BUSINESS
NCC says Nigeria’s VAS market to reach $500m in 5 years
The Nigerian Communications Commission (NCC) on Friday said that the Value Added Service (VAS) segment of the telecommunications industry would reach $500 million in the next five years.
The Executive Vice Chairman of NCC, Prof. Umar Danbatta, made this known in Lagos during the two-day Nigeria Innovation Summit 2016.
Danbatta, represented by the Director, Public Affairs, NCC, Mr Tony Ojobo, said that the VAS segment valued at $200 million per annum presently, would reach $500 million in the next five years.
He said that the envisaged growth was as a result of innovations spurred by telecommunications services offered by service providers in the industry.
He said that the VAS segment has made immense contributions to the country’s telecommunications sector.
”Today, the Value Added Services segment of the telecom industry is valued at $200 million per annum. This is estimated to grow to $500 million in the next five years.
”The segment is currently under the exploration of the commission for effective licensing and regulation to optimise its strength,” he said.
Mr Kenneth Omeruo, the organiser of the summit, said that Information and Communication Technology (ICT) innovation was a key element to spuring growth, even during economic crisis.
Omeruo said that the present economic challenges in the country called for urgent attention.
He said that although Nigeria was rich in human and natural resources, it was not ranked among the leading economies of the world, because it failed to encourage innovations.
”Nigeria is not ranking today among the leading economies because as a country, we do not invest in innovation, research and development,” Omeruo said.
He said that Nigeria must invest in innovation at different levels and across different sectors of the economy, to create more jobs and help attract investments to spur economic growth.