Business

Nigerian telecom market projected to hit $11.43 billion by 2029

A report by market intelligence firm, Mordor Intelligence, has projected that the Nigerian telecom market value would reach $11.43 by 2029.


According to the report, the market is expected to grow at a cumulative average growth rate (CAGR) of 4.70% between 2024 and 2029. The firm puts the current value of the market at $9.09 billion.


While noting that the Nigeria telecom market has undergone significant transformation over the past few years owing to various initiatives taken by the Government to boost the country’s internet infrastructure and a broadband connection, Morodor said increase in data consumption from businesses as well as individuals, growth in 5G deployments across the country and various innovations by the significant telecom market vendors will drive the projected market value.