Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, has lauded the incredible progress in Nigeria’s telecom sector, noting that Foreign Direct Investment (FDI) in Q1 2024 has already exceeded the total FDI for the entire year of 2023.
The first quarter of 2024 alone recorded $191.57 million in FDI, outweighing the $134.75 million recorded for the whole of 2023.
Minister Tijani commented that this noteworthy growth stresses the sector’s strong prospect and reveals the devoted hard work of all stakeholders involved.
“This growth in FDI is about confidence in the potential of our sector and a reflection of the hard work that all ICT stakeholders have put in to ensure that we reverse the slowdown in our sector so that it remains a catalyst for growth.”
According to Tijani, the data from the National Bureau of Statistics (NBS) shows a positive drive for the telecom sector and the economy at large.
This influx of FDI reiterates investors’ confidence in the sector’s future and the focused efforts to reverse the slowdown experienced in previous years. The minister noted that the telecom sector remains a stimulus for growth within the Nigerian economy.
“The data from @NBS_Nigeria continues to show a positive growth trajectory for our sector and economy as a whole. With over $191 million in Foreign Direct Investment (FDI) in Q1 2024 alone, we have already surpassed the total FDI into the Telecommunication sub-sector for the whole of 2023.”
Beyond the telecom sector, the overall FDI into Nigeria for Q1 2024 amounted to $3.376 billion, representing 86% of the total FDI for 2023. This figure stresses the strategic importance of the telecom sector in attracting foreign investments.
Minister Tijani is optimistic about building on this momentum as the country moves into the second half of the year. He highlighted the importance of the reforms and policies implemented by President Bola Ahmed Tinubu, aimed at stimulating inclusive growth in the digital economy and the broader economic industry.
“As we start the second half of the year, I’m looking forward to building on this momentum supported by the necessary reforms and policies that President @officialABAT is putting in place to stimulate inclusive growth in the digital economy and the broader economy.”
These initiatives are expected to continue facilitating a favourable environment for investment and innovation in Nigeria’s telecom sector.
The sharp increase in FDI shows the effectiveness of the government’s recent strategies and the collaborative works of various ICT stakeholders.
These sustained efforts and carefully laid out policies will ensure increased investments in the telecommunications sector, ultimately boosting the country’s economic growth.