MTN Group has made a commitment to invest $3.5 billion (R65 billion) in Nigeria over the next five years.
Mcebisi Jonas who is the chairman for the Pan-African telecom provider, said the company’s plans for its most lucrative market on Friday when the telco’s executives and directors met Nigeria’s new president Bola Tinubu.
Even though the company is operating in 19 markets, Nigerian contributes the lion’s share of MTN Group revenue. Currently, , MTN Nigeria has increased mobile subscribers by 9.4% to 76.7 million in the first quarter of 2023. Active data users increased by 14.7% to 41.2 million, mobile money wallets increased by 1.2 million to 3.2 million, and service revenue increased by 20.5% to $742 million.
Earnings before interest, tax, depreciation and amortisation grew by 17.7% to $397 million.
The team from MTN that met Tinubu included group CEO Ralph Mupita, chairman of Nigerian operations Ernest Ndukwe, and chief executive officer Olutokun Karl Toriola.
Taking place at the state house in Abuja, it was at the meeting where revealed the planned multi-billion rand investment, promising to mobilise other investors with about $1.5 trillion to invest in Africa’s biggest economy and the continent’s most populous nation.
He congratulated Tinubu and welcomed the changes implemented by the new administration, and promised to marshal other investors to support the government. “The message you have given us is that Nigeria is investible; and with your election, we are seeing decisive, prompt and keen interest in structural reforms.” – he added.
Tinubu has undertaken economic reforms supporting local businesses since his inauguration on the 29th of May, and the changes include ending petrol subsidies and the unification of the naira’s multiple exchange rates.
Recently, Tinubu said: “I am glad that the stock market is responding positively to the structural adjustments.”
MTN has been calling for partnerships for progress across Africa. The company wants to partner for progress with nation states and twin its aspirations with those of its host countries.
