MTN Nigeria, the country’s leading telecom provider, has emphasized the urgent need for the telecom industry to regain profitability in order to maintain long-term sustainability.
MTN CEO Karl Toriola disclosed this on Monday, October 21, 2024, during a visit by Media Innovation Program Fellows to MTN’s facilities in Ibeju-Lekki, Lagos. He highlighted the significant recent losses in the industry and emphasized the need for swift action to reverse the trend.
MTN’s 2023 sustainability report shows that the operator has invested N2.6 billion in corporate social responsibility and is currently sustaining operations with the revenue accumulated over the past 20 years. In a Punch report, the CEO stressed the need to restore the industry’s profitability, explaining that the company is now relying on its reserves, which is not sustainable in the long term.
MTN’s 2023 sustainability report shows N2.6 billion in corporate social investments, with the company relying on past revenue to stay afloat. The CEO stressed the urgent need for industry profitability, noting that relying on reserves is not sustainable.
“We will shut down if tariffs don’t increase,” Toriola warned, stressing the need for adjustments to match economic realities. He noted that financial challenges have already led MTN, once a top corporate taxpayer, to reduce its tax contributions.
