Share
Nigeria’s telecoms industry maintains positive growth trajectory
Nigeria’s telecommunication sector continues to weather the storm growing 17.36 per cent in the third quarter of the year as it displays its resilience to the fallout of the COVID-19. Olusola Teniola, the Immediate Past President of the Association of Telecommunications Companies of Nigeria; ATCON joins CNBC Africa’s Kenneth Igbomor for more.
Mon, 23 Nov 2020 09:01:27 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Strong Growth: Nigeria's telecom sector has recorded a growth rate of 17.36% in the third quarter, showcasing resilience in the face of the COVID-19 pandemic.
- Need for Broadband Infrastructure: Investing in improved broadband infrastructure is crucial for the sector to leverage the changing work dynamics and drive economic growth.
- Future Outlook: Stakeholders anticipate further advancements in 4G and 5G deployments, signaling positive prospects for the sector's contribution to GDP and sustained growth.
Nigeria's telecommunications sector continues to weather the storm, growing by 17.36% in the third quarter of the year amidst the challenges posed by the COVID-19 pandemic. The sector has displayed remarkable resilience in the face of the pandemic's fallout, with data traffic increasing significantly due to the shift towards remote work and e-learning. Olusola Teniola, the Immediate Past President of the Association of Telecommunications Companies of Nigeria (ATCON), shared insights on the sector's performance and the importance of investing in better broadband infrastructure to capitalize on the evolving work landscape. Teniola highlighted the sector's strategic plans for the future, emphasizing the significance of continued growth and the potential for increased GDP contributions. As the sector looks towards the upcoming year, expectations are high for further advancements and positive results in the evolving digital landscape. While challenges persist, including issues such as liquidity and forex constraints, the telecom industry remains optimistic about its prospects and the potential for capital market gains. With the government's support and a focus on sustainability programs, the sector is poised for continued growth and development in the coming quarters.
SIGN UP FOR OUR NEWSLETTER
DAILY UPDATE
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.