Thursday, Oct 6, 2022
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MTN to invest $1.6 bn in Nigeria to boost connectivity

MTN Nigeria Investment
This follows the Nigerian government’s decision to drop charges against MTN Group for alleged unpaid taxes worth $2 bn

MTN Group has announced that it will make an investment of around $1.6 billion in Nigeria, its biggest market in Africa.

The investment by MTN will be used to boost connectivity in Nigeria.

The investment by MTN in Nigeria follows the Nigerian government’s decision to drop charges against MTN Group which alleged that the telco owed around $2 billion in unpaid taxes to the government.

At the same time, MTN Nigeria also dropped the $3 billion rights enforcement countersuit it filed against the Attorney General Abubakar Malami.

In a statement, MTN Group said, “MTN announced a capital investment programme of $1.6 billion over the next three years to strengthen and expand its network and operations in Nigeria. MTN remains committed to meeting its fiscal responsibilities and contributing to the social and economic development of Nigeria in collaboration with all stakeholders.”

Prior to the announcement, top MTN executives held a meeting with chief executive Rob Shuter and Nigerian President Muhammadu Buhari, where Buhari confirmed that the Nigerian government will drop the lawsuit and continue to provide MTN a suitable environment to do business and succeed.

Last year, MTN formed a five-member international advisory board to help the telco make better business decisions and tackle the problems it is facing in the African continent.

The advisory board included political heavyweights such as former South African president Thabo Mbeki, former president of Ghana John Kufuor and Dr Aisha Abdullahi, former African Union commissioner for political affairs.

According to MTN, it has around 233 million subscribers in 21 consumer countries across Africa. MTN also provides enterprise services to businesses in 23 different African markets.

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