Nov. 9, 2023

…Says the Nigerian digital economy should be positioned to take advantage of the positive global digital projections

The Lagos Chamber of Commerce and Industry (LCCI) has commended the Nigeria Communications Commission (NCC) for its important contributions in creating an enabling environment for competition among operators in the telecoms industry as well as ensuring the provision of qualitative, efficient telecoms services.

The President of the LCCI, Asiwaju Michael Olawale Cole gave the commendation in his welcome address  at the “NCC Day” during the 2023, Lagos International Trade fair organised by the Chamber on Wednesday.

The President’s Chamber underscored the importance of the Nigeria telecoms sector as one of the largest in Africa, contributing immensely to the economy and lives of millions of Nigerians.

He said the theme of this year’s Trade fair, “Connecting Businesses, Creating Value” speaks to the importance of relationships and networking among businesses for the purpose of wealth creation, and for trade partnerships, productivity growth and the value of interactions among industry, ecosystem and all stakeholders.

“We’re therefore in a good platform to discuss the innovative activities, plans and policies of the NCC.

“In terms of contribution to GDP, telecoms shares of GDP is growing faster than any other economic sectors in Nigeria”.

“The growth in the sector is driven largely by the innovative activities across the sector’s value chain enabled by policies and the disruptive power of the ever changing telecoms sector”.

Quoting a World bank projection on global digital economy, he said it is estimated at $11.5trn and 15.5% of global GDP which it is expected to exceed 25% by 2026.

Cole believes that despite the important progresses, the digital economy is still emerging in Nigeria and the Nigerian digital economy should be position to take advantage of the global projections

“The NCC as the regulator has to ensure proactiveness in ensuring qualitative and efficient services as the sub sector has grown to become vital to Nigeria’s economic development as it provides infrastructural backbone that drives our digital economy for future development”.

He however urged the NCC to address the challenges facing the telecoms sector in the country, including low capacity of digital infrastructure, the risk associated with data privacy and cybercrime, insecurity and vandalisation of telecoms infrastructure. The issuance of High right of way permit by state governments.