The Nigerian Communications Commission(NCC) has said, broadband penetration in Nigeria increased from six per cent in August 2015 to 48.21 per cent by March 2023.
Speaking at the RegTech Africa Conference, 2023, titled, ‘Elevating National Policy on Financial Inclusion, Consumer Protection and Cybersecurity’, held in Lagos, the executive vice chairman, NCC, Prof. Umar Danbatta, said the communication sector contribution to the Gross Domestic Product (GDP), increased from 8.5 per cent in 2015 to 13.55 per cent at the end of the 4th quarter 2022.
Dantata, who was represented by the deputy director, Digital Economy, Freda Bruce-Bennet, said communications technology is the most effective tool of expanding the boundaries of financial inclusion in Nigeria.
According to Dantata, active voice subscription also increased from about 151 million to 226.2 million while internet subscriptions increased from about 95 million to approximately 158 million in March 2023.
He said: “NCC through the implementation of initiatives, projects, effective stakeholder collaboration and policies led broadband penetration from 6% in August 2015 to 48.21 per cent by March 2023. This has enhanced the growth in the telecoms sector especially in the contribution to the nation’s gross domestic product.
“The sectors contribution to the GDP increased from 8.5 per cent in 2015 to 13.55 per cent by the end of the 4th quarter in 2022. It is noteworthy that for the same period, active voice subscription also increased from about 151 million to 226.2 million. While internet subscriptions increased from about 95million to approximately 158 million in March 2023.”
Teledensity has also grown significantly from 107.87 per cent in 2015 to 118.48 per cent as of March 2023, he stated.
Dantata, however, stated that, the commission would continue to focus on the implementation of federal government policies and plans that will foster a digital economy and financial inclusion.
The NCC boss stated that the commission recognized its critical role in growing the communication sector as well as protecting the rights and interests of service providers and consumers.
“The NCC supports government’s drive and initiatives towards promoting a digital economy that will support national development and economic diversification,” he said.
Also speaking, the deputy director, operation, Central Bank of Nigeria (CBN), Folashodun Adebisi Shonubi, stated that, the government is the most important regulator, saying their can never be financial inclusion without economic inclusion.
To Shonubi, “Let us look at the concept of a regulator. Who’s a regulator? We tend to look at NCC, the CBN and the likes but the biggest regulator is actually the government. If you sit back and think about it, your money or what you can do with your money is regulated somewhat by the Federal Inland Revenue Service (FIRS) and the truth is they have on every dime that you earn. Your mobility is regulated by the Federal Road Safety Corp (FRSC) and your very existence and recognition as a Nigerian is regulated by the National Identify Management Commission (NIMC).
“You cannot have financial inclusion without economic inclusion. Financial inclusion is not access, it is the ability to rise. Economic inclusion has to be there before you talk about financial inclusion.”
Paper presentations and panel sessions with various speakers and panelists were among the highlights of the two-day programme.
