Foreign direct investment into Nigeria’s telecommunications sector surged in the third quarter of 2025, rebounding sharply from a slump a year earlier, according to new data from the National Bureau of Statistics.
Capital importation into telecoms rose to $208.51 million in Q3 2025, compared with just $14.74 million in the same period of 2024 — a more than fourteenfold year-on-year increase.
The rebound signals renewed foreign investor interest after inflows collapsed in Q3 2024. However, funding trends remain volatile on a quarterly basis.
Earlier in 2025, telecom inflows stood at $80.78 million in Q1 and $103.63 million in Q2 before accelerating in Q3. In contrast, 2024 began strongly — with $191.57 million recorded in Q1 and $113.42 million in Q2 — before plunging in Q3.
On a cumulative basis, the telecom sector attracted $392.92 million between January and September 2025, surpassing the $319.72 million recorded during the same period in 2024 — an increase of about 23%.
Industry observers say the recovery may reflect improved investor sentiment following regulatory and macroeconomic adjustments. In January 2025, the Nigerian Communications Commission approved a 50% tariff adjustment for operators, citing mounting operational costs.
The Association of Telecommunications Companies of Nigeria said the tariff revision enabled operators to reinvest in network expansion, service quality and infrastructure upgrades, after more than a decade of static pricing despite rising inflation and foreign exchange volatility.
Analysts note that while the Q3 rebound is significant, sustaining consistent foreign capital flows will depend on broader economic stability and regulatory clarity.
