We’ve Invested $10b in Nigeria so Far – MTN

In order to improve widespread access and financial inclusion, MTN has stated that it has invested more than $10 billion in strengthening Nigeria’s digital infrastructure since 2001.

The Group stated that it remained dedicated to Nigeria’s long-term potential and the larger African Continental Free Trade Area (AfCFTA) ambition in spite of economic challenges.

The telecom giant stated as Africa stands at the verge of a dramatic shift, the demand for increased intra-continental cooperation could not be clearer. The strength of our commitments as a group will determine the road to shared prosperity, not the advancement of individual countries.

The relationship between South Africa and Nigeria, two of the biggest economies on the continent, and the organizations that act as linkages between them are essential to this goal.

According to MTN Group, its Johannesburg headquarters hosted Minister Parks Tau, the South African Minister of Trade, Industry, and Competition, along with his delegation. Africa must react collectively rather than separately at a period when global unknowns are changing technology and trade. As MTN, we consider it our responsibility to act as an economic diplomatic link between South Africa and Nigeria, promoting inclusivity, stimulating growth, and opening doors for the continent’s collective prosperity,” the carrier stated.

“The voyage of MTN is a prime example of what can be achieved when two powerful nations work together. MTN, the biggest South African investor in Nigeria, has long seen its presence as an avenue for inclusive development rather than just a business endeavor. We have spent over $10 billion on Nigeria’s digital infrastructure since we started doing business there in 2001.

Over 80 million subscribers are served by MTN Nigeria today, and the company directly employs thousands of people while supporting hundreds of thousands more livelihoods throughout its extended value chain.

However, despite the large economic impact, we are most proud of the social and developmental results of this investment, including increased connectedness, improved financial inclusion, and the empowerment of people and businesses through digital technology.

Despite these challenges, MTN remains fully committed to its business model and its continued presence in Nigeria, underpinned by a belief in the country’s enduring potential and strategic importance to the continent, the company said in an e-note over the weekend. “However, the operating environment remains complex.” Nigerian macroeconomic issues, such as currency depreciation, inflation, and restrictions on accessing foreign exchange, have put pressure on business continuity and investor confidence.

However, it stated that some long-standing concerns must be resolved if South Africa and Nigeria are to fully realize their bilateral potential. There will be a rare chance to discuss these issues at the South Africa–Nigeria Trade and Investment Summit, which will take place in Abuja later this year. The Summit is a catalyst for institutional discourse, reciprocal market access, and policy reform in addition to being a diplomatic engagement. Crucially, it ought to reaffirm the private sector’s contribution to developing workable, feasible solutions that facilitate international investment and trade.

These goals can be realized on a historic scale thanks to the AfCFTA. However, for it to succeed, digital connection and infrastructure will be just as important as regulatory harmonization or tariff liberalization.

As a pan-African operator, MTN is making significant investments in the digital underpinnings of the AfCFTA, enabling digital payments, facilitating smooth mobile communication, and creating venues for international business.

We also think that cultural exchange and interpersonal interaction must be a part of integration, in addition to economic frameworks. Our MTN Media Innovation Program is one such program that brings up-and-coming media professionals from Nigeria to South Africa for immersive education. We hope to foster lasting relationships amongst our countries’ future leaders through initiatives like these, in addition to imparting information and skills,” the telco said.