Indications that steps by the Nigerian Communications Commission (NCC) and its partner Ministries, Departments and Agencies’ (MDAs’) to boost the nation’s telecoms industry growth are yielding the desired results have emerged with the Foreign direct investment (FDI) into the industry surging to $208.51 million in Q3 2025, from $14.74 million attracted to the industry in Q3 2024.
The latest data published by the National Bureau of Statistics (NBS) on the capital importation into the economy in the quarter under review showed increasing investor interest year-on-year
For instance, statistical data reflected that in Q1 2025 telecom inflows stood at $80.78 million and rose to $103.63 million in Q2, before surging to $208.51 million in Q3, 2024
A year earlier, capital importation into telecoms industry increased to $191.57 million in Q1 2024, dipped to $113.42 million in the following quarter, and significantly declined to $14.74 million in Q3.
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Cumulatively, the telecom industry attracted $392.92 million from January to September 2025, surpassing the $319.72 million FDI inflows it attracted in the corresponding period of 2024.
Analysts believe that boost in capital inflows into the industry in Q3 2025 could be attributed to policy and other regulatory measures being promoted by the NCC to create a more conducive environment in the industry
In addition, they link the improving exchange rate reforms and rising demand for data services across Nigeria.
It would be recalled that following complaints of rising costs of operations by Mobile Network Operators (MNOs) and critical appraisal of the macroeconomic indices of the economy, the NCC on January 20, 2025, approved a 50% tariff adjustment, citing rising operational costs and the need to sustain the industry to justify the upward review of the tariffs.
Reacting to the regulatory measure of the commission, the Association of Telecommunications Companies of Nigeria (ATCON) described it as desirable for the growth of the industry, as it would encourage the MNOs to re-invest the additional revenue in key infrastructure to enhance network quality, improve digital access, and achieve improved customer experience.
According to the association, these investments would translate into improved connectivity, wider coverage, and development of innovative solutions to align with the evolving needs of growing telecoms subscribers in the country.
