Nigerian government plans tariff hikes to encourage investment in the telecom sector and support economic growth. The Minister of Communications and Digital Economy argues that increased tariffs are necessary to protect investors and facilitate the adoption of new technologies.
The Nigeria n government is planning to increase telecom tariffs by 30 to 60 percent to encourage investment and stimulate economic growth in the sector. Minister of Communications and Digital Economy, Bosun Tijani, disclosed this during a recent interview with Channels Television. He emphasized that the telecommunications industry heavily relies on continuous investment to keep up with technological advancements and combat inflation.
\Tijani explained that the increased tariffs are necessary to protect investors who constantly spend on new equipment and infrastructure to remain competitive. He cited the example of phasing out older technologies like 3G to accommodate newer, more efficient systems. Furthermore, he highlighted the significant growth in foreign direct investment (FDI) in the telecom sector, stating that the first quarter of 2024 witnessed nearly $199 million in FDI driven by telecommunication companies, surpassing the entire inflow for 2023. \The minister stressed that a thriving telecommunications sector is crucial for achieving Nigeria's goal of a $1 trillion economy. He argued that mobile network operators need to invest at a faster pace to support the country's development and ensure its position as a leader in the digital economy. This announcement follows recent confirmation that telecom service tariffs in Nigeria will indeed be increased, although not by the previously speculated 100 percent
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