[10] The Nigerian Communication Commission (NCC) is saddled with the responsibility of coordinating, regulating and issuing licenses to broadband Internet service providers.
[11][12] The Global system for mobile Telecommunication association, an association of all mobile internet access providers in the first quarter of 2022, has asked politicians to address the issue of imbalance between network operators and internet service providers as the market value hits $6.7 trillion[13] 341.7million domain name Registration as .Ng declined in the fourth quarter of 2021[14] Google global service Nigeria in partnership with the Nigerian Communication Commission (NCC) are in partnership to provide broadband internet connectivity to the teeming population in Nigeria as the significance of such gesture will bring about a boost in Nigeria's Digital economy.
The summit which was held in ECOWAS secretariat in Abuja Nigeria also had financial aid from the United Nations Development Programme agency (UNDP), they provided $1millions dollars to assist the Nigerian Telecommunication (NITEL) to establish the internet backbone and NITEL's training school to be an international regional training center for internet related programs.
Internet users increased in 1999 to about 100,000 subscribers with about 81 host sites which covered research, academic, government, commercial and internationally related areas.
However towards the end of 2021 there was a ban by the federal government of Nigeria in the sales of SIM cards to prospective subscribers in other to get those had already gotten their SIMs to be fully registered so that the government could curb the menace of insurgency by Boko Haram and kidnapping activities which was becoming rampant as they used the SIMs for communication, these led to a reduction in the number of active users of the internet until the ban was eased in the first quarter of 2022 and Its expected that there will be a growth of about 60% of Internet penetration before 2026[27] MTN one of the major ISP in Nigeria has launched the 5G network on the 24 of August, 2022, the 5G service will be provided in Lagos, Abuja, Port-harcourt, Ibadan, Kano, Owerri, Maiduguri which are some of the major cities in Nigeria, those with enabled devices will be allowed to use the service as the ISP is at the testing stage of the network.
[37] With the volume of financial transactions from January to August 2022 which amounts to 554.4 billion dollars then there is adequate need for improved cyber security[38]