November 17, 2023/FBNQuest Research
Today, we discuss some insights from the new Strategic Vision Plan (2023-2025) report provided by the Nigerian Communication Commission (NCC). The SVP 2023-2025 is a unified document of the Strategic Management Plan 2020-2024 and Strategic Vision Plan 2021-2025 reports. The new SVP document is on the back of the successful implementation of initiatives outlined in the SVP 2015-2020 report, which drove significant growth in the telecoms sector. Notably, the new report is designed to provide strategic direction towards the attainment of the commission’s policy targets for the next two years.
One notable achievement of the SVP 2015-2020 is the considerable improvement in Nigeria’s broadband penetration rate.
In context, the country’s penetration rate increased from around 18% in 2015 to 45% at the end of December 2020.
Returning to the new SVP 2023-2025 report, the document focuses on five strategic agendas: regulatory excellence, universal broadband, market development, digital economy, and strategic collaboration.
Additionally, these five strategic pillars have been included in the commission’s scorecard, within perspectives that address each agenda’s objectives.
Diving into specifics of these agendas, the regulatory excellence initiative seeks to encourage organizational renewal in order to improve operational effectiveness and responsive regulations to satisfy stakeholders.
The universal broadband agenda aims to deploy the necessary infrastructure for expansive broadband services to promote socio-economic growth.
The market development agenda seeks to create a competitive market to promote innovation, communication services, and inclusive economic growth.
Under the digital economy initiative, the commission seeks to ensure a sustainable digital economy through targeted interventions and effective regulation that improves the quality of service and experience in the telecoms industry.
The strategic collaboration vision of the report focuses on strengthening collaboration with industry and other cross-sector stakeholders for national development.
We believe implementing the initiatives and strategies laid out in the SVP 2023-2025 report will further drive the telecoms sector’s growth and increase the sector’s contribution to Nigeria’s economic growth.
