Investments in telecommunication networks, infrastructure, and others increased by 2.68 per cent from $56.28m in the first quarter of 2021 to 57.79m in Q1 2022, according to data from the National Bureau of Statistics. This is a 100 per cent increase from the $0m that was recorded as investments in form of foreign direct investment and foreign portfolio investments in the fourth quarter of 2021.

According to the NBS, capital importation data is obtained from the Central Bank of Nigeria and factors in imported physical capital, such as equipment, and financial capital importation.

It added that capital importation is divided into foreign direct investment, portfolio investment, and other investments.

Total capital importation for Q1 was $1.57bn, down from $1.91bn in the corresponding quarter of 2021. In their Q1 releases for 2022, MTN Nigeria and Airtel Africa MTN Nigeria Communications Plc and Airtel Africa revealed that they invested a combined N208.56bn in expanding network capabilities and other capital expenditures.

In its quarter release, MTN said, “Capital expenditure in the period was up by 80.8 per cent off a lower base in Q1 2021 and aggressive coverage expansion to capture growth opportunities, focusing on the 4G network and rural telephony programme.

“We are also frontloading some of our capex plan for the year as part of risk mitigation on supply chain disruption. Core capex, excluding the right of use assets, increased by 156.8 per cent, with capex intensity of 17.2 per cent remaining within target levels. We deployed 2,260 4G sites, representing approximately 85 per cent of the total sites deployed during the period and reflecting solid data revenue growth.”

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Airtel, its release, said, “We continued to invest in our network by expanding 4G coverage and building capacity to cater for the future needs of our customers and to continue providing them with high-speed data.

“Our expansion of 4G network capability across our footprint and connecting rural areas through the deployment of new sites continued to be our two key focus areas. Our investment in the 4G network through single RAN technology has resulted in both expansions of our 4G coverage and enhanced network capacity.

“At the end of FY’22, 87.6 [er cent of our total sites are now on 4G, compared to 76.5 per cent in the previous year.”

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