JOINT VENTURE FUNDING OF INVESTMENTS
Apart from the absence of local manufacture of equipment and inadequate services, another major problem that has seriously affected the growth of the industry is insufficient financial resources. The industry is a capital intensive one and the banks in the country appear no to have strong financial muscle to handle massive investment in the sector. The industry has not also attracted individuals’ cooperative initiative probably because of the low level of income per capita in the economy. Hence joint venture partnership between foreign investors and Nigerians will be a veritable source of investment capital for the sector. At present there is no joint venture enterprise in the sector. The Nigeria-Turkey joint venture for the local manufacture of telecoms equipment initiated over five years ago was not concluded because of the political climate during this period. It is hoped that with the return of democracy in Nigeria, negotiation will once more commence on this issue.