Nigeria’s Telecoms Sector Attracts $68B in FDI -NCC

• Nigeria’s Telecoms Sector Attracts $68B in FDI -NCC

Federal Government efforts at diversifying the economy have started yielding results as the telecommunication sector continued to attract foreign investors.

The Nigerian telecommunication sector attracted $68 billion in Foreign Direct Investment (FDI) to the economy in the last 16 years, according to the Nigerian Communications Commission (NCC) on Tuesday.

Telecoms sector contribution to the economy rose to 9.8 percent from 8 percent recorded in the fourth quarter of 2016. Higher than the 8.9 percent contributed by the oil sector in the first quarter of 2017.

The NCC Executive Vice Chairman, Prof Umar Danbatta, attributed the continuous growth of the sector despite recession to growing market.

Danbatta, however, admitted that the quality of service offered by network operators has not been impressive.

“The continued drop in service quality has really created a huge gap between consumers and the Mobile Network Operators (MNOs), “reason for some drop in subscriptions,” Danbatta said.