Monday , December 4 2023
MTN to Invest $3.5 Billion in Nigeria's Digital Economy

MTN to Invest $3.5 Billion in Nigeria’s Digital Economy

MTN Group Chairman, Mcebisi Jonas has announced the telecom company plans to invest $3.5 billion in the Nigerian economy over the next few years.

This was disclosed when the Group President and CEO of MTN, Ralph Mupita, alongside other board members and leaders of the Nigerian arm, paid a courtesy visit to President Bola Tinubu.

The MTN team, on a courtesy visit to the president, outlined the company’s strategy for expanding connectivity across the country, diversifying digital services available to Nigerians and supporting the rapid growth of Nigeria’s digital economy.

In welcoming the team, President Tinubu, said: “You can do a lot for the economy by partnering with us. We believe no one can succeed alone. The structural adjustments we are making are to ensure we face the right direction and arrive at a destination that caters to our people. We have a responsibility to revolutionise the economy so that our youths can share in the prosperity of the nation, otherwise, we are only waiting for the dreams to be charted.”

Thanking the President and his team for their hospitality, MTN Group President/ CEO, Mupita, said: “We appreciate the warm reception from President Tinubu and his team, and we thank them for their enthusiasm for the role that the telecoms and technology sector can play in driving the growth of Nigeria’s digital economy, and in ensuring broad participation in the new economic era. Our visit is an opportunity to reinforce our long-term commitment to Nigeria and our belief in the immense potential of this great country.

“The principle of shared value is a fundamental pillar of our ‘Ambition 2025’ strategy, which we are actively implementing in Nigeria. Whether through expanding local ownership via retail participation in our domestic listing, our renewed focus on local content, promoting access to connectivity and financial services in rural areas, or deploying innovative technology platforms, we are continuously innovating to ensure a more inclusive digital landscape.”

Jonas said the vision is to become a pan-African company, by moving its investments from the Middle East to focus more on Africa, with Nigeria being at the forefront considering its accounts for its highest returns on investment.

“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.

At the meeting, at the State House in Abuja, Jonas revealed the planned multi-billion dollar 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.


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