Nigeria's Minister of Communications and Digital Economy, Bosun Tijani, announced that telecom service tariffs will increase by 30-60%, citing the need for investment in the sector to drive economic growth. Tijani emphasized that telecommunication operators require continuous investment in equipment to keep up with technological advancements and combat inflation. He highlighted the significant foreign direct investment in the sector, driven by telecom operators, in the first quarter of 2024, which was close to $199 million, surpassing the entire inflow for 2023.
The Minister of Communications and Digital Economy , Bosun Tijani has announced that prices are expected to rise by 30-60 percent. The revelation comes days after Tijani confirmed that telecom services tariffs would increase, but not by the proposed 100 percent.According to Tijani, the telecommunications sector is heavily reliant on investment to drive Nigeria 's economic growth.
Things like 3G will be decommissioned at some point because you have higher technology, so they have to keep investing in equipment. And we all know that there is inflation. For us, as we are protecting them, we want to keep importing capital in the sector. The foreign direct investment in our sector in the first quarter of 2024, driven by telcos, was close to $199 million; this is bigger than the entire inflow in 2023.
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