The Nigerian economy just limped out of recession with 0.55 per cent growth rate in the second quarter of 2017, which is about 2.04 per cent higher than what was recorded in the same quarter last year. When I learned about those figures from the National Bureau of Statistics, I instantly became keen to know the contribution of the telecom industry.
Although the NBS attributed the growth to four key primary sectors, comprising oil, agriculture, manufacturing, and trade, I was still impressed by the fact that the telecom ecosystem also aided our limp out of recession, as it contributed N1.54tn to the country’s Gross Domestic Product in the second quarter, a figure that clearly represents 6.68 per cent increase from the first quarter’s contribution of N1.45tn the same year. Although many Nigerians are yet to start feeling the impact of our coming out of recession, as this could take a while, the tempo of wriggling out completely from the adverse economic situation must be sustained and taken seriously. If not, Nigeria’s economy will be forced to crumble once again. We need to encourage sectors that meet the daily needs of many Nigerians, like the telecom industry with enormous potential, to expediently take the bull by the horns.
The telecom industry is, however, one of the most challenging emerging industries in Nigeria. Its challenges range from multiple taxes, heavy levies on the ICT infrastructure, scarcity of forex, to the destruction of fibre lines, but an introspective analysis of the industry should put smiles on anybody’s face.
The industry has evolved in the last 17 years, recording an uninterrupted growth, as well as disruptions, due to the ever changing dynamic innovations. Some of these innovations are offering convenience to Nigerians.
Looking back to the early days, putting a call through on a mobile phone was a daunting task, as one might need to move to a particular location before a call could go through or have a better reception. Today, the case is different. You could sit comfortably in your house and make a video call. The industry is full of potential, which is still undergoing the process of exploration. A lot of disruptions are taking place, which position the telecom industry at the pinnacle, if one is to juxtapose it with other sectors in Nigeria.
Historically, the telecom industry started from its infancy in 2001, with a paltry investment of $500m; this was the period when MTN Nigeria came into the Nigerian market. And the entry of the South African firm, subsequently paved the way for — Finish Reading on the Punch
