The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, couldn’t contain his excitement as he celebrated the telecoms sector’s momentous contribution to the country’s Gross Domestic Product (GDP). From a modest 8.5% in 2015, the sector’s share has surged to a staggering 13.55% by the end of the 4th quarter of 2022. With a mischievous twinkle in his eye, Danbatta proclaimed that communication technology holds the key to expanding the boundaries of financial inclusion in Nigeria.
As if the broadband surge wasn’t mind-blowing enough, the NCC shared additional jaw-dropping statistics. The number of active voice subscriptions has catapulted from a mere 151 million to a mind-boggling 226.2 million. Meanwhile, internet subscriptions have witnessed an astounding leap from around 95 million to an approximate 158 million as of March 2023. These numbers paint a vivid picture of Nigeria’s unstoppable march into the digital realm.
The growth doesn’t stop there! Teledensity, the measure of telephone connections per unit of population, has boomed from 107.87% in 2015 to a staggering 118.48% as of March 2023. It’s as if Nigeria has unleashed a digital frenzy, with communication channels multiplying like rabbits.
Not one to rest on their laurels, the NCC remains committed to implementing federal government policies that foster a digital economy and financial inclusion. With an unwavering focus on nurturing the communication sector and safeguarding the rights and interests of service providers and consumers, the NCC stands as a steadfast champion of Nigeria’s technological revolution.
Folashodun Adebisi Shonubi, the Deputy Director of Operation at the Central Bank of Nigeria (CBN), injected a dose of philosophical humor into the discussion. In his lighthearted musings, he reminded everyone that while we often think of regulatory bodies like the NCC and CBN, the true regulator is the government itself. From your hard-earned money regulated by the Federal Inland Revenue Service (FIRS) to your mobility governed by the Federal Road Safety Corps (FRSC), the government keeps a watchful eye. After all, you can’t even exist without the stamp of recognition from the National Identity Management Commission (NIMC). Shonubi’s quirky perspective emphasized the intertwined nature of economic and financial inclusion, with economic inclusion serving as the foundation for a thriving digital ecosystem.
The RegTech Africa Conference proved to be a captivating event, offering an exhilarating blend of paper presentations, panel sessions, and witty banter. With speakers and panelists sharing their wisdom and insights, the two-day extravaganza left the audience electrified and brimming with ideas.
