
Telecommunications and ICT firms in Nigeria owe Deposit Money Banks a total of N1.69tn as of September 2024, reflecting a 3.9% year-on-year decline in debt from N1.77tn in September 2023. The drop is attributed to the Central Bank of Nigeria’s (CBN) aggressive interest rate hikes, which have tightened borrowing conditions.
Despite a slight month-on-month increase of 1.9%, the sector’s borrowing trend fluctuated throughout 2024 due to economic uncertainties, exchange rate volatility, and rising operational costs.

The telecom industry, which contributed 13.94% to Nigeria’s GDP in Q3 2024, has faced challenges, including an 87% decline in foreign investments during the same period. Amid these pressures, telcos are renewing calls for tariff hikes to reflect rising costs and ensure sustainability.
The government has tied approval for these hikes to increased infrastructure investment by telecom companies, emphasizing the importance of maintaining industry growth and service quality.