CEM REPORT, TELECOMMUNICATION | The telecommunication sector in Nigeria has recorded the recent highest inflow in capital importation in Q4 2022.
The sector recorded a total of $168.3 million in capital importation in the review quarter which is the highest in the last 8 quarters.
This is as foreign investments in the telecom sector stood at $456.82 million in the full year 2022.
According to the Capital Importation data released by the National Bureau of Statistics (NBS), the Q4 figure surpassed the $107.46 million recorded by the sector in the full year of 2021.
The Q4 figure also a 117.7% growth compared to the $77.3 million attracted by the sector in the first quarter of 2022.
A breakdown of the report reveals that capital attracted for 4 quarters of the year shows that $57.8 million was recorded in Q1, $153.5 million in Q2, $77.3 million in Q3, and $168.3 million in Q4.
Further breakdown indicates that foreign investments in the sector is still a far cry to meet the infrastructure needs to meet the set target of 70% penetration by 2025 according to the Nigeria National Broadband Plan (NBP 2020-2025).