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Telecom sector’s decline threatens economic growth, experts warn

Economic experts and stakeholders in the telecom industry have warned that the sector’s decline could have far-reaching consequences for the Nigeria’s economic growth and development.…

Economic experts and stakeholders in the telecom industry have warned that the sector’s decline could have far-reaching consequences for the Nigeria’s economic growth and development.

The experts disclosed this at a breakfast session hosted by the Lagos Business School, Pan-Atlantic University in Lagos. The theme of the forum was “Telecom Sector: The Fulcrum for Economic Dynamism in Nigeria.”

CEO of Financial Derivatives Company, Bismarck Rewane, emphasized the telecom sector’s critical role in driving economic growth, innovation, and productivity across various industries.

Rewane, in his key note addresstitled, “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 these challenges are threatening the sector’s growth and development, citing MTN’s reported loss in the 2023 financial year

“Big push theory posits that growth in one sector can stimulate growth in others through backward and forward linkages. The telecom sector has both forward and backward linkages to various sectors. This linkage to other sectors is vital for economic growth, innovation, and productivity across various industries, making it a key enabler and driver of development in modern economies. If the telecom industry collapses, all other sectors will follow,” he added.

 

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