During an interactive session with stakeholders in the communications media sector in Lagos, Umar Danbatta, the executive vice chairman of the Nigerian Communications Commission (NCC), revealed that the total investments in the telecommunications industry have reached $75.6 billion by the end of 2021. Additionally, he stated that there are currently over 60,000 5G subscriptions across 12 states in Nigeria, with expectations for further expansion in the coming months.
Danbatta also highlighted that the computation of investment in the telecom sector includes data from the Central Bank of Nigeria (CBN) as well as information provided by the service providers. He further emphasized that since its initial $500 million investment in 2001, the sector has experienced significant growth and has emerged as one of the leading contributors to government revenue.