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MTN to invest over 580 billion naira in Nigeria

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Africa’s leading telecommunication company MTN Group Ltd. has said it will invest $1.6 billion (580 billion naira) to expand its operations in Nigeria.

The network provider announced the investment after its senior executives including Chief Executive Officer Rob Shuter and Nigerian President Muhammadu Buhari met on Wednesday.

“We are steadfast about our investments in Nigeria, particularly over the next three years as we aim to strengthen and expand our network and systems,” MTN Chairman Mcebisi Jonas said in an emailed statement to Bloomberg.

The investment pledge comes after MTN reasonably resolved its major dispute with the Nigerian government. MTN on Thursday formally withdraw its case challenging the jurisdiction of the country’s attorney general to charge it with $2 billion in back taxes.

Both the government and the telecom company look forward to work together to improve telecommunications networks in the country.

“I am pleased to hear of the progress you are making in Nigeria, especially in supporting our digital inclusion programs,” Buhari said in a statement.

“Your proposed projects, such as the rural telephony project, will surely complement our economic diversification and financial inclusion programs by connecting the producers based in rural areas to consumers located in our major towns and cities.

“Our hope is for operators like MTN to continue to focus on delivering quality service at reasonable prices. If we put our minds together, such win-win positions are achievable.”


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