Economic experts and stakeholders in the telecoms industry have sounded the alarm, warning that the sector’s decline could have far-reaching consequences for the country’s economic growth and development.
At a breakfast session, hosted by the Lagos Business School, Pan-Atlantic University, yesterday, leading voices in the private sector gathered to discuss the theme “Telecoms Sector: The Fulcrum for Economic Dynamism in Nigeria.”
Keynote speaker and Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, emphasised the telecoms sector’s critical role in driving economic growth, innovation, and productivity across various industries.
Rewane, in his presentation, titled: “Nigerian Economy on the Brink, Adapt or Collapse?” highlighted the sector’s challenges, including rising inflation, high operating costs, limited access to foreign exchange, regulatory burdens, multiple taxations, and state and local government extortion. He stressed that the challenges were threatening the sector’s growth and development, citing MTN’s reported loss in the 2023 financial year.
The expert’s comments aligned with telecoms operators’ push for cost-reflective tariffs, which they deemed necessary due to adverse economic headwinds.
Other notable speakers, including Prof Ali Bongo, echoed Rewane’s sentiments, stressing the need for government support and deregulation to ensure the sector’s survival.
They highlighted the sector’s growth potential, citing its eight per cent outperformance of GDP growth rate between 2019 and 2023.The event further examined the telecoms sector’s critical role in Nigeria’s economic growth and development, with stakeholders urging the government to provide support and create an enabling environment for the sector’s growth.
