With the rolling out of the 5G network in Nigeria, industry analysts have projected that foreign direct investment (FDI) in the telecommunications industry will increase to $150 billion in the next two years. According to them, the 5G network and other emerging technologies will attract more foreign investment into the country, noting that investors across the world are willing to invest in the new technologies in the developing country. They said Nigeria would attract more FDI than other African countries due to its large economy and population.
Strategically located and positioned between West and Central Africa, Nigeria is undoubtedly Africa’s business hub with easy access to other regions of the world. Nigeria offers many investment and business opportunities and advantages in the information and communications technology (ICT) sector with about 65 per cent of its youths being IT-savvy. Nigeria’s tech startups have attracted over $2 billion in funding as of 2022.
Between 2015 and 2022, 383 tech startups raised a combined $2,068,709,445. That is according to the Nigerian Startup Ecosystem Report 2022, released by start-up-focused content and research company, Disrupt Africa, which utilises Disrupt Africa’s datasets, expertise and networks to document what startups are doing what in the country, who is making investments, and who is providing ecosystem support. Official figures show that Nigeria’s foreign direct investment in the ICT sector has risen from an aggregate of $50 million in 2001 to $32 billion in 2015 and $38 billion in 2016.
More details at:
Leave a Reply.
News Archive from before July 2018