Explain five ways by which NITEL has contributed to the success of business in Nigeria.

Answer Details

NITEL (the Nigerian Telecommunications Limited) provided telecommunication services that supported business activities in Nigeria in the following ways:

1. Provision of telephone services: NITEL provided telephone lines that enabled businessmen to communicate quickly with customers, suppliers and branches within and outside the country, saving time and travelling costs.
2. Facilitation of speedy transmission of information: Through services such as telex, telegram and fax, NITEL allowed firms to send and receive orders, quotations and business messages rapidly, so that decisions could be made without delay.
3. Promotion of international trade: By linking Nigerian businesses with the outside world through international call and communication facilities, NITEL made it easier for exporters and importers to negotiate and conclude foreign transactions.
4. Employment and reduction of travelling: NITEL created jobs for many Nigerians and, by making distant communication possible, reduced the need for businessmen to travel physically for every transaction, thereby cutting costs.
5. Support for banking and other services: NITEL's lines carried the data and messages needed by banks, insurance firms and other institutions to transfer funds and confirm transactions, thereby speeding up commercial and financial activities.