The roles of Telecommunication and Information Technology (IT) have become essential in the process of development Worldwide with noticeable effect on several economic aspects. The fact that the development of Telecommunication industry in Nigeria has not received a great deal of attention from researchers prompted this study and it is against this background that this study has been conceived. The study used Primary data generated from survey and data collected was analyzed using descriptive statistics and econometrics technique. However, the findings revealed that there are several ways Telecoms have impacted on the economy of the individuals/households in Nigeria, firstly, it impacts on transaction cost increase their market access. Secondly,it leads to reduction in poverty level and prevalence through increase in income generating capacity and business expansion, higher productivity; improved living standard; boosted economic capacity, and stimulate the economy to achieve the desired macroeconomic policy targets. Thus, this study is essential useful to Tertiary Institutions Lectures and Students, Government agencies, Telecoms Expects, ITC providers and International Bodies.