Nigeria’s telecom sector draws $991m FDI in three years — NCC

Nigeria’s telecommunications sector attracted $991 million in foreign direct investment (FDI) between 2022 and 2024, according to a report by the Nigerian Communications Commission (NCC).

Data compiled by the NCC from the Central Bank of Nigeria (CBN) show that FDI inflows into the sector stood at $399.906 million in 2022, declined to $134.755 million in 2023, and rebounded to about $456.590 million in 2024.

The figures were contained in the Subscriber/Network Performance Report prepared by the Policy, Competition and Economic Analysis Department of the NCC.

The report revealed that internet subscriptions grew from 154.848 million in December 2022 to 163.838 million in December 2023, representing an increase of 5.81 per cent, with an additional 8.991 million subscriptions recorded within the period.

However, broadband penetration declined from 47.36 per cent in December 2022 to 43.71 per cent in December 2023, despite broadband subscriptions rising from 90.399 million to 94.757 million over the same period.

The NCC attributed the drop in penetration rate to an adjustment in the population figure used in calculating the indicator.

Total active internet subscriptions fell significantly in 2024, declining from 163.838 million in December 2023 to 139.282 million in December 2024 — a decrease of 14.98 per cent or 24.556 million subscriptions.

According to the report, the decline was largely due to the effective implementation of the National Identity Number–Subscriber Identity Module (NIN-SIM) policy, as well as the correction of subscriber data by a major mobile network operator.

On broadband penetration, the NCC noted that improved network coverage — with 3G, 4G and 5G coverage at 89 per cent, 84 per cent and 13 per cent respectively — supported marginal growth in 2024.

As a result, broadband penetration increased slightly from 43.71 per cent in December 2023 to 44.43 per cent in December 2024.