Nigeria’s telecom operators have pushed back against data showing a sharp collapse in foreign investment into the sector, arguing that the figures fail to capture the true scale of capital being deployed into network infrastructure and expansion.
Capital inflows into the telecommunications sector plunged to $7.24 million in the first quarter of 2026, according to the National Bureau of Statistics (NBS), down 93% from the previous quarter and 91% year-on-year.
The sharp drop reduced telecoms’ share of Nigeria’s total capital importation to 0.07% of the $10.37 billion attracted across all sectors during the quarter. In a statement shared with TechCabal on Monday, the Association of Licenced Telecommunications Operators of Nigeria (ALTON) said the NBS figures capture only foreign capital importation and do not reflect total investment activity across the sector.
The pushback underscores a broader debate over how investment in Nigeria’s telecom sector is measured. A prolonged decline in foreign capital inflows could signal weakening investor confidence in one of the country’s most important infrastructure industries.
“While the NBS report indicates a decline in foreign capital importation into the telecommunications sector, this metric appears to capture only a portion of the total capital actively deployed within the sector,” ALTON said.
The industry body said mobile network operators, tower companies, and other industry players invested a combined ₦2.13 trillion ($1.55 billion) in capital expenditure in 2025. An additional ₦1.86 trillion ($1.35 billion) has been earmarked for infrastructure deployment, technology upgrades, and network expansion in 2026, it added
ALTON’s argument points to a gap between how telecom investment is measured and how operators actually fund network expansion.
Although foreign capital inflows into the sector rose by 8.69% in 2025, the latest NBS data shows a sharp decline in 2026. Telecom operators, however, say investment in infrastructure has not slowed. Instead, much of the spending is now being financed through retained earnings and domestic funding sources rather than foreign capital.
ALTON said the disparity points to a broader issue in how investment in the telecom sector is measured and reported.
To bridge that, the body has called for collaboration between the Nigerian Communications Commission (NCC), the NBS, and the Central Bank of Nigeria (CBN) to develop a more comprehensive framework for tracking telecom investments.
Such a framework, it argued, would provide policymakers, investors, and regulators with a more accurate assessment of capital deployment in the sector and better reflect the industry’s contribution to Nigeria’s digital economy.
“A transparent investment profile reflecting the sector’s substantial annual capital commitments will better position Nigeria as a credible and attractive destination for telecommunications investment, inform sound policy development, and sustain investor confidence,” ALTON noted.
