$32bn growth increase in Telecoms investment-NCC

Telecommunications contribution to the nation’s Gross Domestic Product within the period had shot up from 4.5 per cent to 8.69 per cent in the recent re-based GDP Investments as the telecommunications sector since 2001 to date has grown to over $32bn, said the Nigerian Communications Communication.
 NCC reported that it came about the figures during a recent anti-corruption interactive session with the Economic and Financial Crimes Commission.
The commission said therefore that it had continued to receive international approval as well as attractive Foreign Direct Investments to the country.
 The NCC said at present, there are over 130 million connected lines across all the telecommunications networks in the country separate documents signed by the Executive Vice Chairman, Dr. Eugene Juwah.
 It was believed that the growing number of connected lines, the investment profile and exponential growth would attract attention to the industry and challenge the moral, professional and ethical commitment of the regulatory body he said.
“Already, the telecommunications industry that started from its humble beginning in 2001 with a paltry investment of $500m now stands at over $32billion,” according to him.
He said the Nigerian Communications Act 2003 saddles the NCC with promoting the provision of modern, universal, efficient, reliable, affordable and easily accessible communications services. Also the commission is mandated to support local and foreign investments among others Juwah said.
The Economic and Financial Crimes Commission is charged with the responsibility of coordinating the various institutions involved in financial intermediation primed to fight against money laundering, fraud and terrorism financing, he added.