December 2, 2021/Coronation Research

The latest data released by the Nigerian Communications Commission (NCC), the industry regulator, show that internet subscriptions stood at 140 million in October. This represents a y/y decline of -8.2%.

However, we noticed a m/m increase of c.61,000 in subscriptions. The y/y decline can be partly attributed to the FGN’s subscriber identification Module (SIM) card regulation, which requires each SIM card to be linked to a National Identification Number (NIN).

Based on our channel checks, the stress associated with the NIN-SIM linkage has resulted in customers abandoning SIMs of devices that are not their primary source for communication or internet connectivity.

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