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Nigeria’s ICT Q1 FDI hit Sector $191 million surpassing entire 2023 records – Minister

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Nigeria’s Minister of Communications and Digital Economy, Bosun Tijani has revealed that the nation’s ICT sector has recorded huge success in the first quarter of the year, 2024.

In a post on his verified X handle recently, the Minister announced a milestone in Nigeria’s ICT sector, expressing that data from the National Bureau of Statistics, NBS, showed over $191 million in Foreign Direct Investment (FDI) in the first quarter of 2024.

This figure surpasses the total FDI for the Telecommunications sub-sector for the entire year of 2023.

According to him, the growth was occasioned by confidence investors have in the sector’s potential and the hard work of all ICT stakeholders, highlighting the importance of continuing this momentum, supported by reforms and policies initiated by President Bola Tinubu aimed at stimulating inclusive growth in the digital and broader economy.

“As we start the second half of the year, I’m looking forward to building on this momentum,” Tijani stated, highlighting the sector’s role as a catalyst for economic growth.

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