The telecommunications sector has taken a giant leap. It has enabled all sectors of the economy to experience dynamic growth. The sector’s Midas touch has been on oil and gas, manufacturing, agriculture, media and publishing, real estate and hospitality, among others. And they have turned gold. The power of telecom has touched all parts of the Nigerian economy.
For instance, the telecom sector is not only a fundamental part of Nigeria’s infrastructure but also a key enabler of economic development. Data and mobile devices have become ubiquitous. Mobile devices are essential tools for millions of Nigerians. Mobile devices allow Nigerians to be connected, anywhere, everywhere, giving them access to the internet, throwing up opportunities to engage in e-commerce and digital financial services. Mobile money is thriving. Through telecom, millions of unbanked Nigerians are banked. E-commerce platforms have risen. The digital economy is sprouting, giving the economy an elixir. It has solidified the sector’s contribution to Nigeria’s economic growth.
Nigeria has recorded a steady increase in mobile phone users since 2001 when technology touched our land. Data and voice subscriptions have ballooned. The tele-density has soared. Nigeria has one of the highest mobile penetration rates in Africa. The Average Revenue Per User has swollen, and Custimer Lifetime Value is climbing. The standards of operations have improved. The sector has evolved into one of the most significant contributors to the country’s economy, playing a pivotal role in driving growth, job creation, and technological advancement. Over two decades, the sector has witnessed remarkable transformation, driven by the advent of mobile technology and market liberalization.
Nigeria is one of the largest telecommunications markets in Africa. The Nigerian Communications Commission (NCC) reported that the sector contributed over 14% to the nation’s GDP in 2024. It provides jobs for millions: network engineers, customer service personnel, mobile handset manufacturing, mobile banking and digital services. These are some of the keystones. Outside of these, the sector has expanded the economy. It has enhanced access to information and communication technologies, healthcare, and business, governance, government services, digital identification, voter registration and e-health initiatives.
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These areas have become more accessible through mobile devices. The expansion of broadband internet, particularly 4G and 5G technologies, has helped transform education and manufacturing, enabling Nigeria to leapfrog technological development. While the market is embracing data usage, subscribers are demanding high-speed internet services. However, there is infrastructure deficit. The telecom players have continued to invest in network infrastructure. Fibre optic cables are rolling out. The network coverage is expanding across Nigeria.
On the one hand, the internet access might not be as active in rural areas, but the telecom players are expanding the network in some parts of the country. Network congestion and quality of service remain a concern. These challenges are on the radar of the telecom players and the regulatory body. With the right policies, investments, and a focus on innovation, the sector is Nigeria’s catalyst, opening the economy to the digital age.
Over 20 years, telecoms have become second nature to Nigerians. Millions of Nigerians are glued to their mobile devices. They cannot live without using the device. They have become addicted to technology, and it has given their dreams wings. This edition of FORBES AFRICA’s supplement on Nigeria’s telecom titans uncovers the story of CEOs who are leading the change. These key players are moving the needle. They are ensuring the sector remains grounded. They give Nigeria and Nigerians the ability to be technology-compliant. The supplement celebrates the change-makers who are enabling Nigerians to improve relationships. Meet these key players in Nigeria’s burgeoning telecom sector and their contributions to the country’s GDP.
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