The Impact of Competition and Technology Innovation on Firm Performance in Nigeria: A Case Study of the Telecommunication Industry in Nigeria.
The contribution of the telecom sector to the global economy is huge and still growing. Nigeria today has not been left out in the significant contribution of the telecom industry to the development of the economy. The granting of the Global System for Mobile Telecommunication (GSM) licenses by the Nigerian Communication Commission (NCC) to the providers like ECONET, MTN, M-TEL, AIRTEL and GLO have led to the tremendous transformation of the telecomm industry not only a fixed telephony but also a mobile one. The allowance of competition has actually led to technological innovation into the market such as internet service provision, internet financial assistance, internet banking, airtime purchase, bill payment. The series of information and communication technology (ICT), innovation and competition in the sector has led to continuous increase in number of subscribers and Nigeria being the largest GSM market in Africa overtaking and ahead South Africa.