Africa’s largest mobile network operator, MTN Group, has said it has a plan to invest $3.5 billion in the Nigerian economy over the next five years. This is part of a broader vision of becoming a pan-African company by moving investments from the Middle East and focusing more on Africa, especially Nigeria, where it gets the highest Return-on-Investment (ROI).
Despite operating in 19 markets, Nigeria contributes the lion’s share of MTN Group revenue. In the current reporting period, MTN Nigeria 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 amortization grew by 17.7% to $397 million.
MTN Group Chairman, Mcebisi Jonas, made this known when he led a delegation to meet President Bola Ahmed Tinubu at the State House, Abuja on Friday. Jonas congratulated the President for the upswing of interest in the country within a short period since he assumed office, on May 29, 2023, promising to support the mobilization of other investors with about $1.5 trillion to look toward Nigeria.
… where reforms had been styled to favor business and encourage inclusive development.
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.
Mcebisi Jonas, MTN Group Chairman
Since his inauguration on 29 May, Tinubu has undertaken economic reforms supporting local businesses. The changes include ending petrol subsidies and the unification of the naira’s multiple exchange rates.
I am glad that the stock market is responding positively to the structural adjustments.
President Bola Ahmed Tinubu
The Group President/CEO of MTN, Ralph Mupita, Chairman of MTN Nigeria, Ernest Ndukwe, and Chief Executive Officer, Olutokun Karl Toriola were also part of the meeting, and the group’s stance has been quite visible 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.
