By The Nigerian Communications Commission (NCC) has raised concerns about the country’s dependence on foreign economies for mobile device production, resulting in significant revenue losses for Nigeria’s $76 billion telecoms sector.
During a meeting with the governing council of FintechNGR, led by President Ade Bajomo, NCC’s Executive Vice Chairman, Dr. Aminu Maida, emphasized the urgent need for local smartphone production to retain the sector’s value within the country.
Currently, Nigeria does not have a local smartphone assembly plant, and the high cost of smartphones, which exceeds the minimum wage, is a barrier to financial inclusion. The collaboration between NCC and FintechNGR aims to explore opportunities for local production and promote the telecom sector’s role in supporting fintech growth in Nigeria.
The GSMA, which announced this initiative, includes major global mobile operators, vendors, device ecosystem players, international organizations, and financing institutions, such as the World Bank Group, the International Telecommunications Union, and the WEF Edison Alliance.
The coalition seeks to explore new solutions, including ‘de-risking’ financing mechanisms, with support from the World Bank Group. These efforts aim to enhance and complement ongoing initiatives to expand digital access and affordability. By developing creative solutions to make mobile internet more accessible, the coalition hopes to significantly close the usage gap and help millions maximize their potential through improved digital connectivity.
