Telecom foreign investment plunged by 77%

Despite the country’s implementation of 5G services, foreign investments in Nigeria’s telecom sector dipped by 77.35 percent year over year in the first half of the year.

Total capital importation into the telecoms sector in the first half of 2023 was $47.86 million, a significant decrease from the $211.29 million attracted in the same period in 2022.

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Additionally, the first half of 2023 represents a four-year low for the sector, which recovered from the first half of 2019’s $36.85m record.

Foreign investment into the nation has been steadily declining, according to data from the National Bureau of Statistics, with total capital imports falling by 30.42 percent to $2.16 billion in the reviewed period from $3.11 billion in the preceding quarter.

Commenting on the decline in Q2, 2023, the NBS said, “In Q2 2023, total capital importation into Nigeria stood at US$1,030.21 million, lower than US$1,535.35 million recorded in Q2 2022, indicating a decrease of 32.90 per cent. When compared to the preceding quarter, capital importation fell by 9.04 per cent from $1.13bn in Q1 2023.”