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The Nigerian telecommunications industry attracted $399.9 million in foreign direct investment (FDI) during 2022, as revealed by data from the Nigerian Communications Commission (NCC).
This amount reflects a significant decline of $353.1 million, equivalent to a 46.9% decrease, compared to the foreign investment of $753 million recorded in the preceding year of 2021.
The NCC disclosed these findings in its latest ‘2022 Subscriber/Network Data Annual Report’. The commission further indicated that leading service providers including MTN, Airtel, and Globacom, reported a domestic investment of N785.77 billion in capital expenditure, N2.092 billion in operating costs, and N3.85 billion in revenue as of December 2022.
According to the NBS (National Bureau of Statistics), the telecoms sector’s contribution to Nigeria’s gross domestic product (GDP) stood at 13.55% in the fourth quarter of 2022, marking an increase from the 12.61% contribution made during the same quarter of the previous year.
In terms of subscriber count, the NCC reported a total of 222,571,568 active voice subscriptions by the end of 2022, indicating a rise of 27,107,670 subscriptions or 13.86% compared to the figures reported in 2021 (195,463,898).
Text messaging activity within Nigeria also experienced significant traction, with a total of 25.93 billion messages exchanged during 2022, as disclosed by the NBS report. This breaks down to approximately 14.09 billion SMS messages sent and 11.84 billion received.
The NBS stated, “The total number of national SMS both sent and received as at December 2022 was 25,928,704,567. This is an increase of 28.82% from that of the total SMS sent and received in the year 2021 which stood at 20,126,551,822 SMS.”
Furthermore, international SMS messages totaled over 59,571,547 sent and 459,329,782 received by December 2022, as indicated by the commission’s data.
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