MTN Promises To Invest $3.5b in Nigerian Economy

By Akeem Oduyoye

The MTN Group has disclosed that the company has in plan to invest $3.5 billion in the Nigerian economy over the next five years.

The company made this disclosure during a meeting with President Bola Tinubu at the State House, Abuja on Friday, 7 July, 2023.

This was contained in statement issued by Tinubu’s Special Adviser on Special Duties, Communications, and Strategy, Dele Alake.

According to Alake, the delegation of the company to the meeting was led by its Group Chairman, Mcebisi Jonas accompanied by the Group President/CEO of MTN, Ralph Mupita, Chairman of MTN Nigeria, Ernest Ndukwe and Chief Executive Officer, Olutokun Karl Toriola

According to Alake, the MTN Group promised to invest  $3.5 billion in the Nigerian  economy over the next five years, with a broader vision of becoming a pan-African company by moving investments from the Middle East and focusing more on Africa, especially Nigeria, where it gets the highest return on investment.

Jonas, according to the statement, congratulated the President for the upswing of interest in the country within a short period since he assumed office, May 29, 2023, promising to support in mobilisation of other investors with about $1.5 trillion to look towards Nigeria, where reforms had been styled to favour business and encourage inclusive development.

“The message you have given us is that Nigeria is investible, and with your election, we are seeing decisive, prompt and keen interest in structural reforms,’’ the statement quoted the MTN Group Chairman to have said.

Responding, Tinubu assured the manufacturing and service sectors that more reforms will be unfolded to enable efficiency and attract investments.

Tinbu said ongoing economic ‘‘revolution’’ will be deliberately steered to capture and favour teeming youths in the country.

“We have a responsibility to revolutionize the economy so that our youths can share in the prosperity of the nation, otherwise we are only waiting for the dreams to be charted,’’

“If you have any problems or impediments do let us know. We are ready to remove bottlenecks to investments in the economy,’’ the President noted while acknowledging the sweeping changes across the world, largely driven by technology.

President Tinubu said the growing rural-urban migration can only be controlled with more investments in digital technology that will directly improve healthcare systems and education for the poor.

“I am happy you are moving from Corporate Social Responsibility to be more incisive and inquisitive with technology so that we can see how we can partner structurally,’’ the President stated.

“You can do a lot for the economy by partnering with us. We believe no one can succeed alone. The structural adjustments we are making are to ensure we face the right direction and arrive at a destination that caters for our people.

“You and I will make sure that the people have a share of that prosperity. We will, together, build a well-informed society. We have to re-assess the journey. I am glad that the stock market is responding positively to the structural adjustments,’’ he added.