woo foreign investors to develop the nation’s broadband segment, which industry watchers believe is still very green for investment.

NCC has at no time hidden its desire to woo investors into the country’s ICT space, with respect to broadband penetration. As a result of this, the regulator has at various times promised would-be investors tax holiday. Even at the last International Telecommunications Union (ITU) held in Budapest, Hungary, the commission also indicated that the country’s was vigorously wooing investors to come and invest in the Nigeria’s broadband sector.