Nigeria’s telecom market projected to reach $11.4bn by 2029

Joy Agwunobi

Mordor Intelligence, a leading market research firm, has released a report stating that the Nigerian telecom market is expected to grow significantly over the next several years, reaching a value of $11.43 billion by 2029. 

The report titled Nigeria Telecom Market Size  also predicts that the Nigerian telecom market, currently valued at $9.09 billion,will grow at a  cumulative average growth rate (CAGR)  of 4.70 per cent between 2024 and 2029.

According to Mordor Intelligence, several trends are expected to drive the continued growth of the Nigerian telecom market. First, the increased consumption of data by businesses and individuals is driving the demand for high-speed internet, leading to the development of new technologies like 5G. Second, key market players are innovating by launching new products and services, such as cloud-based solutions, mobile financial services, and other digital services. 

“The report also highlights the role of mobile apps in boosting the growth of the Nigerian telecom sector. With millions of people using apps for a variety of activities, from social networking to banking and shopping, the sector has become more dynamic and competitive. According to the report, the speed, convenience, and efficiency of mobile apps have encouraged more people to purchase smartphones and sign up for mobile services.

According to the report, the rapid pace of digitalization in Nigeria and the government’s support for digital initiatives are expected to drive the demand for telecom towers. In addition, the rollout of 5G networks is expected to further increase the demand for telecom towers. 

The report points out that the increasing adoption of digital technologies and platforms in Nigeria has led to a significant increase in demand for reliable telecom services. It stated that the growth of e-commerce and digital service platforms has been a key driver of this trend. The convenience of using mobile devices to access these services was also seen to have led to a sharp rise in the number of users of telecom services in the country.

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