Telecommunications operators in Nigeria generated N5.3 trillion in revenue from their services in 2023, according to the Nigerian Communications Commission (NCC).
This was disclosed in the NCC’s 2023 year-end performance report titled “2023 Subscriber/Network Performance Report,” released on Monday.
The report detailed revenue contributions, with GSM operators earning N4 trillion; fixed wired operators generating N273.01 million; Internet Service Providers (ISPs) earning N89.81 billion; Value Added Service Providers (VAS) contributing N14.56 billion; collocation and infrastructure sharing players bringing in N1.14 trillion; and other operators generating N41.84 billion.
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The NCC highlighted a rise in active subscriptions, which grew from 222.57 million in 2022 to 224.71 million by December 2023, while data consumption exceeded 713 terabytes.
The telecom sector’s contribution to Nigeria’s GDP increased from 13.55% in 2022 to 14% in 2023.
Capital expenditure (CAPEX) in the sector reached N990.55 billion, reflecting robust domestic investments. Meanwhile, operating costs among telecom operators amounted to N3.16 trillion.
However, the report noted a decline in foreign direct investment (FDI) into the sector, which stood at $134.75 million in 2023, compared to $399.91 million in 2022, according to data from the Central Bank of Nigeria.
Year-on-year, active voice subscriptions grew by 0.96%, with an increase of 2.14 million new subscriptions recorded in 2023.
The NCC emphasized the continued growth and financial performance across all segments of the telecommunications market during the year under review.
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