The inflow of Foreign Capital investment into the telecoms industry in Nigeria rose by $659.03m between 2016 and 2018, representing a 70.8 percent increase in capital inflow into the sector. The sector is said to be the second-highest investment in the country after the banking sector, which had $932.51m.
Meanwhile, Analysis of the NBS data indicated that the capital inflow rose to $1.48bn from 2016 to 2017, recording a 58.5% increase. In Q1 of 2017, investors pitched $145.78m into the telecom sector; $174.18m in Q2; $33.68m in Q3 and $191.01m in Q4.
Although, The year 2018 saw investors back the telecom sector with $114.43m, the lowest annual investment in the sector in more than five years. Services, production, financing, and banking sectors attracted more investment than the telecoms in 2018.
According to the President, Association of Telecommunications Companies of Nigeria, Olusola Teniola, disclosed that during periods when the sector experienced mergers, acquisitions, and consolidation, there was huge capital inflow into the country. Adding that, the latest capital importation report by the NBS showed that the sector received a capital injection of $884.85m between July and September of this year.