Connect with us

Telecom

Foreign Investments into Telecoms Sector Drop by 77 Percent

Published

on

Kindly share this post

Foreign investments into telecommunication sector fell by 77.35 per cent year-on-year in the first half of the year, according to data by National Bureau of Statistics (NBS)

Foreign Investments into Telecoms Sector Drop by 77 Percent

In the first six months of 2023, total capital importation into the telecoms sector was $47.86m, a huge fall when compared to the $211.29m that the sector attracted in first half of 2022.

Also, 2023 first half figures represent a four year low since the sector rebounded from $36.85m recorded in the first half of 2019.

Data from the National Bureau of Statistics showed a sustained slowdown of foreign investments into the country with total capital importation falling by 30.42 per cent to $2.16bn in the period under review from $3.11bn in the preceding period.

Commenting on the decline in Q2, 2023, the NBS said, “In Q2 2023, total capital importation into Nigeria stood at US$1,030.21 million, lower than US$1,535.35 million recorded in Q2 2022, indicating a decrease of 32.90 per cent. When compared to the preceding quarter, capital importation fell by 9.04 per cent from $1.13bn in Q1 2023.”

Growth in foreign investment in the telecoms sector has been hampered by insecurity challenges, geographical problems, and more.

Credit : Punch

 

 

 

 

 

 

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Telecom

MTN Says New N6.98 USSD Charge Won’t Affect Airtime Recharge

Published

on

Kindly share this post

Lynda Saint-Nwafor, chief Enterprise business officer, MTN Nigeria, has assured the network subscribers that the new end-user billing system for the use of USSD services will jot affect them.

MTN Says New N6.98 USSD Charge Won’t Affect Airtime Recharge

USSD, otherwise Unstructured Supplementary Service Data codes are commonly used for banking transactions, airtime recharges, and other mobile services.

The telco said that  there is no significant impact or change other than the fact that they will now pay the same N6.98 per session (120 seconds) with their airtime instead of direct bank debit.

Saint-Nwafor, said this during a chat with MTN MIP fellows, explaining that the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have ordered telecom operators to ensure that the new billing model resolves trust issues and ensures transparency in the billing process.

“Our regulator insisted that at the end of every month, we are going to be providing history and statistics on the performance of the service across the board”, she explained.

Saint-Nwafor added that the new billing model has standardized messaging across all operators and ensures consistent communication with customers.

“We will take all the error codes and map them into messages that are standardised across the board. So, if you initiate a transaction, you will know if it is failing. And, when the transaction fails, you will know if it is from your bank or the telco,” she explained.

 


Kindly share this post
Continue Reading

Telecom

Crypto Scam Unmasked: U.S. Recovers Record $225m in Global Fraud Bust

Published

on

Kindly share this post

The U.S. government has recovered $225 million in what is now the largest seizure of funds linked to a cryptocurrency investment scam.

In a statement released Wednesday, June 18, the U.S. Attorney’s Office said the recovery followed an extensive investigation by the FBI and the U.S. Secret Service, using blockchain analysis and other forensic tools. The statement did not confirm whether any arrests had been made.

According to the authorities, the stolen funds originated from fraudulent cryptocurrency investment schemes that tricked victims into believing they were making legitimate investments. More than 400 individuals around the world, including dozens in the United States, were reportedly affected.

The operation involved a sophisticated money laundering network that carried out hundreds of thousands of blockchain transactions to obscure the source and ownership of the stolen assets.

“These scams prey on trust, often resulting in extreme financial hardship for the victims,” said Shawn Bradstreet, Special Agent in Charge at the U.S. Secret Service office in San Francisco.

Bradstreet added that U.S. officials hope the recovered funds can eventually be returned to the rightful victims.

Cryptocurrency investment fraud accounted for over $5.8 billion in reported losses in 2024 alone, according to the statement.


Kindly share this post
Continue Reading

Telecom

Nnaemeka Ani Calls on African Techies to Rewrite the Narrative

Published

on

Hon. Nnaemeka Ani
Kindly share this post

In a rousing declaration that is electrifying minds across the continent, Hon. Nnaemeka Ani, Special Adviser on ICT to Enugu State Governor, Dr. Peter Mbah, has called for a homegrown digital revolution under the banner “Africa Will Rise: By Code, By Courage, By Us.”

Hon. Nnaemeka Ani

The message, part challenge, part philosophical—seeks to galvanize African innovators to move beyond buzzwords and build technology with impact and legacy in mind.

“Let’s stop building for hype. Let’s start building for legacy,” Ani urged while speaking to ICT journalists over the weekend. “Let’s stop waiting for someone else. Let’s start creating the future—on our own terms.”

At the heart of Ani’s vision is a shift from tech consumerism to tech authorship. With innovation hubs sprouting across cities like Enugu, Lagos, Kigali, Jo’Burg, and Nairobi, and a growing community of developers, engineers, and entrepreneurs determined to solve Africa’s unique challenges, the movement is already taking shape.

Ani emphasized that Africa’s future lies not in flashy apps or international admiration but in persistent, intentional solutions that uplift communities—solutions that digitize public services, bridge rural-urban divides, empower women and youth, and build resilience in food and climate systems.

“We have the talent,” he said. “Now it’s time to harness it—to stop building for likes and start building for lasting impact.”

With support from leaders like Ani and rising momentum in Africa’s tech corridors, it seems that a new chapter is being written—one line of code at a time.


Kindly share this post
Continue Reading

Trending