FDIs in telecoms decline to $25.81 million in Q2 2023

The Foreign Direct Investments in Nigeria’s telecommunications sector continues its plunge in the second quarter of this year as telecom businesses attracted $25.81 million.

Compared with the $153.50 million recorded in the same period last year, this represents a 494% decline year on year.

However, according to the Capital Importation data released by the National Bureau of Statistics (NBS), the Q2 figure shows a slight increase over Q1.

Quarter on quarter, foreign capital inflow into the telecom sector increased by 17% in Q2 2023 when compared with the $22.05 million investments recorded by the sector in Q1 2023.

The NBS data also revealed that the telecom sector accounted for 2.51% of the total capital inflow into the economy in Q2, which stood at $1.03 billion.

The decline in investment is coming amid an ongoing implementation of the Nigeria National Broadband Plan (NBP 2020-2025) with a target of 70% penetration by 2025, for which the country is relying on more foreign investments.

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