Telecommunications sector investments dwindled to $111.91m in the first three quarters of 2023, marking a substantial 61.22% drop from the $288.55m recorded during the same period in 2022, as reported by the National Bureau of Statistics.

This decline aligns with a broader trend of reduced foreign investments in Nigeria, witnessing a 33.99% decrease to $2.82bn in the reviewed period compared to $4.27bn in 2022.

The NBS disclosed that Q3 2023 saw total capital importation into Nigeria at $654.65m, down by 43.55% from Q3 2022. Other Investment led with 77.56% ($507.77m), followed by portfolio investment at 13.31% ($87.11m), and foreign direct investment at 9.13% ($59.77m).

Despite increased 4G and 5G network expansion, foreign investments in the telecoms sector are on a consecutive downward trend. MTN Nigeria, facing forex challenges, maintained network development, with a 6.9% rise in Capex to N405bn.

The company secured a $125m trade facility with Access Bank UK and raised N125bn through commercial paper to bolster Capex deployment.

This dip in foreign investments is poised to continue for the second consecutive year, following a 46.89% fall to $399.91m in 2022 from $753.05m in the previous year.

Industry experts attribute this decline to forex scarcity impacting equipment imports and the cumbersome process of obtaining end-user certificates from security agencies.

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MTN Nigeria has said it did not clear debts owed by customers across the country as it has been speculated since Saturday morning.

Nigerians have been jubilant since Saturday morning with the news that all borrowed airtime and data have been forgiven by MTN.

The company in a statement on Saturday afternoon however blamed the occurrence of a system glitch that affected balance enquiries for some of its customers.

“Users may experience error messages incorrectly indicating that their balances have been cleared. The company reassures customers that this is not the case, and all account balances will accurately reflect once the technical issue is resolved.

“Engineers from MTN Nigeria are actively working to rectify the glitch and restore normal functionality to the balance enquiry system,” the statement read in part.

The telecommunication giant expressed regret for any inconvenience caused by the unexpected disruption.

“We sincerely apologise for the inconvenience caused by the current system glitch affecting balance inquiries.

“Our dedicated team of engineers is diligently working to resolve the issue, and we assure our valued customers that their account balances remain intact. We appreciate your patience and understanding during this time,” the statement concluded.

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In an official statement, MTN Nigeria Communication PLC has confirmed the occurrence of a system glitch affecting balance enquiries for some of its customers.

Users may experience error messages incorrectly indicating that their balances have been cleared. The company reassures customers that this is not the case, and all account balances will accurately reflect once the technical issue is resolved.

Engineers from MTN Nigeria are actively working to rectify the glitch and restore normal functionality to the balance enquiry system.

The telecommunication giant expressed regret for any inconvenience caused by this unexpected disruption.

“We sincerely apologize for the inconvenience caused by the current system glitch affecting balance inquiries. Our dedicated team of engineers is diligently working to resolve the issue, and we assure our valued customers that their account balances remain intact. We appreciate your patience and understanding during this time,” stated MTN Nigeria Communication PLC.

The company urges affected customers to await the resolution of the technical problem and assures them that steps are being taken to prevent similar incidents in the future.

MTN Nigeria emphasizes its commitment to providing reliable and seamless services to its customer base.

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