By Martin Ekpeke
Despite the recession in Nigeria that lead to adverse macroeconomic conditions, the telecom and media industry in Nigeria generated a whopping $7.3 billion revenue in 2017, making Nigeria the second behind South Africa, a report titled ‘Nigeria Telecomm and Media Outlook’, published by Nigeriacom in partnership with Ovum has disclosed.
The report, also noted that Nigeria accounted for 11 percent of African revenue in 2017, adding that Nigeria’s revenue is set to grow at a faster pace than the global average revenue over the next five years despite the current adverse macroeconomic conditions.
Other insights from the report indicate on Nigeria’s market size with 171 million connections, including mobile, fixed broadband, fixed voice, and pay- TV connections, Nigeria was the 10th largest telecoms and media market globally by total number of connections at end-2017.
On the share of total revenue by service, mobile is set to remain the market’s main revenue generator over the next five years. The segment is driven by the increased demand in data services. Fixed broadband is the fastest-growing segment in Nigeria, boosted by demand from high-end users. Its share of total revenues will rise from 3.7 percent in 2017 to 4.5 percent in 2022.