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The Federal Government has announced plans to implement reforms in the telecoms sector, following a historic investment of $191m in Foreign Direct Investment in the first quarter of 2024, reports Punch.<\/p>\n
This investment surpassed the total FDI for the entire year 2023, according to the National Bureau of Statistics data on capital importation released last week.<\/span><\/p>\n The Minister of Communications and Digital Economy, Bosun Tijani, expressed optimism about building on that momentum, stating that the government\u2019s reforms would focus on stimulating inclusive growth in the digital economy and broader economy.<\/span><\/p>\n \u201cAs we start the second half of the year, I\u2019m looking forward to building on this momentum, supported by the necessary reforms and policies that President Bola Tinubu is putting in place to stimulate inclusive growth in the digital economy and the broader economy,\u201d the minister said in a statement obtained on Monday.<\/span><\/p>\n The minister noted that the telecom sector, a longstanding pillar of the country\u2019s economic progress, was driving growth and propelling the country forward.<\/span><\/p>\n He attributed the growth to confidence in the sector\u2019s potential and the hard work of ICT stakeholders.<\/span><\/p>\n \u201cThis growth in FDI is about confidence in the potential of our sector and a reflection of the hard work that all ICT stakeholders have put in to ensure that we reverse the slowdown in our sector so that it remains a catalyst for growth,\u201d Tijani averred.<\/span><\/p>\n However, the sector faces challenges, such as multiple taxation and instability in the foreign exchange market, which have discouraged further investments.<\/span><\/p>\n Pundits believe that to sustain the growth of the sector and attract more FDI, the government needs to address these issues and create a more conducive environment for investors<\/span><\/p>\n In 2023, telcos paid N2.4tn tax to the Nigerian government, according to the Groupe Special Mobile Association.<\/span><\/p>\n The two biggest operators by subscriber base in their respective financial reports declared losses.<\/span><\/p>\n Airtel recorded a loss of $151m in the first quarter of 2024, while MTN Nigeria lost N137bn in 2023.<\/span><\/p>\n The President of the Association of Telecommunications Companies of Nigeria, Tony Emoekpere, said operators may not survive year-end should the current economic hardship persist.<\/span><\/p>\n \u201cTelcos have been running at a loss, even though they may be reluctant to disclose,\u201d the ATCON boss told The PUNCH in April.<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" The Federal Government has announced plans to implement reforms in the telecoms sector, following a historic investment of $191m in…<\/p>\n","protected":false},"author":1,"featured_media":742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,10,2],"tags":[251],"class_list":["post-741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","category-ict","category-news","tag-bosun-tijani"],"yoast_head":"\n