Nigeria wants ICT to power its economy.
By 2027, the federal government aims to lift the sector’s share of GDP from 17.68% in 2024 to 21%.
At GITEX Nigeria 2025 in Lagos, minister of Communications, Bosun Tijani, Innovation and Digital Economy, declared ICT as the nation’s “new economic backbone” and emphasised that it has already overtaken oil.
However, MTN Nigeria’s chief executive, Karl Toriola, cautioned that the target depends on predictable policy and operators’ freedom to adjust tariffs with inflation.
Policy And Pricing Hurdles
“Capital doesn’t care about passport colour; it seeks safe, predictable returns,” Toriola told newsmen.
“If investors cannot repatriate funds, if rules shift midway, or if operators cannot rationally adjust pricing when inflation quadruples costs, then growth will stall.”
He pointed to 2023, when the naira crashed from ₦450 to over ₦1,600 per dollar.
As a result, MTN’s costs soared while tariffs stayed frozen, and the company posted losses and negative cash flow.
“Without pricing flexibility, no industry can stay healthy,” he argued.
Heavy Bets On Digital Future
Despite the strain, MTN continues to bet heavily on Nigeria’s digital future.
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The operator launched the first phase of West Africa’s largest data centre—4.5MW today, expanding to 14MW.
It also rolled out fibre-to-the-home for 1.5 million households across Lagos, Alimosho, Benin City, Ife, Katsina and Jos.
Moreover, in 2025, the firm committed ₦1 trillion to radio, fibre and network resilience upgrades.
MTN also invests beyond telecoms.
It refurbishes the Enugu–Onitsha Expressway under a tax credit scheme, designs a new Lagos head office to serve as a national landmark, and deepens infrastructure-sharing agreements with Airtel and 9mobile.
Meanwhile, falling handset costs prove Nigerians are ready for broader connectivity.
“Five years ago, 5G phones cost $1,000.
Today, some sell for $70,” Toriola noted.
He compared fibre-to-the-home to solar power: a life-changing investment that boosts productivity, learning and competitiveness.
Ultimately, Nigeria’s ICT sector holds the talent, companies and market strength to transform the economy.
Yet Toriola insisted the outcome rests with government: “We need stability, confidence and flexibility to unlock full potential.”
