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MTN’s investment in Nigeria exceeds $16bn, says more to come

MTN’s investment in Nigeria exceeds $16bn, says more to come
  • Comments   -   Friday, 24 February 2017 - 12:18

(Ecofin Agency) - South African company MTN Group has revealed that it has invested more than $16billion so far in its operations in Nigeria. This was disclosed by outgoing Chairman/Chief Executive of MTN Group, Phuthuma Freedom Nhleko (photo), during a visit to the Nigerian Communications Commission (NCC) headquarters in Abuja on Thursday.

The official said the mobile operator was willing to invest more in the country despite recent issues related to the N330bn ($1.1billion) fine it was imposed by NCC.

We had challenges in the past, during the period of the fine, and we are grateful for the role the commission played towards an amicable resolution” Nhleko said. “We have a very long way to go and so we ask for spectrum which is the oxygen and life blood to navigate this long and tedious investment journey, without spectrum, the sector will suffocate,” he added.

In Nigeria, MTN has distinguished itself in terms of voice and data services and plans to bring online more services like mobile financial services. Commenting on the group’s desire to expand its Nigerian activities, Executive Vice Chairman and Chief Executive Officer of NCC, Umar Garba Danbatta, assured the group that the Commission will always “play by the rules” and support every operator in respect to the law.

According to him, “the telecomsector has contributed very well to the National Gross Domestic Product (GDP) and has shown remarkable resilience in the recession”.

Anita Fatunji

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