The telecommunications sector attracted a total of $157.48 million in foreign direct investments in the second quarter of this year, New Telegraph has learnt. This shows a huge increase in investments year-on-year when compared with the paltry $4.50 million recorded in Q2’19.
However, the sector recorded less foreign interests in the second quarter of this year compared with the first quarter, as investments declined by 33 percent. Data by the National Bureau of Statistics (NBS) revealed that the sector attracted a total of $157.4 million in the first quarter. Industry analysts attributed the second-quarter decline to the outbreak of coronavirus, as the economy was shut down between April and May this year. The investments in telecoms represented 8.16 percent of the total capital importation into the country for the period under review.
NBS revealed that the total value of capital importation into the economy stood at $1.29 billion in the second quarter of 2020, representing a 77.9 percent decrease when compared to $5.85 billion recorded in the first quarter…
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