Telecoms contributes $70bn, creates 500,000 jobs in Nigerian economy: Danbatta

*Prof. Umar Garba Danbatta, Executive Vice-Chairman and CEO of the Nigerian Communications Commission, discloses the telecoms sector of the economy has created opportunities for especially young Nigerians, and tremendously impacted the country’s Gross Domestic Product

Gbenga Kayode | ConsumerConnect

The Nigerian Communications Commission (NCC) has disclosed the country’s telecoms industry contributed $70billion to the economy in the last two years.

Lending credence to the reported significant sectoral contribution to the Nigerian economy, ConsumerConnect reports Prof. Umar Garba Danbatta, Executive Vice-Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), in his keynote speech at a Cyberchain event at the weekend, in Abuja, FCT, emphasised the Information and Communications Technology (ICT) sector has made tremendous impact on the Gross Domestic Product (GDP) and  created opportunities, especially for young Nigerians.

Danbatta, represented at the forum by Mrs. Eli Ella, Principal Manager, Digital Economy at NCC, spoke on the topic, “Using Technology To Grow Nigeria’s GDP”.

ConsumerConnect had reported Prof. Isa Ali Pantami, Honourable Minister for Communications and Digital Economy, recently expressed his excitement about the estimated 18.44 percent highest ICT contribution to the country’s economy.

The NCC EVC/CEO of the telecoms sector regulatory Commission at the event emphasised that Nigeria’s adoption of 5G technology, e-Commerce, FinTech and Big Data has boosted the revenue generation capacity of the West African country.

“Nigeria’s adoption of digital technologies has enabled it to diversify its revenue and economy,” he noted.

According to the NCC Chief, the sector has also created jobs, improved services and efficiency, reduced wastages, and optimised resources available in the ecosystem.

Danbatta further said: “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.”

It is recalled the Federal Government has said at several national and international fora how the Telco industry has made significant contribution to the GDP.

Digital Economy and 18.44 percent highest ICT contribution to GDP

It is recalled that Prof. Pantami, Nigeria’s Minister for Communications and Digital Economy, expressed his excitement about 18.44 percent highest ICT contribution to the GDP.

He noted the unprecedented contribution of the ICT industry to Nigeria’s GDP, is attributable to the development to the dynamic and results-oriented leadership of the sector of the economy

Prior to the release of the report, the National Bureau of Statistics (NBS) had stated same in its ‘Nigeria’s Gross Domestic Product Report’ for Q2 2022, released August this year.

Dr. Femi Adeluyi, Technical Assistant (Research and Development) to the Minister, in Abuja, stated the Digital Economy sector under Pantami has continued its trend of playing “a key part” in the growth on Nigeria’s economy.

Adeluyi also affirmed the NBS Report indicated that the ICT sector contributed 18.44 percent to the total real GDP Q2 2022.

The Minister said: “This is the highest contribution of ICT to the GDP, and is truly unprecedented and marks the third time that the sector has achieved an unprecedented contribution to Nigeria’s GDP during the tenure of the Honourable Minister- in Q1 2020, Q2 2021 and now Q2 2022.

“The oil sector contributed 6.33% to the total real GDP in Q2 2022, which was lower that the contribution in Q2 ‘2021 and Q1 ‘2022, where it contributed 7.42% and 6.63% respectively.”

Pantami further stated: “The diligent implementation of the National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria, stakeholder engagement and creation of an enabling environment have all played an important role in this achievement.”

According to the Minister, the unprecedented contribution of ICT to Nigeria’s GDP can also be attributed to the dynamic and results-oriented leadership of the sector.

ICTs critical to Nigeria Digital Economy, says Pantami

He stressed the GDP Report indicated how critical the ICT sector is to the growth of the Nigeria  Digital Economy, and by extension, the general economy.

Pantami congratulated all stakeholders in the Digital Economy ecosystem, as he also renewed his call to all sectors to take advantage of the Federal Government’s new focus on the digital economy to enable and improve their processes through the use of ICTs.

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