Nigeria’s largest telecom company by revenue and customer base, MTN Nigeria says it will invest the sum of N600 billion to expand its network infrastructure nationwide over the next 3 years.
This was disclosed by Chairman of MTN Nigeria Communications, Dr Ernest Ndukwe, at the company’s 20th-anniversary celebration in Lagos on Sunday, commemorating the launch of its services in Nigeria which began on the 8th of August, 2001, according to NAN.
READ: MTN to invest $1.5 billion in Nigeria, to execute FG’s road tax credit scheme
What the MTN chairman said
Ndukwe said that MTN was committed to specifically expanding its rural connectivity to reach areas that were underserved across the country.
“We plan to connect approximately 1000 rural communities to our network this year with an additional 2000 communities in 2022,” he said, citing that the company plans to spend N600 billion in 3 years doing so.
Ndukwe expressed optimism about what the future holds for Nigeria’s digital economy and looked forward to building it together with all stakeholders.
READ: MTN yet to renew Universal Access License – NCC
Chief Executive Officer of the company, Karl Toriola, also spoke on the planned scheme between the FG and MTN with the restoration and rehabilitation of the Onitsha-Enugu Expressway through the Federal Government’s Road Infrastructure Tax Credit ((RITC) Scheme.
“We’ve initiated plans for the construction of a purpose-built, state-of-the-art head office in Lagos.
“We will also be selling down 14 percent of MTN shares to over two million Nigerian retail investors.
“We firmly believe that Nigeria’s digital journey is only just beginning and that the future is filled with promises.
“Working together, we can and will build the more prosperous and inclusive future we seek and empower even more Nigerian to do greater things,” Toriola said.
What you should know
- In its released unaudited financial results for the period ended June 30, 2021, MTN Nigeria announced Revenue for the period was N791.3 billion (+24% YoY) and Profit after tax was N141.83 billion (+49.5% YoY).
- MTN also revealed that it earns 70% of its revenue from about 30% of its customers. This was mentioned by the company in an investor call with analysts and investors,
- Meanwhile, The Federal Government said that about 794 kilometres of road have been prioritized for construction by eligible companies through Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme. Companies that had taken the advantage of the initiative include Dangote Industries, Unilever, Julius Berger, MTN, BUA Group of Companies, Access Bank, Transcorp Group, Lafarge and GZI Industries.
