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From Adanna Nnamani, Abuja
The Nigerian Communications Commission (NCC) has said that the telecommunications sector is rebounding strongly after suffering a major setback due to a foreign exchange crisis about two years ago.
Speaking during an interactive session with journalists in Abuja on Thursday, the Executive Vice Chairman of the Commission, Dr. Aminu Maida, lauded the industry’s resilience and growing contribution to Nigeria’s Gross Domestic Product (GDP).
Maida, who was represented by the Acting Head of Public Affairs, Mrs. Nnenna Ukoha, said the sector has weathered significant foreign exchange-related losses that impacted key operators, adding that a recent tariff adjustment has helped steer the industry back toward profitability.
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He noted that despite previous challenges such as forex burdens and deteriorating quality of service, telecom operators are now reinvesting in their infrastructure.
“About two years ago, we noticed a situation where some of our key operators were recording massive losses.
“Despite increasing revenues, they were struggling with heavy forex-related obligations that ate into their revenue. This led to poor quality of service.
“However, with the recent tariff adjustment exercise, these operators are now back on the path to profitability.
“As a result, they’re able to reinvest in their networks, which will lead to better quality of service and experience.
“We expect investments in the industry to increase significantly this year, more than what was seen in the last two years. The Nigerian telecom industry has great promise, evident in its revenue growth and service delivery, despite the recent challenges,” he said.
