5G to Generate $13 Trillion, as IoT Connections Hit 125 Billion by 2030 – Tim Akano

The Managing Director of New Horizon International, Mr. Tim Akano has said 5G (fifth-generation network) technology which Nigeria would introduce next month shall create $13.2 trillion in the global economy by 2030, create 22 million jobs, and add $1.3 trillion to global gross domestic product (GDP), by 2030.

He made the disclosure at the eWorld Froum’22 and the launch of the book: Nigeria Drivers of Digital Prosperity, in Lagos. The Book written by Aaron Ukodie was launched alongside a conference that focused on 4G, 5G, Broadband Connectivity, and the Economy. The conference was put together by eWorld News Media, and published by Ajomedia Limited.

Akano also said that about 125 billion Internet of Things ( IoT) would be connected by the year 2030.

The Internet of Things (IoT) is generally described as the network of physical objects—“things”—that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet. These devices range from ordinary household objects to sophisticated industrial tools.

He added that each person, who subscribes to the emerging technology, applications, and services that would result from it would own 15 connected devices.

Tim Akano, who graphically narrated the evolution of the 5G technology said the first networks were connected in Chicago and South Korea connected smartphones to the 5G network in April 2019.

Click To Read: Improving the Digital Economy through A.I and IoT

He reiterated the benefits of 5G to Nigerians, which include faster data rates, higher connection density, better battery consumption, improved overall wireless coverage and a speed of 35.46 Gbps which is 35x faster than 4G.

The Nigerian Communications Commission ( NCC) and MTN Nigeria announced recently that 5G services will begin to roll out from August 24, 2022.