Telecommunications operators have challenged the National Bureau of Statistics (NBS) report showing that the sector attracted $7.24 million in foreign capital during the first quarter of 2026, arguing that the figure does not accurately reflect the scale of investments flowing into the industry.
The Association of Licensed Telecommunications Operators of Nigeria (ALTON) raised the concern in a statement issued in response to the NBS Capital Importation Report for Q1 2026.
According to the report, foreign capital inflows into the telecom sector declined sharply from $80.78 million recorded in 2025 to $7.24 million in the first quarter of 2026.
ALTON said the reported figure captures only a portion of investments entering the industry. The association noted that telecom operators continue to finance network expansion and infrastructure development through domestic funding, retained earnings and other financing arrangements that may not be reflected in conventional foreign capital importation data.
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The group stated that the gap between reported inflows and actual investment activity highlights limitations in the current methodology used to track sectoral investments. It called for collaboration among the Nigerian Communications Commission, the National Bureau of Statistics and the Central Bank of Nigeria to develop a more comprehensive framework for measuring investments in the telecommunications sector.
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According to ALTON, mobile network operators, tower companies and other industry players invested about N2.13 trillion in capital expenditure during 2025. The association added that planned capital expenditure for 2026 currently stands at N1.86 trillion, with funds targeted at network upgrades, infrastructure expansion, technology improvements and operational resilience.
The association said the continued investments demonstrate the sector’s commitment to supporting Nigeria’s digital economy despite economic pressures and foreign exchange challenges. It noted that sustained spending remains essential for improving service quality and expanding connectivity across the country.
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ALTON also attributed the sector’s improved investment capacity to the Federal Government’s approval of a 50 percent tariff adjustment in 2025. According to the association, the increase helped operators address revenue sustainability concerns and restore financial stability after years of rising operational costs.
Despite the concerns raised by operators, the telecommunications sector remained among the top ten recipients of foreign capital in the first quarter of 2026. During the period, Nigeria’s total capital importation rose to $10.37 billion, reflecting stronger investor interest in the financial sector amid ongoing economic and banking reforms.
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