How MTN Nigeria Is Helping To Grow Nation’s Economy Across Different Fronts

Findings in the latest financial report of telecommunications giant, MTN Nigeria, reveal a sustained vote of confidence in the nation’s economy—and a strong show of trust from customers across key performance indicators.

Among the standout developments is a disciplined approach to managing gross connections and subscriber churn, reflected in a N202.4 billion investment in capital expenditure within the last three months, aimed at boosting connectivity and service quality.

In the same breath, the market leader paid N764.2 billion in taxes and levies in 2024—a 40.5% increase from the N543.9 billion paid in 2023—and empowered local businesses by directing 59.6% of its total spend for the year to Nigerian suppliers.

In the first quarter of 2025, MTN Nigeria’s continuous innovation in customer value offerings and unwavering support for indigenous businesses translated into an impressive 3.2 million new subscribers, bringing its total base to 84.1 million.

The company also gained 2.6 million active data users, raising the number to 50.3 million.

Most notably, it posted a profit after tax of N133.7 billion—a sharp and commendable turnaround from the N392.7 billion loss recorded during the same period last year.

This strong performance aligns with a 40.5% year-on-year surge in service revenue, which now stands at N1.06 trillion for 2024.

These achievements unfolded even as MTN Nigeria began the phased implementation of a new tariff structure approved by the regulator in January 2025.

This measure, introduced in mid-February to help the industry tackle rising costs, is expected to show full impact on usage and revenue by the second quarter.

Yet beyond the financials, the influence of MTN Nigeria on the nation’s economic landscape is deep and wide, cutting across multiple strategic fronts.

The company plays a significant role in national revenue mobilization through taxes and levies, helping to finance budgets, infrastructure, and social programs.

Telecommunications contribute an estimated 15% to Nigeria’s GDP, and MTN alone accounts for about half that share—approximately 7.5%—through its extensive digital and communication services.

The N764.2 billion paid to the government in 2024 affirms its place among Nigeria’s top non-oil revenue contributors.

MTN is also at the forefront of Nigeria’s digital transformation journey. In 2023, it spent N571 billion on capital projects that extended network coverage to 92.9% of the population, including investments in base stations, fibre-optic cables, and rural connectivity.

In just the first quarter of 2025, it has already committed N202.4 billion toward further boosting service delivery and digital access.

With digital infrastructure being a cornerstone of productivity and economic competitiveness, these investments have far-reaching implications.

The company’s pioneering deployment of 5G technology further underscores its commitment to national progress.

By the end of 2023, 5G coverage had reached 11.3%, and as of the latest quarter, has grown to 12.7%.

This connectivity supports high-speed internet, low latency, and advanced technologies like artificial intelligence, robotics, telemedicine, and the Internet of Things, all crucial for the smart cities and automated systems Nigeria is striving to build.

MTN also added 4 million smartphones to its network in Q1 2025, bringing smartphone penetration to 60.7%.

Its 4G network now covers 82.7% of the population, and its home broadband segment remains the market leader with 233,000 new subscribers added in Q1 alone, raising the total to 3.5 million.

These strides are powered by its 5G fixed wireless access and fibre-to-the-home offerings, which are key enablers of digital inclusion.

MTN has also expanded its role beyond telecommunications through its financial services arm, MoMo PSB (Payment Service Bank), launched in 2022.

Built on the backbone of MTN’s wide-reaching mobile network, MoMo offers savings, transfers, and bill payment solutions to underserved populations, particularly in rural areas.

The platform currently boasts over 4.8 million active wallets, and management is taking strategic steps to deepen its reach with new services tailored to add value for individuals and businesses alike.

Beyond its direct workforce of over 1,900 employees, MTN Nigeria drives job creation across a vast ecosystem of contractors, distributors, MoMo agents, service partners, and vendors—supporting hundreds of thousands of indirect jobs.

It also invests significantly in staff development and training, strengthening the broader national talent pool.

The company’s commitment to social development is equally robust, with corporate social investments rising to N3.5 billion in 2024, up from N2.6 billion in 2023.

These initiatives touched over 663,300 lives and span health, education, youth empowerment, and digital literacy.

They include programs like the MTN Skills Academy, which targets 3 million Nigerians, the MTN Media Innovation Program for journalists, and scholarships for over 4,000 tertiary students, among others.

MTN Nigeria also remains a strong advocate of local content and SME growth.

Through initiatives like MTN Business Enterprise and Y’ello Biz, it offers training, digital tools, and affordable data plans to small businesses.

It partners with Nigerian developers and startups to build solutions tailored for the local market, thus strengthening the digital ecosystem from within.

In line with its strategic vision, MTN Nigeria is also aligning with global sustainability goals. The company has committed to achieving net-zero carbon emissions by 2040.

In 2023, it began transitioning some base stations to renewable energy and adopted eco-friendly practices, including the introduction of eco-SIM cards—the first in West Africa. In its 2024 sustainability report, MTN Nigeria confirmed that 194 solar-powered rural telephony sites have been added, highlighting its resolve to support Nigeria’s transition to a greener economy while positioning the nation to attract climate-conscious investment.

Through its bold investments, digital leadership, financial empowerment efforts, community engagement, and sustainability commitments, MTN Nigeria is not just maintaining its role as an industry leader—it is helping to shape the nation’s economic future across multiple dimensions