BREAKING: Investments in Telecoms Hit $75.6 Billion

Total investment value in the Nigerian telecommunications industry has risen to $75.6 billion by the end of 2021.

This was disclosed by the Nigerian Communications Commission (NCC) during a meeting with media stakeholders on Wednesday in Lagos.

NCC officially disclosed valuation of investment in the sector which comprises of both Foreign Direct Investments (FDIs) and domestic investments in June 2016, putting it at $38 billion.

The EVC again hinted in December 2022 that the sector had so far attracted up to $70 billion in investments, adding that such huge investments were made possible through implementation of policies designed by the government to create enabling environment for stakeholders.

BUSINESS METRICS observes that between the 2016 disclosure and 2021 figure freshly announced by the commission, the investment valuation has doubled rising by $37.6 billion or 98.95%.

Details later…