Telecoms Contribute $70bn to Nation’s Economy – NCC

The Executive Vice Chairman of the Nigerian Communications Commission, Prof. Umar Danbatta, said the technology-driven telecommunications industry had contributed $70 billion to Nigeria’s economy.

Danbatta said that the industry had provided over 500,000 jobs in the public and private sectors and improved the lives of millions of Nigerians.

He made this disclosure in his keynote speech at a Cyberchain event in Abuja while speaking on the topic: ‘Using Technology to grow Nigeria’s GDP’.

Danbatta said that the impact of technology on the nation in any society has been tremendous.

Danbatta, represented by the Principal Manager, Digital Economy, Mrs. Ella Eli, highlighted that Nigeria’s adoption of 5G, e-commerce, Fintech, and Big data had boosted the country’s revenue generation capacity.

He stated, “Nigeria’s adoption of digital technologies has enabled it to diversify its revenue and economy, created jobs, improved services and efficiency, reduced wastages, and optimised resources available.

“Telecommunications has contributed over $70 billion to the Nigerian economy, provided over 500,000 jobs in the formal and informal sectors, and improved the lives of millions of Nigerians.

“Most Nigerians today cannot comprehend life without mobile phones.

“Presently, the liberalised telecommunications sector has brought instant messaging, instant information, financial inclusion, telemedicine, smart farming, e-Commerce, and virtual learning. However, the best is yet to come.

“The benefits of technology are endless, and with technology becoming affordable, accessible, and available, these benefits will increase tremendously.”

In his opening remarks, the convener of CyberChain Abuja, Jude Ozinegbe, said Nigeria was moving in the right direction towards embracing the gains of the tech ecosystem.

He said, “We are moving from Analogue to digital, some people seem to have been left behind, and that is why we have decided to gather leaders in the space to educate us.

“We have leaders in this space that have seen the possibility and opportunity in this ecosystem.

“This is my contribution to expanding the digital economy in Nigeria. As much as you can, contribute something positive about the space to amplify the good tidings within the ecosystem.”

Ozinegbe said with proper knowledge of Blockchain, Nigerian youth can earn by using their cell phones and data.

On his part, a cryptocurrency investigator from A and D Forensic, Adedeji Owonibi, urged Nigerian youths to embrace the gains of blockchain technology.