MTN plans $3.5bn business interest, to mobilise $1.5trn investment into Nigeria

THE MTN Group chairman, Mcebisi Jonas, says the company plans to invest $3.5 billion in the Nigerian economy over the next five years, while also promising to mobilise an additional $1.5 trillion investment into the country.

Jonas spoke in Abuja on Friday, July 7 when he led a delegation of MTN officials to a meeting with President Bola Ahmed Tinubu at the State House, Abuja.

The Group president/chief executive officer of MTN, Ralph Mupita; chairman of MTN Nigeria, Ernest Ndukwe; and MTN Nigeria chief executive officer, Olutokun Karl Toriola, were part of the meeting.

Jonas said the new investment comes with the group’s broader vision of becoming a pan-African company by moving investments from the Middle East and focusing more on Africa, especially Nigeria, where it has been getting the highest return on investment.

He lauded Tinubu for what he considered the upswing of interest in the country within a short period since the President assumed office on May 29, 2023.

He promised to mobilise other investors to invest about $1.5 trillion in Nigeria, where he believed 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 MTN Group chairman noted.

Tinubu, responding, assured the manufacturing and service sectors that more reforms would be unfolded to enable efficiency and attract investments, saying the ongoing economic ‘‘revolution’’ would be deliberately steered to capture and favour the teeming youths in the country.

He added, “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.

He said the growing rural-urban migration can only be controlled with more investments in digital technology that would 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.






     

     

    “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 said.

    An analyst said the government would keep improving the environment for ease of doing business and attracting investments into the economy, and would increase the supply side of the Nigerian foreign exchange unification.

    “The dollar supply side of the economy is very important with the foreign exchange unification. If we don’t have more dollars into our reserves, the dollar will keep rising and will make the economy highly vulnerable,” the chief executive officer of Cowry Assets, Johnson Chukwu, said.

     

     

     

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

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