Between 2022 and 2024, Nigeria’s telecom sector attracted $991million in foreign direct investment (FDI) into the economy.
According to a report prepared by the Nigerian Communications Commission (NCC), FDI into the Nigerian telecom industry in year 2023 was approximately $134,754,819.27 against $399, 905,531.38 as at year 2022. In 2024, it was approximately $456,589,936.15 against $134,754,819.27 of the previous year.
The NCC quoted the Central Bank of Nigeria (CBN) stats.
According to the data which was prepared by the Policy, Competition and Economic Analysis Department of the Nigerian Communications Commission (NCC) entitled Subscriber/Network Performance
Report, the number of internet subscribers increased from 154,847,901 subscriptions as at December 2022 to 163,838,439 subscriptions as at December 2023 representing an increase of 5.81per cent and an added 8,990,538 subscriptions within the period under review.
Broadband penetration declined from 47.36per cent as at December 2022 to 43.71per cent as at December 2023. However, broadband subscriptions increased from 90,398,960 subscriptions in December 2022 to 94,757,184 subscriptions as at December 2023. The decline noted in the broadband penetration rate is due to the adjustment made by the Commission on the population figure used in calculating the indicator.
Total active internet subscriptions decreased from 163,838,439 subscription as at December 2023 to 139,282,108 Subscriptions as at December 2024 representing a decrease of 14.98per cent and a drop of 24,556,331 subscription within the period under review.
“The decline is also essentially due to the effective implementation of the NIN-SIM (National Identity Number-Subscriber Identity Module) policy and the rectification of counts of a major Mobile Network Operator (MNO),” the report noted.
On broadband penetration, the report explained that with improved coverages of 3G, 4G and 5G at 89per cent, 84per cent and 13per cent respectively, broadband has continued to increase though marginally in Year 2024. Broadband increased from 43.71per cent as at December 2023 to 44.43per cent as at December 2024.
