Nigeria Telecom Investment Hits $393M, Highest Since 2019

After years of struggling to attract foreign money, Nigeria's telecom industry just posted its strongest investment numbers in six years.

The sector pulled in $393 million in foreign direct investment during the first nine months of 2025, according to Nigeria's National Bureau of Statistics. That's the best performance since 2019, when the industry attracted $923 million over the same period.

The turnaround marks a dramatic reversal from 2021, when investment hit rock bottom at just $107 million. For years, rigid price controls and Nigeria's unstable currency made telecom companies nervous about long term investments.

"We trade in Naira, but a lot of our inputs are foreign exchange dependent," explained Gbenga Adebayo, chairman of the Association of Licensed Telecom Operators of Nigeria. Telecom companies need foreign currency to import network equipment, software, and core infrastructure, so currency swings created massive uncertainty.

But two big changes in early 2025 shifted the picture. The government approved a 50% tariff increase in January, giving telecom companies room to cover rising costs. At the same time, Nigeria's currency became more stable, reducing the risk for foreign investors.

The Ripple Effect

The renewed confidence is already showing up in real infrastructure improvements. MTN Nigeria more than tripled its spending to $527 million in the first nine months of 2025, its biggest expansion push in years.

Airtel Nigeria invested $166 million between April and December 2025 and committed another $120 million to build a massive data center in Lagos opening next year. These aren't just numbers on paper; they mean faster networks, better coverage, and more reliable service for millions of Nigerians.

Nigeria's Communications Commission says the policy changes unlocked over $1 billion in fresh infrastructure spending across the industry in 2025. That money is going directly into expanding networks, upgrading capacity, and improving service quality in communities that need it most.

"The industry is now back on the path of sustainability," Adebayo said, noting that patient, long term investors are returning now that regulatory stability has improved.

For everyday Nigerians who depend on mobile phones for everything from banking to business, better infrastructure means staying connected to opportunities, loved ones, and essential services.