The paper explores the expanding role of Internet of Things (IoT) in the telecommunications sector, focusing on its application in Nigeria—a rapidly developing country with significant infrastructure challenges. The study examines the paradox between IoT’s vast potential and the substantial barriers hindering its adoption in emerging markets. It analyzes the platforms, policies, and societal factors influencing IoT deployment, addressing issues such as security vulnerabilities, data governance, and trust concerns that may slow progress. It argues that while these challenges are formidable, they also present opportunities for innovation that could redefine national development strategies. The findings highlight that despite the risks, strategic partnerships among government, telecom industries, and local communities can overcome key obstacles, enabling IoT to drive socioeconomic growth and support sustainable development. By examining Nigeria’s unique context, it is shown that with targeted interventions, IoT can accelerate progress in the telecommunications sector and beyond, creating new opportunities for enterprise and sustainable development in the Global South.