The Nigerian telecommunications industry is expected to receive a boost as the Value Added Services (VAS) segment which is valued at $200 million per annum today is being estimated to attain a whopping $500 million in the next five years.

Mr. Tony Ojobo, Director of Public Affairs at the Nigerian Communications Commission stated this today at the Nigeria Innovation Summit 2016, held in Lagos, while attributing the envisaged growth to innovations, spur by telecommunications services.

Ojobo, who represented the Executive Vice-Chairman of the Commission, Prof. Umar Danbatta noted that the VAS segment has made immense contribution to the country’s telecom sector, adding that the segment is currently under the exploration of NCC for effective licensing and regulation to optimize its strength.

“Today, the Value Added Services segment of the telecom industry is valued at $200 million per annum. This is estimated to grow to $500 million in the next five years,” he emphasized.

The organiser of the Nigeria Innovation Summit has postulated that ICT innovation is a key element to spur growth in economic crisis such as the one Nigeria is currently facing.

Mr. Kenneth Omeruo, the Chief Executive Officer of Emerging Media noted that the present economic challenges that Nigeria is facing is one that calls for urgent attention, stressing that Nigeria is one of the countries in the world that is rich in human and natural resources, but has not ranked among the leading economies because it has failed to encourage innovations, especially among the youths.

“Nigeria is not ranking today among the leading economies because as a country, we do not invest in innovation, research and development,” Omruo added.

According to him, Nigeria needs to embrace and invest in innovation at different levels and across different sectors of the economy, adding that innovation will create more jobs and help attract investment into the country, which will ostensibly increase economic growth.

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