Nigeria’s telecoms sector generates fresh N822.66b
National Bureau of Statistics (NBS) has disclosed that two major telecoms operators, MTN Nigeria and Airtel Africa Plc, have attracted a total of $2billion (approximately N822.66billion) funds into their operations. This is even as foreign direct investments (FDIs) into the industry dipped sharply by 78 per cent in the first six months of this year, according to the first quarter (Q1) and Q2 of this year’s Capital Importation data released by the bureau. The data showed that the sector attracted a total of $56.62 million during the period under review, while in the same period of last year, FDI’s in the sector stood at $263.13 million. MTN Nigeria said it plans to invest N617 billion (approximately $1.5 billion) over the next three years on the expansion of its broadband access across the country. The Federal Government had launched the National Broadband Plan (NBP) 2020-2025 designed to deliver data download speeds across Nigeria of a minimum 25megabyte per second (Mbps) in urban areas, and 10Mbps in rural areas, with effective coverage available to at least 90 per cent of the population by 2025 at a price not more than N390 per 1GB of data (that is two per cent of median income or one per cent of minimum wage).
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