Foreign investment in Nigeria’s telecommunications sector fell sharply in the first quarter of 2026, despite a tariff increase introduced last year to support industry growth.
According to the National Bureau of Statistics (NBS), the sector attracted $7.24 million in foreign capital between January and March 2026, down 91% from the $80.78 million recorded in the same period of 2025. The figure also represents a 96.2% decline from the $191.57 million received in the first quarter of 2024.
The NBS said the telecom sector accounted for just 0.07% of the total $10.37 billion capital imported into Nigeria during the quarter.
The decline comes more than a year after the Nigerian Communications Commission (NCC) approved a telecom tariff increase, the first since 2013. The adjustment was expected to help operators invest in network infrastructure and improve service delivery.
Communications Minister Bosun Tijani had said the tariff review would strengthen operators’ capacity to expand infrastructure and improve connectivity across the country.
Beyond telecommunications, several other sectors also recorded lower foreign capital inflows compared to 2024. Manufacturing attracted $152.27 million, while the trading sector received $65.79 million during the quarter.
The electrical sector recorded one of the steepest declines, attracting only $2.7 million in foreign investment, while information technology services received $11.33 million.
In contrast, the banking sector remained the largest destination for foreign capital, attracting $7.55 billion, or 72.79% of total inflows. Financial services followed with $2.43 billion, accounting for 23.42% of total capital imported into the country.
