Nigeria’s Telecom Thrive: $11.43B Projection by 2029 Driven by 5G and Digital Boom

A report by market intelligence firm, Mordor Intelligence, has projected that the Nigerian telecom market value would reach $11.43 by 2029.

According to the report, the market is expected to grow at a cumulative average growth rate (CAGR) of 4.70% between 2024 and 2029. The firm puts the current value of the market at $9.09 billion.

While noting that the Nigeria telecom market has undergone significant transformation over the past few years owing to various initiatives taken by the Government to boost the country’s internet infrastructure and a broadband connection, Morodor said increase in data consumption from businesses as well as individuals, growth in 5G deployments across the country and various innovations by the significant telecom market vendors will drive the projected market value.

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Highlighting other factors pushing the growth of the country’s telecom sector, the report said:
“Increased smartphone adoption in Nigeria has fueled the development of a dynamic digital services sector. Currently, millions of Nigerians use mobile apps, including social networking sites, e-commerce, and financial services. These apps could leverage smartphones’ capabilities to offer speed, convenience, and efficiency, encouraging more people to invest in smartphones.

“In addition to these expansions and collaborations, the growing adoption of digital technologies and government support in aiding the same alongside the 5G technology implementation across the country is analyzed to boost the demand for telecom towers significantly.”

Morodor noted that Nigeria’s surge in e-commerce and digital service platforms has also been driving the demand for reliable telecom services.