All eyes on economy’s response after MTN, Airtel 5G deployment

By Alexander Chiejina.

The 5G era is fully on course globally. In the field of mobile communication, 5G, the fifth generation of wireless communication technology, is a game-changer.

The much-discussed wireless communication comes and is opening a world of revolutionary new opportunities across a wide range of businesses. The technology can completely transform several industries across Nigeria in addition to being quicker and more effective than its forerunners.

As MTN Nigeria and Airtel continue to drive greater digitalization with the rollout of 5G network across several cities in Nigeria, 5G is set to have a profound impact on Nigeria’s economy. So far, MTN Nigeria has rolled out its 5G in 13 cities (Lagos, FCT, Owerri, Ibadan, Maiduguri, Abeokuta, Sagamu, Ifo, Warri, Enugu, Benin City, Kano, Port Harcourt), while Airtel Nigeria has rolled out its 5G in four cities (Lagos, Ogun, Abuja, and Rivers), and are still expanding.

While the momentum to deploy 5G networks continues to build, there is widespread anticipation about the transformative capabilities of the next-gen wireless phenomenon. It is a given that the 5G era will deliver higher speeds and expanded connectivity on multiple devices — reasons why it will change lives forever. Experts believe that 5G will be critical as it will drive unique levels of connectivity across key functional areas – superfast broadband, ultra-reliable low latency communication, massive machine-type communications, high reliability/availability, and efficient energy usage.

Jide Awe, chief executive officer, Jidaw Systems Limited, remarks that new technological approaches, techniques, and interactions could be made possible by 5G.

According to Awe, “Our focus as a nation should be on building an ecosystem that enables the 5G network to become more accessible. This means that 5G activities must be consistent with the Nigerian National Broadband Plan and the National Policy on 5G Networks for Nigeria’s Digital Economy. We must watch out to prevent current disparities from being exacerbated and perpetuated, even though commercial, and private interests will be crucial to the success of 5G.’ Onyinye Ikenna-Emeka, general manager, fixed broadband, MTN Nigeria Communications, while speaking at the Nigerian-British Chamber of Commerce (NBCC) Thought Leadership Programme with the theme: ‘Impact of 5G on the Nigerian Economy’, noted that in today’s world, information is key, decision making needs to be effective, prompt as it can be, and this can be actualized through data which 5G gives room to analyse, consume, and interpret across various sectors of the economy.

“Businesses must begin utilising these data-driven solutions that create opportunities for competitiveness because 5G is a true enabler of the digital ecosystem and has varying levels of industrial automation,” she added.

The potential for 5G to hasten the expansion of the digital economy is one of the most important effects. With 5G, data can be transferred more reliably and at significantly higher speeds. Due to network capacity and latency restrictions, it was previously hard to build new technologies and applications. IoT (Internet of Things), AI, and robotics have been used by the 5G network to connect the healthcare industry and improve patient care. Experts predict that disruptive technologies and 5G will improve remote patient management and lead to more precise diagnoses.

By utilising the connectivity of 5G and IoT, for instance, remote robotic surgery can be carried out. Remotely guiding surgeons to carry out the procedure is possible with medical sensors powered by augmented reality (AR) and real-time data readings. A FinTech revolution has been ushered in by the widespread deployment of 5G. Banks and other financial services providers have transferred their services to digital channels including online and mobile banking, adopting a “digital first” strategy.

By putting a strong emphasis on digitization, the financial services sector has reimagined the client journey and produced valuable virtual experiences. Drones and 5G technologies can also be used by the insurance sector to monitor covered properties and stop fraud. This will make the claims management process more efficient.

A new era of adaptable automation and simplified supply chains has been ushered in by 5G as more devices become connected in smart factories. The technology has accelerated data flow on the plant floor and allowed for cost-effective customization.

By removing bottlenecks and boosting productivity and service quality, the integrated applications of 5G are addressing real-world business issues. Beyond delivering greater bandwidth and less latency, 5G represents a revolution. Its most important function is as a catalyst for enterprise digital transformation.

The use of 5G technology by forward-thinking businesses is necessary to improve operational effectiveness and go-to-market tactics and deliver better consumer experiences. The potential of 5G is found in this.

There are difficulties with 5G deployment. The cost of building infrastructure is one of the biggest obstacles to the broad adoption of 5G. The installation of tiny cells and other network elements is among the costly 5G infrastructure requirements. To ensure that all areas have access to 5G technology, this investment may be expensive, particularly in rural areas, and may require government backing.