• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, October 21, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Telecom Sector Attracts $304m FDI In H1

by Royal Ibeh
1 year ago
in Business
Telecom Sector Attracts $304m FDI In H1
Share on WhatsAppShare on FacebookShare on XTelegram

The Nigerian telecom sector has experienced a notable surge in Foreign Direct Investments (FDI), drawing $304 million in the first half of 2024, according to data from the National Bureau of Statistics (NBS).

Advertisement

This marks a significant improvement over the total $134.75 million recorded for the entire year of 2023.

After years of consistent decline in investment, despite a significant infrastructure deficit, this year’s inflow signals a potential recovery in the sector.

Advertisement

The first quarter of 2024 saw an impressive capital inflow of $191.5 million, representing a staggering 769 per cent increase compared to the $22.05 million received in the same period in 2023.

In the second quarter of 2024, the sector attracted $113.4 million. While this was lower than the Q1 inflow, it still marked a 339 per cent increase over the $25.81 million recorded in Q2 2023.

Data from the Nigerian Communications Commission (NCC) paints a picture of fluctuating investment trends. In 2022, total FDI inflows to the telecom industry reached $399.9 million, a 47 per cent decline from the $753 million recorded in 2021. The 2021 increase followed the severe impact of the COVID-19 pandemic in 2020, which had sharply reduced global economic activity, causing the sector’s capital inflow to drop to $417.4 million in 2020.

RELATED NEWS

How Centralized Platforms Strengthen Compliance And Governance

Nigeria’s Digital PR Honours Anietie Udoh As ‘Public Relations Ambassador’

New Tax Regime: Multinationals, Local Firms Get 5% Annual Tax Credit

Regulator Says Band A Customers Must Get 20-Hour Power Supply Daily

However, even before the pandemic, in 2019, the sector attracted $942.8 million, indicating that the 2021 figure represented a decline from pre-COVID levels. With declining investments, operators have been forced to scale back on capital expenditures (CAPEX), despite the ongoing need for infrastructure expansion to support network growth and optimization.

The NCC report highlights that CAPEX in the telecom industry dropped 30 per cent in 2022, with operators spending N785 billion, compared to N1.1 trillion in 2021.

This trend underscores the importance of continued investment to meet the sector’s infrastructure demands.

However, stakeholders who spoke to LEADERSHIP have emphasised the need for the government to address the forex issue to encourage greater investment in the sector.

For example, the executive secretary of the Association of Licensed Telecommunications Companies of Nigeria (ALTON), Gbolahan Awonuga, explained to LEADERSHIP that forex instability remains a significant challenge that must be resolved to foster more investment in the telecom industry.

 

“Whatever progress we are witnessing now may only be temporary unless the industry’s challenges are resolved. Issues such as Right of Way charges, multiple taxation, and, most importantly, forex instability continue to hinder operators’ ability to import essential equipment,” he said.

Join Our WhatsApp Channel

Breaking News: Nigerians at home and abroad can now earn in USD by acquiring ultra-premium domains from $3,000 and profiting up to $36,000. Perfect for professionals. Click here.

SendShare10172Tweet6357Share

OTHER NEWS UPDATES

How Centralized Platforms Strengthen Compliance And Governance
Business

How Centralized Platforms Strengthen Compliance And Governance

8 hours ago
Nigeria’s Digital PR Honours Anietie Udoh As ‘Public Relations Ambassador’
Business

Nigeria’s Digital PR Honours Anietie Udoh As ‘Public Relations Ambassador’

9 hours ago
New Tax Policy To Exempt 95% of Informal Sector — Oyedele
Business

New Tax Regime: Multinationals, Local Firms Get 5% Annual Tax Credit

13 hours ago
Advertisement
Leadership join WhatsApp

LATEST UPDATE

Why Nigeria Should Not Be Designated Country Of Concern

50 minutes ago

Governors Mourn Victims Of Niger Tanker Explosion

1 hour ago

Court Fixes October 31 For Judgement In Suit Seeking To Stop 2025 PDP Convention

1 hour ago

Governor Yusuf Urges NBC To Regulate Online Radio, TV Platforms

1 hour ago

Foundation Marks 10th Anniversary With Conference On Widow Empowerment

2 hours ago
Load More

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.