MTN Group, the pan-African telecom provider, has announced plans to invest $3.5 billion in Nigeria over the next five years. The announcement came during a meeting between MTN executives and directors and Nigeria’s President, Bola Tinubu. Nigeria is MTN Group’s most lucrative market, contributing significantly to its revenue.
In the first quarter of 2023, MTN Group reported a 9.4% increase in mobile subscribers in Nigeria, reaching a total of 76.7 million. Active data users also rose by 14.7% to 41.2 million, while mobile money wallets increased to 3.2 million. Service revenue saw a significant increase of 20.5% to $742 million, and earnings before interest, tax, depreciation, and amortization grew by 17.7% to $397 million.
During the meeting with President Tinubu, MTN Group Chairman Mcebisi Jonas revealed the company’s multi-billion dollar investment plan and expressed their intention to mobilize other investors to support Nigeria’s economy. Jonas commended the reforms implemented by the new administration and emphasized MTN’s commitment to partnering for progress with host countries across Africa.
President Tinubu welcomed the investment and praised the positive response in the stock market following structural adjustments made by the government. Tinubu’s economic reforms include the elimination of petrol subsidies and the unification of the naira’s exchange rates.
MTN Group, as Africa’s largest mobile network, is actively seeking partnerships to drive progress and align its aspirations with those of the countries it operates in. The company’s investment in Nigeria demonstrates its confidence in the market and its commitment to contributing to the country’s economic growth.