Foreign investments in Nigeria’s telecommunications sector fell sharply to $14.4m in the third quarter of 2024, marking an 87 per cent decline from the $113.42m recorded in the second quarter, the National Bureau of Statistics has said.
Foreign investments in the sector dropped by $99.02m going by the latest NBS data above.
In this context, capital importation refers to the inflow of foreign funds or investments into Nigeria’s telecommunications sector. It includes all forms of capital brought into the country by foreign entities for the purpose of business investment.
The bureau revealed in its capital importation report released on Friday that the figure reflected a 77 per cent year-on-year drop compared with the $64.05m attracted in the same period of 2023.
The decline signaled a significant downtrend for the sector, which has been grappling with infrastructure deficits and high operating costs despite its growth potential.
In the first quarter of 2024, capital importation reached $191.5m, representing a 769 per cent increase from $22.05m in Q1 2023. This figure exceeded the total foreign investments for the entirety of 2023, which stood at $134.75m.
