Share
Nigeria’s telecom operators have pushed back against data showing a sharp collapse in foreign investment into the sector, arguing that the figures fail to capture the true scale of capital being deployed into network infrastructure and expansion.Capital inflows into the telecommunications sector plunged to $7.24 million in the first quarter of 2026, according to the National Bureau of Statistics (NBS), down 93% from the previous quarter and 91% year-on-year.
The sharp drop reduced telecoms’ share of Nigeria’s total capital importation to 0.07% of the $10.37 billion attracted across all sectors during the quarter. In a statement shared with TechCabal on Monday, the Association of Licenced Telecommunications Operators of Nigeria (ALTON) said the NBS figures capture only foreign capital importation and do not reflect total investment activity across the sector.
The pushback underscores a broader debate over how investment in Nigeria’s telecom sector is measured. A prolonged decline in foreign capital inflows could signal weakening investor confidence in one of the country’s most important infrastructure industries.
“While the NBS report indicates a decline in foreign capital importation into the telecommunications sector, this metric appears to capture only a portion of the total capital actively deployed within the sector,” ALTON said.
