The Nigerian Communications Commission (NCC) has said that the Value Added Services (VAS) segment of the telecommunications industry would reach $500 million in the next five years.
The Executive Vice Chairman of NCC, Professor Umar Danbatta, made this known in Lagos last week 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.