The Nigerian telecommunications industry saw a drop of 87% in foreign investments during the third quarter of 2024, according to the National Bureau of Statistics (NBS) data on capital importation. In the third quarter, the sector received only $14.4 million in investments, which is a significant decrease from the $113.42 million it got in the second quarter.
In the third quarter of 2024, the telecom sector saw a 77% drop in capital importation compared to the $64.05 million brought in during the same period in the previous year.
Even though there was a drop in the third quarter, the telecom industry has seen more foreign investment this year than in past years. In the first quarter of 2024, the industry brought in $191.5 million, which is a big 769% jump from the $22.05 million it got in the first quarter of 2023. This amount is more than the total investments for the whole year of 2023, which was $134.75 million.
