Nigeria’s telecommunications sector has attracted $991 million in foreign direct investment (FDI) between 2022 and 2024, according to the Nigerian Communications Commission (NCC).

FDI inflows were recorded at $399.9 million in 2022, $134.8 million in 2023, and $456.6 million in 2024, reflecting renewed investor confidence in the sector.

The NCC’s Subscriber/Network Performance Report also highlighted trends in internet subscriptions, which rose from 154.8 million in December 2022 to 163.8 million in December 2023. However, total active subscriptions declined in 2024 due to the National Identity Number-SIM policy and operator data adjustments.

Growth in 3G, 4G, and 5G coverage contributed to a slight increase in broadband penetration, underscoring continued investment in Nigeria’s telecom infrastructure.