Telecoms attracts $57.7 Million Capital Importation in Q1 2022

The Nigerian Telecommunications sector attracted a total of $54 million foreign capital from various countries in the first quarter of 2022.

This is according to the latest Capital Importation Report just released by the National Bureau of Statistics (NBS) obtained by Business Metrics.

According to the report, the amount directly sown into the sector by foreign investors during the three-month period represent just 3.67% of the aggregate capital importation in the first quarter of this year, which stood at $1.57 billion.

The data also show that FDI into the sector increased by 2.6% year-on-year when compared with the $56.28 million the sector attracted in Q1 2021.

Going down the memory lane, the statistics however showed that in 2021, foreign investments in the telecoms sector stood at $107.5 million, a 287% decline compared with $417 million recorded in 2020.

The Q1 2022 figure could be seen as a respite for the telecoms sector, which had been consistently recording a decline in foreign investments over the last five years.

This was despite government’s sustained efforts at wooing foreign investors into telecoms, especially through various broadband infrastructure initiatives.