General News
Creating An Investment Friendly Telecom Market
Technology Strategies International in partnership with BroadGroup TMT Ventures recently, published a report on telecom development in Nigeria.
It pointed to ample room for expansion of the market based on the dismal penetration level of fixed line and opportunity to improve internet penetration.
Christie Christelis, President of Technology Strategies International said: “There is huge momentum behind the growth, and even through the recent global financial crisis investors have managed to source funds for good investment opportunities in Nigeria”.
Key opportunity areas identified in the report include expanding the reach of the undersea cables, building out mobile infrastructure, turning investments into fixed wireless infrastructure into sustainable businesses, expanding the retail network for mobile, fixed wireless and internet services, and in electronics manufacturing.
Christelis said that the Nigerian Government is particularly keen to promote an indigenous electronics manufacturing and is doing much to attract investor interest.
Christelis warns, however, that the Nigerian ICT sector is complex and investors must give due consideration to the characteristics of the Nigerian market when evaluating business plans.
The sensitivity of the economy to oil price fluctuations can result in a volatile foreign exchange.
Regionalism has a big impact on the extent to which services can be rolled out. And corruption weighs heavily on investors’ minds, he added.
The fact that the market is liberalized, and hence very competitive in certain segments, provides some safeguards to investors.
As the economy of the nation continues to look up as well as the position of Nigeria as a major commercial centre in the West Africa region, the demand for reliable and modern telecommunications infrastructural facilities is heavy.
Nigeria she said must therefore be viewed as a major market for telecommunications equipment and services in technology areas such as: digital transmission system (including microwave, satellite and optic fibre), submarine communications, digital exchanges (wired and wireless), billing systems and data communications networks including primary rate ISDN and Broadband ISDN services.
The Government should be interested in attracting local and international operators to come and participate, in the urgently needed expansion of the country’s telecommunications infrastructure by providing the enabling environment for the intending investors in the sector.
What need to be done
There are challenges in the telecom sector that are inimical to investment which need to be addressed if the country will attract the desired massive investment to the ICT sector of the country’s economy.
Some of these challenges according to Gbenga Adebayo, chairman of the Association of Licensed Telecommunications Operators of Nigeria (Alton), could hinder the sustenance of the growth, if they are not nipped in the bud.
He listed some of the challenges as multiple regulation, government interference in telecom matters, multiple taxations, insufficient broadband rollout in the industry, security of infrastructure, quality of service, inadequate power supply, and state of access roads, among others.
Adebayo called for the scrapping of all forms of levies and fees charges by various agencies of government on right of way approvals, insisting that they are all inimical to a true regulatory framework in any society.
He also explained that capacity building is critical for the sustenance of telecom development and that more effort is needed from government to ensure that the technical manpower requirements for the information and communications technology (ICT) industry were met.
This, he said, was traceable to challenge in the socio-economic environment and the guaranteed minimum quality of lives and that the industry was loosing a number of highly trained personnel to other countries with less potential, but with better social security and standard of living and economic values, better healthcare, better education guarantees for their children, better security of lives and properties and quality of living.
He reiterated the fact that telecommunications in Nigeria remained the most functional and reliable public social infrastructure, while calling on stakeholders to continue to do the needful to sustain the growth and stability of the telecom sector of the economy through the provision of enabling environment for investors both local and foreign.
In order to optimize and accelerate development in telecoms sector in the country, attention must continue to be paid to these key issues that affect investment.
The sector today requires massive inflow of private investment for infrastructure upgrade and expansion. Half-hearted liberalization measures have denied many African countries access to investment that could have been available to the sector both from within and outside such countries. Governments must therefore resist pressures to protect incumbent operators to the detriment of truly competitive markets.
The need for government to provide the right environment that will attract serious investors and for market forces to thrive cannot be overemphasized.
All policies must of necessity be aimed at attracting new sources of capital, accelerating network expansion, improving pricing, enhancing quality of service, introducing of new technologies and providing access to ICT resources to all citizens at affordable prices.
The expansion of telecommunications facilities must go side by side with the development of human resource capacity that will support the industry. We must develop knowledge, skills and competencies to understand, plan and deploy the complex networks of wireless systems, fibre optics, satellite systems, and a host of other information and communications technologies.
Industry watches that spoke to Nigeria CommunicationsWeek believed that attracting massive investment in the telecom industry goes beyond providing a good regulatory framework which NCC has done, and that environmental as well as operational challenges are very key to achieving it.
They cited instances of bureaucratic bottleneck in securing approval for deployment of telecom infrastructure which state and local governments give.
They also decried unending demand by government agencies for one levy or the other, for example, MTN disclosed that an environmental agency demanded that it pays N1million every year on its mast.
Recently, some manufacturing companies in the country have started relocating their production factories to neighbouring countries that have improved social infrastructure especially power which accounts for over 60 per cent of cost of production in the country.
Telecommunications sector is not different, imagine where an operators do not have to provide generators and its rising maintenance cost on its so 5,000 base station what such operator would be saving.
Such an operator will be saving the cost of 20,000 generators at a cost of N2million each as well as cost of fueling such generators where it runs on it for 17 hours in a day.
Operators will not face the problem of theft of these generators that is now target to armed robbers.
All these challenges make nonsense of most business projections and speculation of foreign investors into the country, which has resulted in scaring them away from investing in the country. The earlier these issues are addressed the better for the country to position the sector for the incoming massive investment in the sector.
Federal government has secured a fresh $208.3 million financing from the World Bank to strengthen Nigeria’s cash transfer programme targeted at poor and vulnerable households as the country continues to grapple with the economic impact of ongoing reforms.
President Bola Tinubu’
The new facility is expected to bolster the government’s social protection initiative by providing direct cash support to millions of low-income Nigerians affected by rising living costs following the removal of petrol subsidy and the liberalisation of the foreign exchange market.
The funding forms part of the World Bank-backed social safety net programme aimed at cushioning the impact of economic reforms while improving the country’s social protection system.
It is also expected to support efforts to enhance the National Social Register, strengthen payment systems and ensure that financial assistance reaches eligible beneficiaries more efficiently.
The latest financing adds to a growing list of World Bank-supported projects approved under President Bola Tinubu’s administration.
Since the administration assumed office in May 2023, Nigeria has secured more than $11.4 billion in World Bank loan approvals across key sectors, including power, agriculture, healthcare, education, digital infrastructure, financial inclusion and social protection.
However, only part of the approved funding has been disbursed, with several projects still at various stages of implementation.
Government officials have maintained that expanding the cash transfer programme is essential to protecting vulnerable Nigerians from the short-term effects of economic reforms while laying the foundation for long-term economic stability.
However, the fresh borrowing has renewed concerns among economists and policy analysts over Nigeria’s rising debt burden and increasing dependence on external financing.
Critics have called for greater transparency in the utilisation of borrowed funds and improved monitoring of social intervention programmes to ensure that the intended beneficiaries receive the support.
According to data from the Debt Management Office (DMO), Nigeria’s total public debt stood at approximately ₦159.28 trillion as of December 31, 2025, with multilateral lenders, particularly the World Bank, accounting for a significant portion of the country’s external debt portfolio.
Despite the concerns, analysts note that World Bank loans are generally concessional, offering lower interest rates and longer repayment periods than commercial loans.
They argue that the ultimate value of the new financing will depend on effective implementation, accountability and the successful delivery of cash support to vulnerable households across the country.
Socio-Economic Rights and Accountability Project (SERAP) has filed a legal action against the Independent National Electoral Commission (INEC) for allegedly failing to investigate claims that governors under the All Progressives Congress (APC) diverted N800 billion from public funds to finance President Bola Tinubu’s re-election bid.
The lawsuit, marked FHC/ABJ/CS/1426/2026, was filed last week before the Federal High Court in Abuja.
SERAP is asking the court to issue an order of mandamus directing INEC to investigate the allegations and compel the commission to obtain full disclosure from the APC and the governors on the alleged campaign fund, including the identities of donors and the lawful sources of the funds.Campaigns & Elections.
The organisation is also seeking an order directing INEC to commence a formal review into compliance with Section 91 of the Electoral Act by political parties and candidates, particularly regarding the sources and scale of campaign financing in the current political cycle.
According to SERAP, the allegations raise serious concerns about political finance transparency, electoral integrity and Nigerians’ constitutional right to participate freely in governance.
In the suit filed on its behalf by lawyers Kolawole Oluwadare and Kehinde Oyewumi, the organisation argued that the reported diversion of public funds for political purposes poses a significant threat to the credibility of the 2027 general elections.
It maintained that opaque political financing remains a major gateway for corruption and undermines public confidence in democratic institutions.
“The abuse of state resources for electoral advantage undermines democratic integrity and public trust. Fairness, transparency, and accountability in political or campaign finance are essential safeguards against corruption, state capture, and undue influence in democratic processes,” SERAP stated.
The organisation argued that Section 91 of the Electoral Act empowers INEC to regulate political donations, require disclosure of campaign contributions and enforce sanctions where donation limits are exceeded.
It noted that political parties found to have exceeded donation limits are liable to a fine of up to N10m and forfeiture of excess funds, while individuals who exceed the legal threshold face fines amounting to five times the excess contribution.
SERAP further contended that the commission has constitutional and statutory obligations to ensure transparency in political financing and prevent the misuse of public resources for electoral advantage.
According to the group, allegations involving large-scale public funds and opaque financial arrangements fall squarely within INEC’s investigative and monitoring responsibilities under the Constitution and the Electoral Act.
The suit also cited Sections 13, 14(2)(c) and 15(5) of the 1999 Constitution (as amended), arguing that they impose obligations on public institutions, including INEC, to safeguard democratic participation, prevent corruption and uphold constitutional principles.
SERAP further relied on international legal instruments, including the African Charter on Human and Peoples’ Rights, the International Covenant on Civil and Political Rights and the United Nations Convention against Corruption, which it said require transparency in political financing and accountability in the management of public resources.
The organisation argued that any diversion of public funds for campaign purposes would amount to a violation of both domestic and international legal obligations and would undermine the principle of a level playing field in elections.
No date has been fixed for the hearing of the suit.
Hydrogen Payment Services Company Limited has reinforced its commitment to community impact through an employee-led blood donation drive in partnership with the Lagos State Blood Transfusion Service (LSBTS) and Gbagada General Hospital.
Held recently, the initiative extended this year’s World Blood Donor Day campaign, themed “One Drop of Humanity. Give Blood. Save Lives.” It brought together Hydrogen employees in a collective effort to strengthen blood reserves for patients across Lagos State.
The drive recorded strong participation, with employees voluntarily donating blood to support critical healthcare needs, including emergency care, surgical procedures, maternal health, sickle cell treatment, and assistance for accident victims. The contributions will help bolster the state’s blood bank and improve access to life-saving interventions.
Medical teams from LSBTS and Gbagada General Hospital supervised the exercise and engaged participants on the importance of regular voluntary blood donation. They also addressed common misconceptions, reinforcing the role of consistent donors in maintaining a safe and adequate blood supply.
Dr. Folashade Tawak, Senior Medical Practitioner with the Lagos State Government, commended the initiative.
“Voluntary blood donation remains one of the most impactful ways individuals can contribute to saving lives. We commend Hydrogen for driving this initiative and encouraging active employee participation. Efforts like this are critical to sustaining the blood reserves needed for patients in urgent need,” she said.
Fiyinfoluwa Olorunsola, Acting Chief Executive Officer of Hydrogen, said the initiative reflects the company’s broader purpose.
“At Hydrogen, our responsibility goes beyond building payment infrastructure. We are committed to making a meaningful difference in the communities we serve. This drive brings our people together around a cause that directly saves lives, and I am proud of the culture we are building, defined by purpose, compassion, and service,” she noted.
Also speaking, Obinna Ojekwe, Head of Marketing and Communications, highlighted the personal impact of the initiative: “While we enable the seamless movement of value every day, this initiative allowed us to give something more personal. Knowing that a simple act can save lives makes this deeply meaningful, and it reflects the kind of organisation we are proud to be part of.”
The blood donation drive underscores Hydrogen’s commitment to creating value beyond financial transactions by empowering its employees to contribute meaningfully to society. It forms part of the company’s broader 2026 employee volunteering and CSR programme, with additional community-focused initiatives planned throughout the year.
Hydrogen Payment Services Company Limited Hydrogen Payment Services Company Limited (Hydrogen) is Africa’s institutional payments infrastructure partner, enabling financial institutions and large organisations to process, move, and settle payments at scale with trust and operational integrity.
Through resilient, Africa-focused infrastructure, Hydrogen helps institutions manage payment complexity, improve efficiency, and deliver reliable services across the continent.
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