The telecommunications sector attracted a total of $417 million in Foreign Direct Investments (FDIs) last year, New Telegraph has learnt. This, however, represents a 55 per cent decline from the $944 million invested in the sector in 2019.
The investments in telecoms represented 4.3 per cent 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 last year stood at $9.7 billion, representing a 55.8 per cent decrease when compared with $22.9 billion recorded in 2019. While the general downtrend in FDI in the country’s economy is attributable to the coronavirus (COVID-19) pandemic, the telecoms sector had been recording a decline in investments over the years.
The decline in the sector, stakeholders said, is not unconnected with several challenges bedeviling the telecoms. For the first time in five years, the sector had recorded an increase in FDIs in 2019, as it attracted $944 million against $114.43 million recorded in 2018…
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