Nigeria’s telecommunications sector witnessed a notable decrease in Foreign Direct Investments (FDIs) in 2023, as observed through a substantial reduction in capital importation.
The latest data from the National Bureau of Statistics (NBS) indicates that the sector attracted a total of $134.75 million in FDIs in 2023. This amount marks a significant decline from the $456.83 million recorded in 2022.
An analysis of quarterly data further illustrates the downward trend in capital inflow. In the first quarter of 2023, the foreign investment in the telecom sector amounted to $22.05 million, down from $57.79 million in the first quarter of 2022.