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Telecom sector fosters Nigeria’s economic growth

The telecommunication and information services segment recorded 17.64 percent growth in Q4 2020 compared to 10.26 percent during the same period in 2019

Nigeria’s telecommunications sector has assisted the country’s economic recovery against the Covid-19 pandemic despite fresh waves of the infection. The telecommunications sector has prevented Nigeria to enter into recession.

It is reported that the telecommunication and information services segment recorded 17.64 percent growth in Q4 2020 compared to 10.26 percent during the same period in 2019. The data is produced by the Statistic Bureau.

Furthermore, the reports indicate that telecommunication, trade, services and crop production have fostered Nigeria’s economy. While the reports produced by the National Bureau of Statistics (NBS) indicate that telecommunications & information services recorded 12.45 percent growth in Q4 last year.

Olushola Teniola, Nigeria’s National Coordinator, Alliance for Affordable Internet, said that the pandemic has hampered Nigeria’s economic growth over prior quarters last year. The telecommunications segment has been the catalyst recording growth on the back of policies such as work from home and stay-at home directives of government. The economy is expanding to a certain level. However, revenue in terms of foreign currency from the oil and gas sector is still a concern.

The Serum Institute of India (SII) has provided 3.92 million doses of the COVID-19 vaccine to Nigeria this week. Nigeria has been mired by extremisms and poverty for years. However, the government is striving hard to improve the conditions of the citizens and become one of the best economies in Africa.

The global pandemic has walloped economies and has pushed economies such as the UK into recession.

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