The Chief Executive Officer of MTN Nigeria, Karl Toriola, highlighted that the technology company accounts for around 7% of Nigeria's Gross Domestic Product (GDP) and elaborated on MTN's ambitious initiatives.
During his speech at the TeXcellence 2024 conference, Toriola highlighted the critical role of the telecommunications sector in driving Nigeria's digital economy.
In discussing MTN's significant impact, Toriola emphasized that telecommunications have served as the cornerstone for the country's digital transformation.
“The telecommunication sector has been a critical driver of economic growth in this country, accounting for 14% of the nation’s GDP.
“MTN on its own contributes 7% to Nigeria’s GDP and its evolution into a Techco could propel the nation to unprecedented economic heights”, he said.
From the pioneering era of GSM licensing in 2001 to the introduction of 5G in 2022, Toriola highlighted that MTN has remained a leader in technological progress.
He pointed out the transformation in revenue streams, noting that data has now overtaken voice services as the main source of income, albeit with narrower profit margins. He recognized the challenges brought about by heightened competition and external influences, such as economic downturns and currency depreciation.
Nevertheless, he emphasized that these challenges are prompting a greater need for innovation in sectors like financial inclusion, IoT, AI, and the creation of digital ecosystems.
The MTN CEO provided an overview of the company’s ambitious initiatives, including the construction of the largest data center in West Africa and the expansion of 5G services to offer high-speed, low-latency connectivity. He also stressed the significance of affordability in enhancing digital access, noting that 71% of Nigerians struggle to maintain consistent internet connectivity due to financial constraints.
In conclusion, Toriola urged collaboration among industry stakeholders, international partners, and the government to unlock Nigeria’s potential and foster a culture of curiosity and innovation. “Our greatest asset is our people—their determination and creativity. By nurturing this talent and investing in our digital infrastructure, we can realize the vision of a trillion-dollar economy,” he stated.
As of September 2024, MTN stands as the largest telecommunications provider in Nigeria by subscriber count, holding over 50% of the country's GSM market share.