Business
5G Subscriptions Rise To 500,000
The Executive Chairman, Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has said Nigeria’s Fifth Generation (5G) network subscription has increased to half a million.
He said broadband penetration also rose to 47.01 per cent as of July 2023.
In a statement, while speaking in Kano, he said the telecoms industry recorded remarkable milestones since 2015.
In July, Danbatta stated that 5G subscriptions had grown to over 60,000 subscriptions in the country.
According to him, the country was aiming to achieve 50 per cent broadband penetration by the end of 2023, and 70 per cent broadband penetration by the end of 2025.
“Also, from 8 per cent contribution to the Gross Domestic Product in 2015, telecommunications sector now contributes 16 per cent quarterly to the Nigerian economy as of the second quarter of 2023.
“Besides, following the authorisation of more telecommunications companies to operate in the Nigeria’s telecoms sector, the investments profile has increased tremendously from $38bn in 2015 to $75bn currently and this keeps growing daily. From the sales of 5G C-Band Spectrum, the NCC has generated over $847.8m for the Federal Government”, he said.
Earlier, the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, said Nigeria was seeking partnerships to boost telecommunication connectivity in unserved and underserved communities.
According to the Minister, connectivity was a catalyst for progress, and the country needed partnerships to close its digital divide.
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Business
Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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