The National Bureau of Statistics (NBS) has said that foreign investments in Nigeria’s telecommunications industry dropped by 87 per cent in the third quarter of 2024.
The NBS in its report said it suffered a huge decline from the $113.42m recorded in the second quarter of 2024 after falling to a new low of $14.4m in the third, dropping by $99.02m.
“In this context, capital importation refers to the inflow of foreign funds or investments into Nigeria’s telecommunications sector. It includes all forms of capital brought into the country by foreign entities for the purpose of business investment,” the NBS said.
The bureau in the report released last Friday said in its capital importation that the figure showed a 77 per cent year-on-year decline compared with the $64.05m achieved…
Read More
