VAS industry in Nigeria has grown to a multi-billion Naira industry, becoming an enabling tool for facilitating efficient operations in other sectors of the economy.
Meanwhile, Nigerian Communications Commission (NCC) forecasts that the Value Added Service (VAS) segment of the telecommunications industry would reach $500 million in the next five years.
Prof. Umar Danbatta, Executive Vice Chairman of NCC, disclosed this recently in Lagos during the two-day Nigeria Innovation Summit 2016.
The NCC Boss, represented by the Director, Public Affairs, NCC, Mr. Tony Ojobo, says the VAS segment currently values at $200 million per annum. Hence, would reach $500 million in the next five years.
“The envisaged growth of VAS is set to be triggered by innovations spurred by telecommunications services offered by service providers in the industry,” he says. Adding that the VAS segment had made immense contributions to the country’s telecom sector.
”Today, the Value Added Services segment of the telecom industry is valued at $200 million per annum. This is estimated to grow to $500 million in the next five years. Although, the segment is currently under the exploration of the commission for efficient licensing and regulation to optimize its strength,” he said.
According to Kenneth Omeruo, the organizer of the summit, said that Information and Communication Technology (ICT) innovation was a key element to spurring growth, even during an economic crisis. Stressing that said the present economic challenges in the country called for urgent attention.
He said that although Nigeria was rich in human and natural resources, it was not ranked among the leading economies of the world because it failed to encourage innovations.
”Nigeria is not ranking today among the leading economies because as a country, we do not invest in innovation, research and development,” Omeruo said.
He said that Nigeria must invest in innovation at different levels and across different sectors of the economy, to create more jobs and help attract investments to spur economic growth. (NAN)
