The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof Umar Danbatta yesterday said major risks in telecom industry are being addressed to ensure quality service, boost industrial growth and enhance planned diversification of the Nigerian economy.
Danbatta said the Commission was abreast with rising uncertainties in the global economy and the regulatory and operational risks in the industry, and called on all stakeholders to collaborate to address the challenges.
He made the remarks at the headquarters of the Commission in Abuja at the opening ceremony of a two-day Telecommunications Industry Risk Management Conference with the theme “Nigerian Telecommunications Industry: Managing the Emerging Risks and Embracing Risk Opportunities.”
Danbatta list some of the major risks in the industry as Cybersecurity and Online Fraud, regulatory burden and double taxation, vandalism of telecoms infrastructures, Right of Way challenges, access to Foreign Exchange and inter industry debts.
The EVC who was represented by Mrs Yetunde Akinloye, Director of Policy, Competition and Economic Analysis Department of the NCC, said unchecked exposures to such risks could impact negatively on the industry and the country’s revenue earnings.
Danbatta said: “We can all acknowledge our highly innovative people and the thriving digital economy, which is creating employment opportunities for Nigeria’s teeming population and enabling wealth creation for Nigerians, irrespective of where they live and work.
“In addition, we equally note improvements in the Broadband penetration, which is 45.09% as at the end of September 2022 and the development of Digital Industrial Parks (DIP) which will ensure digital skills acquisition, promote innovations, provide jobs and support the overall digital economy agenda of the Federal Government.
“All these programmes and initiatives as well as many others would be impacted when we do not take appropriate steps to critically assess the challenges that we are facing as a fast-evolving industry and proffer solutions that sustain the advances in the Digital Economy ecosystem.
“While risk management has been critical in our regulatory service delivery, we acknowledge that all stakeholders must be concerned about the varied uncertainties that the Industry is confronting.
“The Information and Communication Technologies Sector is inherently filled with several business and technology risks. It is therefore important that regulatory risks be minimised to ensure that services are not disrupted and consumers obtain the best and latest services that are globally available. ”