MTN Group's Chairman, Mcebisi Jonas, emphasized MTN's commitment to expanding its presence and operations in Nigeria during a meeting with Nigeria's President, Bola Ahmed Tinubu. Executives from MTN Group expressed their dedication to investing US$3.5 billion in their Nigerian operations over the next five years. This substantial investment underscores MTN's determination to contribute to Nigeria's growth and development.
MTN Group's significant investment in its Nigerian subsidiary aims to support the company's medium-term objectives. The investment will facilitate the improvement of network capacity, the expansion of 4G and 5G coverage, particularly in rural areas, and the promotion of broadband connectivity to households. Additionally, MTN plans to accelerate the growth of its MoMo PSB payment bank ecosystem, contributing to the expansion of its fintech business.
The investment also reinforces MTN's position as a leading player in the Nigerian telecoms market amidst growing competition. Airtel Nigeria recently introduced commercial 5G services and plans to invest $700 million annually in its operations over the next few years. Meanwhile, Globacom and 9mobile have embarked on efforts to extend and modernize their respective telecom networks.
According to the Nigerian Communications Commission (NCC), MTN currently holds a 38.74% market share in mobile telephony, with competitors 9mobile, Globacom and Airtel Nigeria accounting for 6.18%, 27.68%, and 27.4%, respectively.