Nigeria’s foreign investment in telecoms surged to $191m in Q1 2024 – Minister, Tijani

The Nigerian economy has received a significant investment boost in the first quarter of 2024, courtesy of the telecommunication subsector.

Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, acknowledged this development, citing data from the Nigeria Bureau of Statistics (NBS).

He said the investment is a positive indicator of the sector’s growth and the overall economy.

Tijani noted that according to official statistics, “With over $191 million in Foreign Direct Investment (FDI) in Q1 2024 alone, we have already surpassed the total FDI into the Telecommunications sub-sector for the whole of 2023.

He said, “This growth in FDI is about confidence in the potential of our sector and a reflection of the hard work that all ICT stakeholders have put in to ensure that we reverse the slowdown in our sector so that it remains a catalyst for growth.

“As we start the second half of the year, I’m looking forward to building on this momentum supported by the necessary reforms and policies that President Bola Ahmed Tinubu is putting in place to stimulate inclusive growth in the digital economy and the broader economy.”