Joy Agwunobi
As the world continues to prioritise sustainability, it is no longer optional but a necessity for industries to embrace practices that ensure long-term success. Nigeria’s telecommunications sector is no exception.
At the heart of this transformation is the Nigerian Communications Commission (NCC), which is embedding sustainability into the fabric of its corporate governance framework. With the introduction of mandatory sustainability reporting, the commission is aligning the industry with global Environmental, Social, and Governance (ESG) standards, setting the stage for a more transparent and sustainable telecom ecosystem.
The NCC emphasises that corporate governance is not merely a compliance exercise but a crucial element for the telecom industry’s enduring success. Addressing the 2024 Annual Corporate Governance Conference in Lagos, Aminu Maida, Executive Vice Chairman of the NCC, underscored the importance of sustainability as a non-negotiable aspect of corporate strategy.
“Sustainability is no longer optional but essential for telecom operators in Nigeria. It provides stakeholders investors, customers, and regulators with insights into how operators manage risks and opportunities related to environmental, social, and governance challenges,” Maida stated.
The 2024 Annual Corporate Governance Conference served as a vital platform for industry stakeholders to exchange insights on governance, sustainability, and the evolving role of telecoms in shaping Nigeria’s economic trajectory.
In his presentation, titled “Corporate Survival and Sustainability : The New Face of Governance in the Nigerian Telecom Sector,” Maida highlighted the sector’s evolution and its pivotal contribution to Nigeria’s Gross Domestic Product (GDP).
Since its liberalisation in 2001, the telecommunications industry has grown from a handful of active phone lines to millions of subscribers, becoming a critical pillar of Nigeria’s economy.
Maida stressed that effective governance transcends regulatory compliance, serving as the backbone of survival, sustainability, and growth for the sector. He called for continuous improvement and collaboration among stakeholders to uphold high governance standards, which are instrumental in driving innovation, competitiveness, and global relevance.
“Strong governance practices have been central to the sector’s rapid expansion, fostering transparency, efficiency, and innovation. These practices have not only enhanced customer experiences but also positioned Nigeria’s telecom industry as a major player in the digital economy,” Maida added.
He also noted that governance frameworks have been vital in attracting investments, strengthening infrastructure, and ensuring ethical practices within the sector. According to Maida, the industry’s commitment to strategic planning and accountability has also contributed to its remarkable progress and its role as a driver of Nigeria’s digital transformation.
Speaking on the broader economic implications, Maida stated: “The impressive growth of Nigeria’s telecommunications sector is delivering widespread economic benefits. This expansion is reshaping industries, creating jobs, and enhancing nationwide connectivity.”
He credited the NCC’s unwavering commitment to enforcing high standards of corporate governance as a catalyst for this success. The emphasis on transparency and ethical practices has solidified the sector’s foundation for sustained innovation, investment, and infrastructure development.
“To thrive, we need governance frameworks that go beyond compliance to promote innovation, trust, and long-term value. At the NCC, we view corporate governance as more than a checklist it is a culture that must be ingrained at every level of an organisation,” Maida explained.
The EVC further reiterated the critical role governance plays in navigating a rapidly changing digital landscape. He urged industry leaders to adopt robust, adaptable frameworks that align with global trends, ensuring the telecom sector remains a cornerstone of Nigeria’s economic resilience and digital future.
“Corporate governance isn’t just a regulatory requirement; it’s the foundation of the telecom industry’s success and sustainability. As leaders, we must ensure our governance frameworks are robust and attuned to the dynamic global landscape,” Maida noted.
