GENEVA,Â SWITZERLANDâ€”Telecom investments in Nigeria has hit over US$18 billion within the last eight years on account of predictive regulatory environment and supportive government for a deregulated telecom industry.
Chief Executive of the Nigerian Communications Commission, Engr. Ernest Ndukwe, told newsmen yesterday at the ongoing ITU World 2009 Forum and Exhibition in Geneva, Switzerland, that the country is keen on attracting more investments so as to expand the needed services in the areas ofÂ Internet and broadband services across the country, having made a remarkable inroad into voice telephony services.
Engr Ndukwe said the current investment figure is made up of about US$12 billon from foreign direct investment while the balance is from investments made from and within the country since 2001.
He said governmentâ€™s invitation to the private sector for participation in the industry has paid handsomely and led to the current success indices in the sector.
â€œThis tells me that the decision by government to liberalize was a very good oneâ€, he said, indicating that this is why the current 68 Million active subscriber lines recorded in the industry over just eight years in Nigeria has been variously described as a revolution.
Engr Ndukwe said the decision by Nigeria to implement a technologically neutral regulation has resulted in investments in both the GSM and CDMA based services and made diverse services available in Nigeria with investors attacking services from different points thereby providing choices for the Nigerian consumer.