Telecoms investment in Nigeria has exceeded US$18 billion over the past eight years, the Nigerian Communications Commission has said.
According to a statement from the regulator to the This Day newspaper, the country is keen on attracting more investments so as to expand the needed services in the areas of Internet and broadband services across the country, having made a remarkable inroad into voice telephony services."
Around US$12 billion of the investment in the telecoms industry has been made up of around US$12 billon from foreign direct investments while the balance was from investments made from and within the country since 2001.
The regulator added that the decision by Nigeria to implement a technologically neutral regulation has resulted in investments in both the GSM and CDMA based services and made diverse services available in Nigeria with investors attacking services from different points thereby providing choices for the Nigerian consumer.
According to the Mobile World analysts, the country ended Q1 2009 with around 64 million mobile phone subscribers, compared to just 600,000 at the end of Q1 2002.