When a nation gets a thing in its economy right, it brings multiplied result. This is the story of the privatisation of the telecommunication sector, bringing in ownership. In fact, it is now reflecting in the GDP of Nigeria.
MTNN, Glo and others came onboard, and a lot has changed since then.
Recently, MTN Nigeria announced that MTNN now contributes 7% to Nigeria’s GDP, with the telecom sector adding 14%.
This interesting reward means that Nigerians are spending some good money on Data and Airtime.
You see, MTN Nigeria’s CEO, Karl Toriola, gave this figure at TeXcellence 2024 Conference.
According to him, innovation and affordable digital access are key to driving the nation’s economic growth.
Toriola, proudly highlighted that the telecommunications sector as a whole accounted for 14% of the nation’s GDP. This underscores the sector’s crucial role in economic growth.
Furthermore, Toriola reflected on MTN’s transformation from a traditional telecom provider to a leading tech company.
He pointed to key milestones, such as the launch of GSM in 2001 and the introduction of 5G in 2022, both pivotal in driving Nigeria’s digital advancement.
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In addition, Toriola noted the shift in revenue generation within the telecoms industry, with data now surpassing voice services as MTN’s main income source.
Meanwhile, increased internet usage has been a significant trend, with a 501.99% rise in monthly internet consumption since 2019, driven by growing demand for streaming and online services.
However, Toriola acknowledged the challenges posed by fierce competition, economic pressures, and currency devaluation.
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Despite these hurdles, he saw them as opportunities for innovation in areas like financial inclusion, AI, IoT, and digital ecosystems.
Moreover, Toriola emphasised the importance of affordability, as 71% of Nigerians face difficulties accessing regular internet services due to high costs.
Furthermore, he identified what the government must do to alleviate the suffering of the people.
According to him, one thing that could help is the collaboration among the government, industry stakeholders, and international partners in supporting Nigeria’s digital future.
“Our greatest asset is our people,” he said.
“By investing in digital infrastructure, we can achieve the vision of a trillion-dollar economy.”
The speech underscored MTNN commitment to driving Nigeria’s economic growth through technology.
