How telcos can rebuild Nigerian economy amid COVID- 19

Aglobal tech market advisory firm, ABI Research, has said telecommunication companies ( telcos) have a critical role to play in managing Nigeria’s transition from COVID- 19related stagnation, as well as provide a resilient national infrastructure to stimulate growth in gross domestic product ( GDP).

In a new white paper, entitled, “Telcos as a National Growth Accelerator,” ABI noted that the COVID- 19 pandemic has had devastating effect on all social and economic sectors as in just three months; the pandemic has left devastating impact on the people and the economy. It said: “For Nigeria, the pandemic is an eye opener and a rude welcome to a new normal- knowledge economy. Lagos state relies heavily on knowledge economy and that accounts for the success it is recording in the fight against COVID- 19. Apart from the ingenuities by Lagos and a few other states, Nigeria’s overall response to COVID- 19 has been less than satisfactory. The new phases of recovery and thriving will be defining for the country; and as seen in this crisis, telecommunications are playing role in retaining any semblance of normalcy.”

ABI Chief Research Officer, Stuart Carlaw, said: “Telcos could play a pivotal role in countries being able to rebound from the financial and productivity shock coming from COVID- 19.” He explained that telcos have been invaluable in enabling some semblance of societal continuation during lockdowns due to COVID- 19.

“In a very tactical way, they have enabled governments to track, trace, and manage the spread of the virus, communicate effectively and directly with people, and keep supporting society in a virtual, but valuable way. Without the investment and operational diligence of many telcos, the impact of COVID- 19 would have been far deeper and more profoundly felt in all economies.” Carlaw stated. Carlaw concluded that

“Telcos will be key in enabling a new digital society. Beyond the obvious conclusions that we are likely to see, including more remote working, more virtual meetings, and more virtual teams ( all of which will be enabled thanks to the connectivity supplied by telcos), a raft of new solutions could accelerate GDP growth and all will require a robust level of support from the telco community.”

The research identified several strategies that governments can utilise to invest in stimulating growth by strengthening telcos’ position.