The Federal Government of Nigeria has expressed its commitment to facilitating a 15% annual increase in investment inflows into the telecommunications sector. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, outlined this goal in the ministry’s four-year strategic blueprint.
It is worth noting that foreign direct investment (FDI) in the telecom sector experienced a 47% decline in 2022, with $399.9 million compared to the $753 million recorded in 2021, according to data from the Nigerian Communications Commission (NCC). This decrease amounted to $353.1 million or 46.9%.
In the 31-page document titled “Accelerating Our Collective Prosperity Through Technical Efficiency,” Minister Tijani set a target for the telecoms sector to enhance its contribution to Nigeria’s gross domestic product (GDP) by 2027. Currently estimated at 16%, the sector’s contribution is expected to grow.
The minister highlighted that increased investments would play a crucial role in reducing the connectivity gap in rural areas, aiming to lower the unconnected population from 61% to less than 20% within the next four years. Additionally, the government anticipates a 100% growth in yearly net revenue from the telecommunications sector to the Federal Government by 2027 through these initiatives.
