Investments in Nigeria’s telecommunications sector in 2023 declined by a whopping $322m to $134m from $456.8m in the corresponding year, fresh Nigerian Capital Importation 2023 data recently released by the National Bureau of Statistics (NBS) has shown.
Quarter by quarter, the report further showed that throughout the year in review, capital inflow within Nigeria’s telecom sector maintained a downward spiral.
For example, in the first quarter of the year, foreign investments in the sector amounted to $22.05m, a decrease from the $57.79m recorded in the same period of 2022, according to the NBS.
