Nigerians now have 45.43 percent broadband. This growth has been ascribed to the diligent execution of the Nigerian National Digital Economic Policy. As of October, the Nigerian broadband penetration rate was 45.43 percent according to Communications Minister Isa Pantami.
Between September and October 2020, the minister’s Technical Assistant on Information Technology, Femi Adeluyi, reported a growth of 4,061731 broadband subscribers. “The Nigerian National Broadband Plan (2020-2025),” he said, “had a tremendous influence on broadband penetration.”
Broadband was also vital for long-term economic development. According to the ITU Broadband Series,
“Broadband helps to economic development via more efficient business operations, faster innovation, and more efficient functional deployment of enterprises.”
How Important are Mobile Broadband Networks for Global Economic Growth? It demonstrates that a 10% increase in mobile broadband penetration resulted in a 0.6% to 2.8% increase in GDP, which Nigeria has profited from, while in certain nations it raised GDP by almost 6%.
“Broadband penetration increases the expansion of Nigeria’s economy outside the ICT sector,”
stated Mr. Adeluyi. Mr. Adeluyi observed that broadband has aided expansion in several businesses, including financial services and e-commerce. Notably, all of them are part of the digital economy, including the Nigeria gambling business, where mobile betting was widespread amid the country’s efforts to combat the Covid-19 virus.
As defined by the World Economic Forum, the internet surge is the portion of economic production that is obtained wholly or mostly from digital technology,
with a business model built on digital services. Nigerian Minister Isa Pantani has urged the Nigerian Communication Commission (NCC) and the National Information Technology Development Agency (NITDA) to enhance service quality to end-users.
Finally, Mr. Adeluyi said the minister asked all involved parties to help the ministry execute the Broadband Plan. However, amid the linked closure, iGaming betting in Nigeria grew. The competitive mobile market and recent price drop in the internet data bundle made online mobile betting accessible for the typical young population. On the other hand, 60 thousand Nigerians wager on sports every day.