Report by the National Bureau of Statistics (NBS), shows that there was a boost in foreign capital investment in the telecommunications industry
According to NBS report, the investment rose by 725% in 2019 from the $114.43 million recorded in 2018. This would be the lowest annual investment in the sector in more than five years.
The report also disclosed that when the telecoms industry experienced a significant 725% increase back in 2019, about $829.62 million was invested into the industry, increasing the foreign capital to $944.05 million.
In 2018, the telecoms industry attracted $87.25 million in Q1; $11.12 million in Q2; $11.42 million in Q3, and $4.64 million in Q4. In 2019 however, the industry enjoyed a boost in Q1, as foreign investors invested $32.35 million in Q1; $4.5 million in Q2; N886.03 million in Q3, and $21.17 million in Q4.
The decline reported in 2018’s foreign capital investment had caused a shortfall for the telecoms industry in banking, financing, services, production, agriculture, trading and oil and gas sectors.
Fat-forward to 2019, however, telecoms industry moved to the fifth position with an impressive inflow of foreign capital investment. This positioned the telecoms industry behind the banking sector with $7,658.49 million; financing with $6,281.21 million; services with $5,335.30 million, and production, with $1,297.32 million, in the same year.