Economy
Over 140m Nigerians now have Internet access — NCC
Over 140 million Nigerians now have access to the internet, representing a broadband penetration rate of 48.81 percent as of August 2025. The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr Aminu Maida, disclosed this at the Business Roundtable on Improving Investments in Broadband Connectivity and Safeguarding Critical National Infrastructure, held at the NCC Digital Economy Complex on Wednesday in Abuja. He said that the ICT and telecommunications sector has remained one of the leading contributors to Nigeria’s Gross Domestic Product (GDP), stressing that a 10 per cent increase in broadband penetration could drive about 1.38 per cent GDP growth in developing economies. He described broadband as the quiet enabler behind economic activity across every sector: from manufacturing and mining to education, health, and security, adding that in critical situations, loss of connectivity can even put lives at risk.
He said under the leadership of President Bola Ahmed Tinubu and the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, Nigeria is pursuing the ambitious targets of the National Broadband Plan (2020–2025), which aims to achieve 70 percent broadband penetration and deploy 90,000 kilometres of fibre optic infrastructure nationwide. According to him, the NCC has translated this vision into concrete actions by promoting broadband expansion, strengthening regulations, and safeguarding telecom infrastructure through the implementation of the Critical National Information Infrastructure (CNII) Presidential Order signed by President Tinubu in June 2024. He said the Order guarantees proactive protection of Nigeria’s telecommunications infrastructure by providing the executive backing for law enforcement agents to deal with vandalism, theft and denial of service to these assets.
Speaking further, Maida said, “Today, over 140 million Nigerians are connected to the internet. This achievement reflects not just access but empowerment. Millions of citizens now have the tools to learn, trade, create, and innovate. The challenge before us is to ensure that this number continues to grow while the quality and reliability of service improve. When we talk about connectivity, our minds go to faster downloads or smoother video calls. But the scope and impact extend far beyond these. Connectivity today equals economic inclusion, productivity, and national resilience. Our collective progress depends on how efficiently we can deliver and protect broadband connectivity. The more connected our people are, the more competitive our economy becomes.”
He said that in collaboration with the Office of the National Security Adviser (ONSA), the NCC has set up a Telecommunications Industry Working Group to ensure full operationalisation of the Presidential directive, adding that ONSA has successfully dismantled major cartels responsible for theft of telecom equipment across the country.
Maida also highlighted progress in reducing the cost of Right of Way (RoW) fees, one of the major barriers to broadband rollout, noting that five additional states, Adamawa, Bauchi, Enugu, Benue, and Zamfara, have waived RoW charges entirely. This, he said, brings the total number of states offering zero RoW fees to eleven, while seventeen others have capped it at the agreed N145 per metre. He added that the Commission’s recent approval of cost reflective and competitive tariff rates has strengthened investor confidence in the telecom industry, leading to a collective commitment by operators to invest over $1 billion in expanding broadband coverage and capacity nationwide.
Maida further disclosed that the NCC has commissioned a wholesale Fibre Study to make backbone infrastructure accessible to Internet Service Providers (ISPs) on transparent and comparable terms, which he said will unlock last mile expansion and faster connectivity in rural areas. He said, “The Commission alongside ONSA is deepening collaboration with sub nationals and their institutions, as well as the judiciary, for deterrence and speedy prosecution. We are also promoting the dig once coordination with public works to cut avoidable fibre damage and lower civil works costs by sharing ducts and plans. Our goal is uniform, predictable Right of Way countrywide, paired with clear permitting SLAs,” he explained. Despite these milestones, he lamented the growing challenge of infrastructure vandalism, noting that between January and August 2025 alone, the country recorded 19,384 fibre cuts, 3,241 cases of equipment theft, and over 19,000 denials of access to telecom sites, describing infrastructure protection as central to Nigeria’s digital progress. Maida warned that time is not on Nigeria’s side, as global technological competition intensifies.
He said, “These disruptions have caused prolonged outages, revenue losses, increased security costs, and delayed service restoration. If we do not act decisively, our connectivity progress will be undermined by sabotage and neglect. Artificial Intelligence is transforming industries. Outsourcing is shifting to low cost, high connectivity environments. If our broadband backbone is weak, our youth will be marginalised, and our economy will likely not achieve its full potential.” Speaking on the way forward, he urged state governors to support telecom infrastructure protection, adopt full Right of Way waivers, and institutionalise coordination between road and public works agencies to prevent accidental fibre cuts. He also called on states to publish standardised timelines and fees, adopt single window permitting processes, and establish digital infrastructure funds to attract private investment into underserved areas. Maida revealed that the NCC will soon launch two major initiatives, which are the Ease of Doing Business Portal and the Nigeria Digital Connectivity Index (NDCI), to measure and publish each state’s digital readiness and competitiveness annually. According to him, the Nigerian Communications Commission will continue to protect and expand Nigeria’s connectivity.
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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