Home Technology ‘Telecom sector decline may slow economic growth’ — Experts

‘Telecom sector decline may slow economic growth’ — Experts

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Nigerian telecom

 

Nigeria’s economic experts and telecom industry stakeholders have raised concerns that the ongoing decline in the telecom sector can impede the country’s economic growth and development.
They stated this during a recent breakfast session hosted by the Lagos Business School and Pan-Atlantic University, where prominent figures from the private sector gathered to discuss the theme “Telecom Sector: The Fulcrum for Economic Dynamism in Nigeria.”
Keynote speaker and CEO of Financial Derivatives Company, Bismarck Rewane, underscored the telecom sector’s pivotal role in driving economic growth, innovation, and productivity across various industries.
In his presentation, titled “Nigerian Economy on the Brink: Adapt or Collapse?”, Rewane 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 those issues were severely threatening the sector’s growth and development, citing MTN’s reported loss in the 2023 financial year as a stark example.
He noted that telecom operators were advocating for cost-reflective tariffs to counter the adverse economic conditions they face.

 

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