MTN commits R65bn investment in Nigeria

Pan-African telecom provider MTN Group is set to invest $3.5 billion in Nigeria over the next five years.

Despite operating in 19 markets, Nigerian contributes the lion’s share of MTN Group revenue. In the current reporting period, MTN Nigeria increased mobile subscribers by 9.4% to 76.7 million in the first quarter of 2023. In his remarks, Jonas congratulated Tinubu and welcomed the changes implemented by the new administration, promising to marshal other investors to support the government.

Since his inauguration on 29 May, Tinubu has undertaken economic reforms supporting local businesses. The changes include ending petrol subsidies and the unification of the naira’s multiple exchange rates.

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