FibreOne, a leading broadband provider in Nigeria, has sounded the alarm over the country’s deepening internet infrastructure gap, revealing that inadequate broadband access costs Nigeria an estimated $15 billion annually in lost economic opportunities.
This revelation was made by Yinka Isioye, Chief Experience Officer of FibreOne, during his keynote address at the 21st edition of the Titans of Tech Conference, Expo and Awards, held in Lagos.
Isioye emphasized the critical role of broadband in catalyzing national development, likening its importance to that of oxygen in sustaining life.
“Broadband is as important as oxygen,” he declared. “It is the foundational infrastructure for all digital ambitions, powering education, healthcare, the growth of SMEs, fintech innovation and the creation of smart cities.”
Millions of people shut out of today’s digital economy
Despite its undeniable relevance, Isioye lamented that over 60% of Nigerians and more than 70% of Africans still lack access to reliable internet connectivity, leaving millions unable to participate in today’s digital economy.
Sharing a personal anecdote, he recounted losing a transformative career opportunity due to poor internet speeds.
“Our internet speeds are five to ten times slower, yet two to four times more costly per megabit per second,” he explained.
He referenced World Bank findings which show that a 10% increase in broadband penetration can generate up to 1.4% GDP growth in developed nations.
For Nigeria, he projected that achieving just 30% additional broadband coverage could unlock $19 billion in economic value, with a multiplier effect potentially boosting annual GDP growth by over $45 billion.
Social consequences of digital exclusion
Beyond economic gains, Isioye warned of the social consequences of digital exclusion, particularly for Nigeria’s youth.
“Over 45 million students are at risk of being left behind,” he said, “while telehealth remains out of reach for rural populations, and our chances of becoming a global outsourcing destination continue to slip away.”
“The $15 billion annual cost of the broadband deficit is almost four times the country’s combined health and education budgets, and equivalent to the annual federal allocation of one Nigerian state,” he added.
Systemic roadblocks to broadband expansion
Isioye identified several obstacles impeding broadband growth:
- Exorbitant fiber deployment costs of up to $50,000 per kilometer, attributed to civil works, right-of-way fees, community levies, and terrain difficulties
- Power instability, with 30–40% of operational costs going toward fuel and energy generation
- Low Average Revenue Per User (ARPU), ranging from $10 to $20 in Nigeria, compared to about $50 in developed markets — extending ROI timelines and weakening the business case
Despite the challenges, he praised Internet Service Providers (ISPs) and Mobile Network Operators (MNOs) for their innovation and resilience in expanding access.
He also commended the Tinubu administration for prioritizing digital transformation, and the strategic leadership of Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, in creating policy momentum.
Pathways forward: Financing and community action
Isioye urged stakeholders to explore:
- Mobilizing pension funds and local investors for long-term broadband financing
- Forming rural fiber consortia and enabling MVNOs for broader rural deployment
- Creating community-driven WiFi zones, scaling solar-powered micro-base stations, and launching broadband-for-jobs schemes with tax credits for ISPs serving digitally underserved youth
“Broadband is not just cables and signals,” he asserted. “It’s life-changing connectivity that enables education, innovation, healthcare and national progress.”
Pedro Aganbi, Convener of the Titans of Tech Conference, emphasized the significance of this year’s theme. He said it was designed to recognize trailblazers who are not just adapting to change, but actively reshaping systems, building smarter solutions, and inspiring new modes of working and connecting.
What You Should Know
- Earlier in the week, Anshula Kant, Managing Director and Chief Financial Officer of the World Bank, pledged deeper collaboration with Nigeria during a courtesy visit to President Bola Tinubu in Abuja.
- The multilateral lender revealed plans for a nationwide 90,000-kilometer fiber optic project, aimed at strengthening digital infrastructure across the country as part of a broader investment spanning energy, agribusiness, education, health, and ICT sectors.
