Nigerian telecommunication operators, under the Association of Licensed Telecommunications Operators of Nigeria (ALTON), have disputed capital importation data released by the National Bureau of Statistics (NBS), insisting it underrepresents the sector’s total investment, which they put at N2.13 trillion in capital expenditure in 2025.
The stats office in the Nigerian Capital Importation data for the first quarter of 2026, released last Friday, said foreign investment in the telecom sector fell 91 per cent to $7.24 million from $80.78 million in 2025.
In a statement issued on Monday, jointly signed by ALTON’s Chairman, Mr Gbenga Adebayo, and Publicity Secretary, Mr Damian Udeh, the group said it welcomed the NBS report but stressed that the data needed a broader context to properly reflect sector dynamics.
“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,” ALTON stated.
The telco operators argued that although the report shows a decline in foreign capital importation from $80.78 million in 2025 to $7.24 million in the first three months of 2026, the figures capture only a portion of total capital deployed in the sector.
The statement noted that the industry’s capital expenditure profile suggests investment is increasingly being driven by domestic capital sources and reinvested earnings, financial mechanisms that may not be fully captured in traditional capital importation data.
“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 said.
According to ALTON, the investment momentum reflects the impact of policy support measures, including a 50 per cent tariff increase approved in 2025 by the federal government.
ALTON said the tariff adjustment in January 2025 played a pivotal role in stabilising the telecoms sector, addressing critical revenue sustainability gaps, and restoring operational viability during a particularly challenging period.
It added that operators have since moved from financial distress toward a more sustainable investment cycle, with continued capital deployment into network infrastructure.
The group warned that the gap between official foreign inflows and actual sector spending highlights limitations in how telecom investment is currently measured.
“This disparity between reported foreign capital inflows and actual infrastructure investment highlights a gap in how sectoral capital deployment is currently measured and reported,” ALTON said.
It then called for a joint framework involving the Nigerian Communications Commission (NCC), the NBS, and the Central Bank of Nigeria (CBN) to improve tracking of telecom investment flows.
