Nigeria’s telecom sector has drawn a total of N23.982 ($57.79 million) billion in foreign direct investment in the first quarter of 2022.
National Bureau of Statistics has revealed in a report that Foreign Direct Investment showed a 2.6 percent increase year-on-year in comparison with the N23.356 billion ($56.28 million) recorded in the first quarter of 2021.
The data also shows that the fund accrued by the telecoms sector accounts for 3.67 percent of the total capital importation in the first quarter of this year, which stood at $1.57 billion.
Nigeria Telecom sector FDI (Foreign Direct Investment) History
Year Figure
2018 $144.43 Million
2019 $944 million
2020 $417 Million
2021 $107.5 Million
Nigeria’s economy has recorded a boost in foreign direct investment from the telecoms sector to the tune of N23.982 billion in Q1 of 2022. The first quarter of 2022 was a respite for the industry which has consistently recorded declines in FDIs in the last five years, despite the government’s continuous efforts at wooing investment into the sector by investing in broadband infrastructure during its many international campaigns.
The sector accrued $944 million in 2019 as against $114.43 million in 2018, recording an annual decline after its 2019 high.
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In 2021, FDI in the sector stood at $107.5 million, a decline of 287 percent in comparison with $417 million recorded the year before.
In the last five years, the sector had only seen an increase in capital import in 2019.
Nairametrics says that a research firm, Agusto & Co in a recent report, forecast that the imminent deployment of 5G technology and the Federal Government of Nigeria’s target broadband entrance rate of 70% by 2025, would attract substantial additional foreign investments to the telecoms sector in the near to medium term.