While telecoms access grew, FDI into the sector fell by 46.89 per cent to $399.91m in 2022 from $753.05m in the previous year, underscoring worsening economic conditions.
Based on figures from the Central Bank of Nigeria, the NCC said, “Capital inflow into the Nigerian telecoms industry in the year 2022 was approximately $399.91m against $753.05m as of the year 2021.” Foreign investment fell in 2022 despite the sustained rollout of 4G and 5G networks. The scarcity of foreign exchange and government policy has been blamed for this.
While the sector only attracted $399.91m last year, its foreign outflow was estimated at $2.6bn annually, according to the NCC in its ‘National Policy for the Promotion of Indigenous Content in the Nigerian Telecommunications Sector’ document. An industry expert recently said, “Lack of forex has impacted how we can import equipment into the country. This has reduced investments too. There is also the issue of end-user certificates. Because for us to import some equipment into the country, we need the certification of the security agencies, especially the National Security Adviser’s office.”All rights reserved.