Internet Penetration Grew to About 43.3% in 2020


Friday, March 12, 2021 / 08:12 AM / by Dr Segun Aina / Header Image Credit: Africa Fintech Network

Being Opening Remarks by Dr Segun Aina, Chairman of the Bullion Lecture 2021 held on Thursday 11th March 2021.



  1. Internet penetration has gained some ground in Nigeria prior to the COVID-19 pandemic with 33% penetration at the end of 2019 which according to available data grew by 10% to about 43.3% by end of 2020.
  2. The COVID-19 pandemic and the attendant disruptions, restrictions and lockdown brought home the need for deeper broadband penetration.
  3. Availability of uninterrupted, affordable internet connections and facilities is a big enabler of financial inclusion as traditional brick and mortar in-person financial services is giving way to digital banking and online delivery of financial services.
  4. Poor in-country distribution of fibre-optic infrastructure are a major setback to deeper penetration into the interior and rural parts of the country.
  5. A financially literate populace is one that can add value to the economy. According to International Telecommunication Union (ITU) -GSR20 Discussion Paper of August 2020, it was revealed that in Africa, 10% of mobile broadband penetration led to 2.46% in per capita Gross Domestic Product (GDP) with a world average being 1.50%.

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Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd. 

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