Nigeria’s ICT Sector Records $191 Million in Q1 2024, Surpassing Entire 2023 FDI

Nigeria’s ICT Sector Records $191 Million in Q1 2024, Surpassing Entire 2023 FDI

The Nigerian ICT sector has recorded a significant milestone, attracting over $191 million in Foreign Direct Investment (FDI) in the first quarter of 2024. This amount exceeds the total FDI received by the telecommunications sub-sector for the entire year of 2023, according to data from the National Bureau of Statistics (NBS).

Minister of Communications and Digital Economy, Bosun Tijani, announced the achievement on his X handle, highlighting the sector’s growing appeal to investors. He attributed this success to the hard work of ICT stakeholders and the confidence investors have in the sector’s potential.

Read Also: Tijani Reveals Four-Year Strategy to Boost Nigeria’s ICT Sector with Five Key Pillars

Tijani emphasized the importance of maintaining this momentum, supported by reforms and policies initiated by President Bola Tinubu to stimulate inclusive growth in both 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, underscoring the ICT sector’s crucial role as a catalyst for economic growth.

Read Also: the President Tinubu Approves ICT Hub for Ekiti to Boost MSMEs

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