Nigeria expects telecoms spending to help double FDI

26 Aug 2005

The Nigerian Investment Promotion Commission expects foreign direct investment (FDI) in the country to more than double to USD5 billion in 2006 and is looking to the telecoms market to sustain growth. Nigeria attracted around USD2 billion in FDI in 2004, most of which was ploughed into its oil market. The Commission hopes that by opening up the telecoms market to further investment, including the part-privatisation of incumbent NITEL and the licensing of new mobile operators, it can bring in the funds necessary to sustain economic growth and tackle widespread poverty.

Nigeria, ntel (formerly NITEL/M-Tel)