Impact of Private Telecommunication Companies on Socio-Economic Development: A Study of Globacom Nigeria Plc, Lagos State, Nigeria

Abstract

The study investigated the correlation between the privatization of the telecommunication sector and the socio-economic development of Lagos State, using Globacom as a focal point from 2003 to 2022. This idea was inspired by the desire to comprehend the extent to which private participation by Globacom has contributed to the socio-economic advancement of Lagos State. To accomplish this, a mixed research design was employed, combining both primary and secondary data sources. The public choice theory was adopted as the most suitable framework to elucidate the subject under examination. The study's findings illuminated a positive connection between Globacom and the socio-economic development of Lagos State. Consequently, the study offers several recommendations, among which is the urgent need to address the factors impeding the realization of optimal benefits from the privatized telecom sector. This action is imperative to enhance the populace of Lagos State's access to the services provided by Globacom. Specifically, challenges such as the lack of effective collaboration among regulatory agencies, policy fluctuations, instances of double taxation, vandalism of telecommunication infrastructure, fluctuations in foreign exchange rates, and unreliable power supply require prompt attention. By resolving these issues, Globacom can significantly increase youth employment opportunities, bolster corporate social responsibility initiatives, provide efficient services, and reduce operational costs