Umar Danbatta, the Executive Vice- Chairman, Nigeria Communications Commission (NCC), on Thursday said Nigeria’s economic development could only be facilitated and accelerated by the availability of infrastructure.
The Executive Vice-Chairman made this assertion during the Business Journal’s 10th Anniversary Lecture and Award held at Sheraton, Ikeja.
The theme of the event was: “Infrastructure and Economic Growth: Exploring the Strategic Alliance’’.
Danbatta, who was represented by Edoyemi Ogo, Assistant Director, Technical Standards, NCC said that telecommunication was an infrastructure industry that contributed to all economic growth drivers in many ways.
He said that liberalisation and deregulation of the telecom sector placed Nigeria in a position to increase the industry’s contribution to overall Gross Domestic Product (GDP).
“With the advancement in telecommunication technology, the world has experienced a rapid growth in communications.
“The telecommunications sector development has acted as a catalyst to drive growth and efficiencies in many other sectors.
“Its infrastructure has a direct and indirect positive effect on economic growth.
“This effect can be seen in the economic growth indicators which include real Gross Domestic Product (GDP), industrial production, employment, price stability, education, technology and innovation,’’ Danbatta said.
According to him, the World Bank has found that a 10 percent increase in broadband penetration in developing countries results in a commensurable increase of 1.38 percent in GDP.
Danbatta said that the telecom sector contribution to Nigeria’s GDP had increased from less than one percent in 2001 to about 8.66 percent in December 2017.
