Business
Nigeria Telecoms FDI Surges Amid Industry Revival
Nigeria Telecoms FDI jumps 1,314% in Q3 2025, signalling renewed foreign investor confidence and sector growth
Nigeria’s telecommunications sector has recorded a dramatic surge in Foreign Direct Investment (FDI), signalling renewed global confidence in the industry, the National Bureau of Statistics reported on Tuesday, February 16, 2026.
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FDI into the sector reached $208.51 million in the third quarter of 2025, up from $14.74 million in the same period of 2024, representing a 1,314.59 percent year-on-year increase.
Cumulative inflows from January to September 2025 totalled $392.92 million, surpassing the $319.72 million recorded in the same period of the previous year, reflecting a 22.9 percent rise.
Analysts described the rebound as a sharp turnaround after the slump in Q3 2024, when telecom investment collapsed following strong early-year capital inflows.
Experts attribute the surge to regulatory reforms, particularly the Nigerian Communications Commission’s January 2025 tariff adjustment, the first in 11 years.
Dr. Aminu Maida, Executive Vice Chairman of the NCC, said the revision catalysed approximately $1 billion in investments by telecommunications operators, directed toward infrastructure upgrades, expanded service coverage, and advanced 4G and 5G network deployment.
The Association of Telecommunications Companies of Nigeria (ATCON) added that the additional revenue from the tariff adjustment is being reinvested to enhance connectivity, broaden digital access, and improve customer experience.
The association expects these efforts to drive wider coverage and foster innovative solutions tailored to Nigeria’s growing digital economy.
“This surge in FDI is a pivotal moment for Nigeria’s telecoms sector,” said a senior analyst.
“It reflects both the resilience of the industry and the confidence of foreign investors in a market poised for technological growth.”
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Investors and policymakers view the figures as a sign that Nigeria is becoming an attractive hub for digital investment, underlining the country’s potential to lead technological expansion in West Africa.
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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