Nigeria’s telecommunication sector has attracted $991 million in foreign direct investment (FDI) over the past three years.
According to a report prepared by the Nigerian Communications Commission (NCC), FDI inflows into the Nigerian telecom industry between 2022 and 2024 stood at $991 million.
A breakdown of data from the Central Bank of Nigeria (CBN) reported by the NCC indicated that FDI stood at $134.755 million and $399.906 million in 2023 and 2022 respectively. Inflows rose to about $456.590 million in 2024.
According to the data prepared by the Policy, Competition and Economic Analysis Department of the NCC entitled Subscriber/Network Performance Report, the number of internet subscribers increased from 154.848 million subscriptions as at December 2022 to 163.838 million subscriptions as at December 2023 representing an increase of 5.81 per cent and an added 8.991 million subscriptions within the period under review.
Broadband penetration declined from 47.36per cent as at December 2022 to 43.71 per cent as at December 2023. However, broadband subscriptions increased from 90.399 million subscriptions in December 2022 to 94.757 million subscriptions as at December 2023.
