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Nigeria’s economy & its dependence on Telecom industry

IFM_Umar Danbatta Telecom Industry
The embrace of digital technology by Nigeria has helped it to diversify its revenue and economy

Umar Danbatta, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), said that the technology-driven telecom sector had helped Nigeria’s economy by USD 70 billion.

According to Umar Danbatta, the telecom industry has improved the lives of millions of Nigerians and created over 500,000 jobs in both the public and private sectors.

He disclosed this during his keynote address at a Cyberchain event in Abuja, where he discussed using technology to increase Nigeria’s GDP.

According to Umar Danbatta, technology has significantly impacted every nation and civilization.

Umar Danbatta emphasized that Nigeria’s adoption of 5G, e-commerce, Fintech, and big data has increased the country’s capacity for revenue generation.

Ella Eli, Principal Manager of the Digital Economy, spoke on behalf of Umar Danbatta.

“The embrace of digital technology by Nigeria has helped it to diversify its revenue and economy, generate jobs, improve services and efficiency, decrease wastage, and optimise the use of resources. Telecommunications have boosted the Nigerian economy by over $70 billion, created over 500,000 jobs in the formal and unofficial sectors, and enhanced the quality of life for millions of Nigerians,” he said.

Most Nigerians today find it impossible to imagine a world without cell phones.

Immediate messaging, instant information, financial inclusion, telemedicine, smart farming, e-Commerce, and virtual learning currently benefit the liberalized telecommunications sector. The best is yet to come, though.

The benefits of technology are limitless, and they will only grow as it becomes more widely available, affordable, and usable.

Jude Ozinegbe, the convener of CyberChain Abuja, stated in his opening remarks that Nigeria was progressing toward embracing the benefits of the tech sector.

He declared, “We have decided to collect leaders in the space to educate us as we move from analogue to digital, and some folks seem to have been left behind. We have industry leaders who have recognised the potential and opportunities in this ecosystem.”

“This is how I’m helping Nigeria’s digital economy grow. So as much as possible, add something uplifting to the area to spread the good news throughout the ecosystem,” he added.

According to Ozinegbe, Nigerian youth can use their cell phones and data to make money if they have the proper knowledge of blockchain.

Adedeji Owonibi, an A and D Forensic cryptocurrency investigator, urged Nigerian youths to embrace the benefits of blockchain technology.

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