Telecommunication, according to Wikipedia, the free encyclopedia is the transmission of signs, signals, messages, words, writings, images and sound or information of any nature of wire, radio, optical or other electromagnetic system. Telecommunication occurs when the exchange of information between communication participants includes the use of technology. It is transmitted either electrically over physical media, such as cables, or via electromagnetic radiation.
Telecommunication therefore includes all means in which information can be transferred from one place to another and the devices or equipment required to achieve the purpose. Telecommunication has evolved through the years, as early means of communicating included visual signals, coded drumbeats, loud whistles or horns etc. In recent times, communication is achieved using electrical and electromagnetic technologies such as telephone, telegraph, networks, radio, microwave transmission, fiber optics, and communication satellites.
Economic development is the process by which a nation improves the economic, political and social well-being of its people.
Telecommunications is critical to the development of Nigeria’s economy including banking, manufacturing, education, agriculture, government and security. Telecommunication can have the following advantages on the economy of Nigeria.
First, the presence of active telecommunication has led and will lead to the creation of jobs for various Nigerians.
Secondly, telecommunication has brought a different dimension to the educational sector through the means of open courseware and various telecommunication channels such as the internet where tudents can take free tutorials.
Additionally, telecommunication has helped in the area of security through the use of fiber optics which can carry information through long distances without the fear of information theft. This is been used especially in the military and government institution for sending secure messages over long distances.
Furthermore, telecommunication has made banking easy in Nigeria, through the use of internet banking mediums and more recently the use of offline codes like the *737# used by the Guarantee Trust Bank and other banks.
Also, telecommunication has made business easy and efficient through various channels such as video conferences, teleconferences and video calls.
Finally, telecommunication provides a technological foundation for societal communications through the use of channel like Facebook, Instagram and twitter, Nigerians have been able to connect with each other across various states of the country at little or even no cosr.
Though telecommunication has had significant impact positively to the economic development of Nigeria, the following are its negative impacts on our economy
First, it encourages the transmission of socially demeaning materials such as pornography, erotic e-books, etc. which affect the social well-being of the youths and thus the economy of the country.
Secondly, telecommunication has led to increase in illegal activities such as internet fraud, information hacking and attacks as there is tendency for people to hack data being transmitted over telecommunication devices and this can affect the economy of Nigeria.