News Column

Investments in Telecoms Industry Now U.S. $32 Billion - NCC Boss

August 11, 2014

Chibuzor Emejor

Executive Vice Chairman of Nigerian Communications Commission (NCC), Dr. Eugene Juwah, has said that the investments in the telecommunications sector since 2001 to date is now over $32billion.

Juwah stated this in Abuja at the anti-corruption interactive session organised by NCC in collaboration with Economic and Financial Crimes Commission (EFCC)

He said at present, there are over 130 million connected lines across all the telecommunications networks in the country.

Juwah represented by his Chief of Staff, Jere Ugwu, said the telecommunications industry started from its humble beginning in 2001 with a paltry investment of $500million, adding that the investments in the sector now stand at over $32billion.

According to him, telecommunications contribution to the nation's Gross Domestic Product (GDP) within the period, has shot up from 4.5 percent to 8.69 per cent in the recent re-based GDP.

As a result, he said the Commission has continued to receive international applause as well as attract Foreign Direct Investments to the industry and country in general.

This investment profile and the exponential growth, he explained, would attract attention to the industry and challenge the moral, professional and ethical commitment of the regulatory body.

Speaking on the partnership between NCC and EFCC in the fight against corruption, Juwah said both agencies are vested with the primary roles of building a modern, enlightened, informed and civic-oriented society.

He said while the Nigerian Communications Act 2003 mandates the NCC with promoting the provision of modern, universal, efficient, reliable, affordable and easily accessible communications services. It also mandates the commission to encourage local and foreign investments among others.

"The EFCC is the designated Financial Intelligence Unit (FIU) in Nigeria, charged with the responsibility of co-ordinating the various institutions involved in financial intermediation primed to fight against money laundering, fraud and terrorism financing" Juwah said.

The NCC boss pointed out that the guiding principles of the Commission include: fairness, firmness and forthrightness in all transactions, describing them as the essential tripod that drives the core values of integrity, excellence, professionalism, responsiveness and innovation.

In his remarks, the Executive Chairman of the EFCC, Ibrahim Lamorde thanked the management of the NCC and expressed his pleasure at addressing staff at the unique occasion of the Anti-corruption Sensitisation Programme designed especially for public and private sector workers in direct response to the mandate of the Commission to prevent economic crimes, including corruption.

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Source: AllAfrica

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