Foreign direct investment in Nigeria’s telecommunications sector recorded a sharp rebound in the third quarter of 2025, according to the National Bureau of Statistics (NBS). Capital inflows reached $208.51 million, a significant jump from $14.74 million in Q3 2024, representing more than a fourteenfold increase.

In 2025, telecom FDI started at $80.78 million in Q1, increased to $103.63 million in Q2, and peaked in Q3. In contrast, 2024 began strongly at $191.57 million in Q1 but declined to $113.42 million in Q2 and fell drastically to $14.74 million in Q3.

Cumulatively, the sector attracted $392.92 million from January to September 2025, up from $319.72 million during the same period in 2024, reflecting a 23% growth year-on-year.

The rebound is attributed to renewed investor confidence following regulatory reforms, exchange rate adjustments, and growing demand for digital services. In January 2025, the Nigerian Communications Commission (NCC) approved a 50% tariff increase for telecom operators. Industry stakeholders said the additional revenue is being reinvested into network expansion, improved coverage, and enhanced digital services for consumers.