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The Nigerian Communications Commission (NCC) is making moves to identify and reduce risks that could affect the country’s telecom industry. The commission recently held a two-day conference in Abuja to discuss these issues and encourage better risk management within the sector.
The event, themed “Managing Emerging Risks and Embracing Risk Opportunities,” aimed to bring together key players in the telecom industry to collaborate on identifying and addressing emerging risks. Prof. Umar Danbatta, the NCC’s Executive Vice Chairman, emphasized the importance of managing risks to ensure smooth services and provide the best options for consumers.
Key Risks in Telecom
During the conference, Yetunde Akinloye, Director of Policy, Competition, and Economic Analysis at NCC, explained that the telecom industry faces growing challenges, including cybersecurity threats, rising costs, and changes in regulations. Prof. Danbatta also highlighted that the global economy’s uncertainties are impacting the local telecom market.
He shared that one of the main goals is to minimize these risks so that services are not disrupted and consumers can enjoy high-quality services. The NCC is committed to supporting the telecom sector, guiding it towards success while reducing the negative effects of various risks.
Collaboration for Growth
Danbatta emphasized that collaboration between the NCC, telecom operators, and other stakeholders is key to managing these risks. He pointed out that the telecom industry faces several challenges, such as issues with infrastructure, cybercrime, excessive taxation, and problems with securing foreign exchange.
“Working together to minimize risks is crucial for the sector’s growth,” Danbatta said.
Operators Speak Up
Eniola Olugboyega, a speaker at the event, talked about the risks telecom operators face. He explained that poor risk management can lead to problems like customer dissatisfaction, fines, and missed business opportunities.
Olugboyega noted that effective risk management helps companies make better decisions and avoid reputational and financial losses. For telecom operators, the main risks include regulatory changes, data breaches, rising costs, and the challenge of adopting new business models.
Looking Ahead
Experts at the conference agreed that staying flexible and innovative is essential for telecom companies to keep up with the sector’s rapid changes. By focusing on efficiency, customer satisfaction, and new business opportunities, the telecom industry can overcome challenges and continue to grow.
The NCC’s commitment to addressing risks and promoting collaboration is a step in the right direction for the future of Nigeria’s telecom sector.
