Index to Nigerian Newspapers

The National Bureau of Statistics reported that investment into the telecommunications sector has dropped to a nine-year low, with investments in the form of foreign direct investment and foreign portfolio investments dropping from $114.43m in 2018 to $107.46m in 2021. Capital importation data for 2021 showed that the sector did not attract any investment in the last quarter of the year. The annual outflow of capital is estimated at $22.1bn. A source in the Association of Licensed Telecommunication Operators of Nigeria said the fall in capital inflows was due to the scarcity of foreign exchange and inconsistent government policy. The lack of forex, end-user certificates, and unstable macroeconomic conditions are threatening the success of the telecoms industry in Nigeria.