FibreOne, a Nigerian broadband provider, has warned that the country’s persistent broadband access deficit is draining an estimated $15 billion from the economy each year.
Chief Experience Officer of FibreOne, Yinka Isioye, disclosed this during his keynote address at the 21st Titans of Tech Conference, Expo and Awards in Lagos, themed “Game Changers: Shaping the Future of Technology.”
Isioye underscored broadband’s pivotal role, describing it as “as essential as oxygen” and the backbone of all digital transformation goals, from education and healthcare to SME growth, fintech and smart cities.
He lamented that more than 60 per cent of Nigerians and over 70 per cent of Africans still lacked dependable broadband access, leaving millions unable to tap into critical opportunities. Sharing a personal experience, he recounted missing a career-defining interview years ago due to poor connectivity.
“Our internet speeds are five to ten times slower, yet two to four times more expensive per megabit per second,” Isioye said.
He cited World Bank data showing that every 10 per cent rise in broadband penetration boosts GDP by 1.4 per cent in developed countries.
For Nigeria, an additional 30 per cent penetration could generate at least $19 billion, with a multiplier effect potentially driving annual GDP growth by over $45 billion.
Isioye cautioned that without decisive action, over 45 million Nigerian students risk being left behind, while rural telehealth initiatives would remain largely inaccessible. He added that the country was losing out on billions in potential foreign exchange earnings by failing to establish itself as a global outsourcing hub.
He stressed that the $15 billion annual loss nearly quadrupled Nigeria’s combined health and education budgets and equated to the yearly federal allocation of one of the country’s 36 states.
Key challenges hindering broadband growth, according to Isioye, include prohibitive fibre deployment costs of $30,000 to $50,000 per kilometre, driven by civil works, right-of-way fees, security expenses, community levies and difficult terrain.
He also pointed to Nigeria’s erratic power supply, with 30 to 40 per cent of providers’ operating expenses spent on diesel and alternative energy sources, and low Average Revenue Per User (ARPU), $10 to $20 compared to $50 in advanced markets – which prolongs investment payback periods and makes the sector less attractive to investors.
Despite these obstacles, Isioye commended Internet Service Providers and Mobile Network Operators for their resilience in expanding networks and innovating. He also praised the federal government’s strategic direction, including President Bola Tinubu’s commitment to a digital-first economy and the efforts of Communications, Innovation and Digital Economy Minister Dr Bosun Tijani in implementing supportive policies.
Proposing remedies, Isioye recommended mobilising pension funds and local capital for long-term financing, forming shared rural fibre consortia, pooling resources among operators, enabling Mobile Virtual Network Operators (MVNOs) for efficient rural broadband delivery, establishing community-managed networks and public-private partnership Wi-Fi zones, and scaling solar-powered micro base stations.
He further advocated “broadband-for-jobs” schemes, where ISPs would offer discounted access to households with unemployed youths in digital training programmes in exchange for tax credits.
Reaffirming FibreOne’s position, Isioye concluded that broadband is “life-changing connectivity” driving education, innovation, healthcare and economic growth.
Convener of the Titans of Tech Conference, Pedro Aganbi, said the event’s theme underscored its mission to showcase individuals and organisations that are not merely adapting to change but leading it, challenging conventional systems and shaping smarter ways of working and connecting.