MTN Nigeria says that despite the “severe impact” of “heightened regulatory pressure” on its operations, it will continue to invest in Nigeria, especially as it contributes 4.5 percent to the country’s Gross Domestic Product (GDP).
Announcing its 2015 fiscal year results in Nigeria, MTN said 2015 was a very challenging year for its Nigerian market, blaming “weak economic conditions” and dollar scarcity for “lower-than-expected performance”. “Heightened regulatory pressure also severely impacted MTN Nigeria.
This was particularly evident in the suspension of regulatory services and the subscriber registration requirements, which meant that MTN had to disconnect 6.7 million subscribers,” MTN said.
“In the period under review, MTN Nigeria invested US$94 million in renewing its 2G licenses. It also concluded the acquisition of Visafone Communications.
“These developments, combined with the acquisition of a 4G/LTE licence and digital TV spectrum, highlight MTN’s long-term commitment to improving the quality of broadband services, a national priority for the government.”
Speaking on its dealings in Nigeria, Ferdi Moolman, CEO MTN Nigeria, said the company had invested over N3.2 trillion in Nigeria over 15 years. “We have invested more than US$16bn in Nigeria over the past 15 years and contribute an estimated 4.5% to GDP.
We are proud of the fact that we are an integral part of the Nigerian economic and social fabric. “We remain committed to the country and our top priorities are to improve network and service quality, as well as data speeds for our customers.”
MTN Nigeria also said it is the largest music distributor in Africa and the largest investor in mobile money and Africa Internet Holdings (which houses well-known brands like online retailer Jumia and real estate player Lamudi).
Through its foundation, MTN said it has invested N18 billion in 550 projects and empowered more than 3 million people in communities across Nigeria, while donating US$10 million to the Ebola cause in 2015.