Nigerian telecom operators have pushed back against the capital importation data released by the National Bureau of Statistics, arguing that the figures do not fully reflect the scale of spending in the sector, which recorded N2.13tn in capital expenditure in 2025.
The country’s statistics agency on Friday released first-quarter 2026 data showing that foreign investment in the telecom sector fell 91 per cent to $7.24m from $80.78m in 2025.
In a statement issued on Monday and signed by the Association of Licensed Telecommunications Operators of Nigeria Chairman, Gbenga Adebayo, and Publicity Secretary, Damian Udeh, the group said it welcomed the NBS report but stressed that the data needed broader context to properly reflect sector dynamics.
“While we recognise the importance of accurate data in shaping investor perceptions and guiding policy decisions, we believe that additional context regarding the telecommunications sector’s current investment landscape will provide stakeholders with a more comprehensive understanding of the industry’s health and trajectory,” ALTON stated.
Operators argued that although the NBS report shows a decline in foreign capital importation from $80.78m in 2025 to $7.24m In Q1 2026, the figures capture only a portion of total capital deployed in the sector.
They said the industry’s capital expenditure profile suggests investment is increasingly being driven by domestic capital sources and reinvested earnings, financial mechanisms that may not be fully captured in traditional capital importation data.
“The sector’s recovery is reflected in sustained capital deployment. In 2025, mobile network operators, tower companies, and other players in the sector recorded a total capital expenditure of N2.13tn, with a planned capital expenditure of N1.86tn for 2026, directed towards network infrastructure expansion,” the association said.
According to ALTON, the investment momentum reflects the impact of policy support measures, including a 50 per cent tariff increase approved in 2025 by the federal government.
Telcos had initially demanded a 100 per cent tariff increase in 2024-2025 because the telecom sector was near collapse due to operating costs rising 300 per cent from naira depreciation and the 11-year tariff freeze that cost them $11.3bn in lost revenue. Eventually, a 50 per cent tariff hike was approved on January 20, 2025, the first increase since 2013, raising call rates from ₦11 to N15.40, SMS from N4 to N6, and 1GB data from N1,000 to N1,400, which was implemented on February 11, 2025.
ALTON said the tariff adjustment played a pivotal role in stabilising the telecoms sector, addressing critical revenue sustainability gaps, and restoring operational viability during a particularly challenging period.
It added that operators have since moved from financial distress toward a more sustainable investment cycle, with continued capital deployment into network infrastructure.
The group warned that the gap between official foreign inflows and actual sector spending highlights limitations in how telecom investment is currently measured.
“This disparity between reported foreign capital inflows and actual infrastructure investment highlights a gap in how sectoral capital deployment is currently measured and reported,” ALTON said.
It called for a joint framework involving the Nigerian Communications Commission, the National Bureau of Statistics, and the Central Bank of Nigeria to improve tracking of telecom investment flows.
ALTON said a more comprehensive system would improve investor confidence and better reflect the sector’s contribution to Nigeria’s digital economy.