Telecom sector attract $35bn from FDI in 15 years

By Adedeji Fakorede

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has said that Nigeria’s Information and Communications Technology (ICT) sector received over $35bn from Foreign Direct Investments (FDIs) in the last 15 years.

Danbatta, speaking  at the stakeholders’ forum for International Telecomunication Union (ITU) Telecom World 2016 event in Lagos, said that the development was responsible for the sector’s phenomenal growth during the period under review.

“In the last 15 years, the ICT sector has moved from a little below 500,000 active lines to current 157m and surpassed the 100 percent threshold for teledensity, it stands at 107%,” he said.
“Internet connectivity climbed up from 50,000 in 2001 to its current 97m.”

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He said that the commission would leverage on the ITU Telecom World event holding in Bangkok, Thailand, between November 14 and 17, 2016, to attract more investment into the country.

“Several investors have been here and many more are on their way,” he said.
“We will tell them that Nigeria is safe for investors and Return on Investments (ROI) is assured.

“We will also tell the would-be investors about the growing demand for fast, stable and reliable internet connectivity. We will tell them how the country has been receptive to investors through policies that include tax incentives and holidays.”
In her remarks, the Chief Executive Officer (CEO) of Nigerian Communications Satellite (NIGCOMSAT), Ms Abimbola Alale, said that the ITU Telecom World 2016 event would allow Nigeria showcase its talents to investors around the world.