![](https://i0.wp.com/newsroundtheclock.com/wp-content/uploads/2023/06/Telecoms.jpeg?resize=739%2C400&ssl=1)
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.
![](https://i0.wp.com/newsroundtheclock.com/wp-content/uploads/2023/06/Telecoms.jpeg?resize=730%2C410&ssl=1)
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.
Also Read: CITN URGES VARSITIES, POLYS TO ESTABLISH TAX CLUBS
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.”
Discover more from News Round The Clock
Subscribe to get the latest posts sent to your email.