Sustaining the momentum gathered in 2019, the telecommunications sector attracted a total of $157.48 million in foreign direct investments (FDIs) in the first quarter of this year.
This represents a 386 percent increase year-on-year when compared with the $32.35 million the sector recorded in Q1 2019. The Q1 2020 figure also showed that the sector had performed better than in the preceding quarter (Q4 2019). According to the Capital Importation statistics released by the National Bureau of Statistics (NBS), quarter-on-quarter, foreign investments in the telecoms sector rose by 643 percent as $21.17 was recorded in Q4 2019.
The investments in telecoms represented 2.69 percent of the total capital importation into the country for the period under review. NBS revealed that the total value of capital importation into Nigeria stood at $5.85 billion in the first quarter of 2020, representing an increase of 53.97 percent compared to Q4 2019…
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