Naija247news reports that Nigeria is losing about $15 billion annually to inadequate broadband penetration, a situation experts believe is hampering economic growth and digital innovation in the country.
Naija247news gathered that Yinka Isioye, a leading technology expert and digital economy advocate, made this revelation during a recent forum on ICT development in Lagos. He emphasized that the absence of widespread and affordable broadband connectivity continues to affect productivity, education, and small business competitiveness.
According to Naija247news, Isioye noted that Nigeria’s broadband penetration stands below the global average despite recent investments in infrastructure. He warned that unless urgent steps are taken to close the gap, the country risks lagging behind in the fourth industrial revolution, which is driven by data and digital technology.
Naija247news understands that Isioye identified poor infrastructure, high right-of-way charges, and inconsistent government policies as major barriers to broadband expansion. He also highlighted the need for public-private partnerships to accelerate the deployment of fiber-optic networks and ensure affordable internet access in rural and underserved communities.
Naija247news reports that the expert stressed the economic implications of the broadband deficit, explaining that a 10 percent increase in broadband penetration can drive up GDP by at least 1.5 percent. He said that this potential underscores the urgency for Nigeria to achieve its national broadband plan targets.
He further advised that the government should prioritize harmonizing policies across states to eliminate multiple taxation and reduce the cost of deploying digital infrastructure. According to him, fostering competition among Internet Service Providers (ISPs) and investing in local content development would also enhance affordability and adoption.
Naija247news gathered that industry stakeholders at the forum agreed that bridging the digital gap would significantly boost Nigeria’s e-commerce, fintech, and online education sectors, creating millions of jobs and positioning the country as a major player in Africa’s digital economy.
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Reporting by Agnes Ekebuike in Lagos, Nigeria.
