Telcos dispute NBS report, citing N2.13tn domestic spending exclusion

Nigerian telecom operators are challenging the National Bureau of Statistics' (NBS) latest capital importation figures, asserting that the data fails to represent the full scope of investment within the sector. The NBS report indicated a sharp 91% drop in foreign investment in the first quarter of 2026, falling to $7.24 million from $80.78 million in the previous year.

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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.

However, the Association of Licensed Telecommunications Operators of Nigeria (ALTON) argues that while the NBS report is important, it lacks crucial context. ALTON stated that the figures only represent a fraction of the total capital deployed. The association highlighted that the sector's capital expenditure reached N2.13 trillion in 2025, with an additional N1.86 trillion planned for 2026, primarily for network infrastructure expansion. This investment, they contend, is increasingly fueled by domestic capital and reinvested earnings.

ALTON credits the sector's stabilization and renewed investment momentum to policy support measures, particularly a 50% tariff increase approved in early 2025. This adjustment, the first since 2013, raised call rates, SMS charges, and data prices, helping to address critical revenue sustainability gaps. The operators had initially sought a 100% increase due to rising operating costs and significant lost revenue from an 11-year tariff freeze.

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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 emphasized that the tariff adjustment was pivotal in moving the telecoms sector from financial distress toward a more sustainable investment cycle. They warned that the gap between official foreign capital data and actual sector investment could distort perceptions of the industry's health and trajectory.

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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.