‘Telecoms sector needs govt’s support to survive’
07 June 2024 |
2:18 am
Economic experts and stakeholders in the telecoms industry have sounded the alarm, warning that the sector’s decline could have far-reaching consequences for the country’s economic growth and development.
Economic experts and stakeholders in the telecoms industry have sounded the alarm, warning that the sector’s decline could have far-reaching consequences for the country’s economic growth and development.
At a breakfast session, hosted by the Lagos Business School, Pan-Atlantic University, yesterday, leading voices in the private sector gathered to discuss the theme “Telecoms Sector: The Fulcrum for Economic Dynamism in Nigeria.”
Keynote speaker and Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, emphasised the telecoms sector’s critical role in driving economic growth, innovation, and productivity across various industries.
Rewane, in his presentation, titled: “Nigerian Economy on the Brink, Adapt or Collapse?” 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 the challenges were threatening the sector’s growth and development, citing MTN’s reported loss in the 2023 financial year.
The expert’s comments aligned with telecoms operators’ push for cost-reflective tariffs, which they deemed necessary due to adverse economic headwinds.
Other notable speakers, including Prof Ali Bongo, echoed Rewane’s sentiments, stressing the need for government support and deregulation to ensure the sector’s survival.
They highlighted the sector’s growth potential, citing its eight per cent outperformance of GDP growth rate between 2019 and 2023.The event further examined the telecoms sector’s critical role in Nigeria’s economic growth and development, with stakeholders urging the government to provide support and create an enabling environment for the sector’s growth.
Related
1 hour ago
A presiding judge of the Appeal Court, Sokoto division, Justice Muhammad Lawal, has challenged the Independent Corrupt Practices and Other Related Crimes Commission (ICPC) to ensure inclusive prosecution of corrupt practices in the fight against graft in the country. Justice Lawal specifically cautioned the anti-graft agencies to "go after bigger fish and not yahoo boys,"…
16 hours ago
Allowing a non-state actor to wage war against a country’s armed forces is the sort of thing that has engendered chaos in countries like Sudan. In Nigeria, the rise of non-state actors has brought about a mix of benefits and challenges
1 day ago
Borno State Governor, Babagana Zulum, has claimed that the controversial tax reform bills' implementation would disproportionately benefit Lagos State while economically disadvantage other regions. Zulum cautioned that the bills, if passed into law, could exacerbate existing economic inequalities across Nigeria. "Only Lagos will benefit from this scheme. But what we are telling them is to…
1 day ago
The Management of Port Harcourt Refining Company of Nigeria has attributed the slow pace of loading petroleum products at the facility to
1 day ago
The Yoruba Youth Socio-Cultural Association (YYSA), on Sunday, appealed to the people of northern Nigeria to see President Tinubu's tax reforms as a crucial step to turnaround revenue generation in Nigeria and the economy generally. The National President of the group, Olalekan Hammed, made the call in a chat with The Guardian in Ibadan, the…
2 days ago
Fast growing smartphone brand in Africa, realme has officially launched the realme C61 in the Nigerian market.
2 days ago
Investigative journalist and founder of the Foundation for Investigative Journalism (FIJ), Fisayo Soyombo, on Saturday thanked Nigerians for the public pressure that led to his release from detention by the Nigerian Army. Soyombo, who was detained by the Nigerian Army's 6th Division in Port Harcourt, Rivers State, said public support through the #FreeFisayoNow campaign and…
2 days ago
The Executive Director, Health of Mother Health Foundation (HOMEF), Dr. Nnimmo Bassey, has described as false some of the claims by promoters of Genetically Modified Organism (GMO) that GMO crops produce more than conventional crops. A GMO is a plant or microorganism that has been subjected to biotechnology. GMO developers use biotechnology to alter an…
2 days ago
Businessman and philanthropist, Dr. Emeka Offor, has commended President Bola Ahmed Tinubu for making significant strides in the nation's education sector. Offor said this shortly after being conferred with an honorary Doctorate by the Nile University of Nigeria in Abuja during the institution's 12th Convocation Ceremony. Offor reiterated his call for sustained and enhanced government…
2 days ago
Katsina State Government said it will commence payment of N70,000 minimum wage to civil servants in December. This was announced by the Secretary to the State Government (SSG), Abdullahi Faskari, at a press briefing in the early hours of Saturday. The announcement followed intense negotiations Friday between state government representatives as well as officials of…
×
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.