Nigeria: GSM Gulps $11bn Foreign Funds

The Nigeria Communications Commission (NCC) said yesterday that investment in Nigeria's Global System of Mobile telecommunication (GSM) has grown from $50m in 1999 to $11.5b in 2007, but said it has no record of cash outflow flowing from the investment.

Mr Dave Imoko, NCC's director for Government and Legislative Affairs, told the House of Representatives Committee on Public Accounts that the growth in the telecommunications industry has provided direct employment to over 10,000 Nigerians and that an additional one million people are indirectly employed in the sector.

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