• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, August 28, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

‘Telecoms Sector Attracts $191.5m FDIs In Q1’

by Royal Ibeh
1 year ago
in Business
Telecoms
Share on WhatsAppShare on FacebookShare on XTelegram

Nigeria’s telecommunications sector attracted a total of $191.5 million in Foreign Direct Investments (FDIs) in the first quarter of 2024, the National Bureau of Statistics (NBS) has disclosed.

Advertisement

The Q1 2024 figure surpassed the total FDI the sector recorded in 2023, which stood at $134.75, according to the NBS data.

Year on year, capital importation received by the sector in Q1 2024 represents a 769 per cent increase compared with $22.05 million received in Q1 2023.

Similarly, compared with the $22.84 million received in the preceding quarter, Q4, 2023, this also represents a 738 per cent growth in investments.

Meanwhile, critical stakeholders in the ICT sector have said that more investment is needed to deepen broadband penetration.

RELATED

GMOs Flood Nigerian Markets, As Federal Govt Urged To Examine Biosafety Guidelines

Introduction Of GMOs Not To Poison Nigerians, Says Official

14 minutes ago
Flight Cancellation: NCAA Launches Complaints Automation Portal

NCAA Launches First SERVICOM Integrated Service Charter

19 hours ago
ADVERTISEMENT

For instance, the Nigerian telecom industry would require, at least, $3.4 billion in investments in fibre infrastructure to meet the 70 per cent broadband target.

However, the federal government has established a Special Purpose Vehicle (SPV) for the delivery of an extra 90,000km of fiber optic cable to supplement existing connection for universal internet access throughout Nigeria.

According to the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, the SPV would build the additional fiber optic coverage needed to increase Nigeria’s connectivity backbone from its current coverage of roughly 35,000km to a minimum of 125,000km.

ADVERTISEMENT

“Building on our existing work with the Broadband Alliance, this increased connectivity will help plug the current non-consumption gap by connecting over 200,000 educational, healthcare and social institutions across Nigeria, ensuring that a larger section of our society can be included in the benefits of internet connectivity,” the Minister said.

He continued by saying that the project would lower internet connection costs by more than 60 per cent  and assist Nigeria reach a rate of over 70 per cent internet penetration.

Tijani claimed that with the project, Nigeria would include at least half of the 33 million people who are not able to access the internet. It is also expected to deliver up to 1.5 per cent GDP growth per capita, resulting in a GDP increase from $472.6 billion in 2022 to $502 billion in the next four years.


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


Tags: Telecoms
SendShare10171Tweet6357Share
ADVERTISEMENT
Previous Post

Aviation Academy Launches Training Facility In Lagos

Next Post

FMO, FCMB, EU Sign $25m Deal To Assist Excluded SMEs

Royal Ibeh

Royal Ibeh

You May Like

GMOs Flood Nigerian Markets, As Federal Govt Urged To Examine Biosafety Guidelines
Agriculture

Introduction Of GMOs Not To Poison Nigerians, Says Official

2025/08/28
Flight Cancellation: NCAA Launches Complaints Automation Portal
Business

NCAA Launches First SERVICOM Integrated Service Charter

2025/08/27
Equities Market Extends Rebound With N204bn Gain
Business

Equities Market Extends Rebound With N204bn Gain

2025/08/27
State Of Emergency In Rivers: Way Forward
Business

Tinubu Bans Raw Shea Export For Six Months, Eyes $300m Revenue Boost

2025/08/27
Nigeria’s Poor Electricity, Weak Infrastructure Hinder Growth But Present Investment Opportunities – Awele Elumelu
Business

Nigeria’s Poor Electricity, Weak Infrastructure Hinder Growth But Present Investment Opportunities – Awele Elumelu

2025/08/27
Renaissance Energy Africa Reaffirms Commitment To Safety Operations
Business

Renaissance Energy Africa Reaffirms Commitment To Safety Operations

2025/08/27
Leadership Conference advertisement

LATEST

We’re Committed To Tackling Climate Change Challenges – AbdulRazaq

Groups Demand Release Of ‘Abducted’ Palestinian Leaders

Ranching As A Solution To Farmers/Herders Clashes

Introduction Of GMOs Not To Poison Nigerians, Says Official

Drug Abuse: Uyo Residents Under Attacks By Mentally-deranged Youths

Mother, 3 Children Die In Zaria Building Collapse

Gov Yusuf Raises Committee To Investigate Abattoir Sale By Ganduje

Federal Gov’t, ASUU Meet Today To Avert Strike

My Political Base Intact – Ex-Kaduna Guber Candidate

PDP Southern Ticket: Lobby For Jonathan, Obi’s Return Hots Up

© 2025 Leadership Media Group - All Rights Reserved.

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

© 2025 Leadership Media Group - All Rights Reserved.