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The Nigerian telecommunications sector recorded an 87% decline in foreign investments for the third quarter of 2024, signalling a notable decline from the previous two quarters of the year.
This is according to the latest capital importation data released by the National Bureau of Statistics (NBS).
The NBS data shows that the sector pulled only $14.4 million in capital importation in Q3, a sharp fall from the $113.42 investments recorded in Q2.
Year-on-year, the Q3 2024 capital importation for the telecom sector also represents a 77% decline when compared with the $64.05 million recorded in the same period last year.
