In a recent interview with Arise TV, Karl Toriola, the CEO of MTN Nigeria, shed light on the company’s performance and resilience in the face of economic challenges.
Toriola acknowledged that 2023 was a challenging year for most companies in Nigeria, including MTN Nigeria, with the devaluation of the Naira impacting operating costs and dollar debts on the company’s balance sheets. “It’s been a challenging year but we always count our blessings and our good fortunes. We’ve achieved a lot, clearly the macro is affecting MTN as it is affecting everyone else in the corporate sector and individuals. We continue to roll-out our network, activate 5G and we have quadrupled our 5G coverage.”
Toriola attributed the company’s success to three key factors; the quality of service, a ruthless drive towards efficiency and localising as much of their spend as possible. He emphasised that the beginning of a successful business largely comes from the customer, and MTN Nigeria strives to ensure customer satisfaction at all times.
Over the past five years, the ICT company has undergone significant transformation, including rebranding, launching 5G, obtaining the PSB licence and going public. Despite these changes and the economic headwinds, especially the devaluation of the Naira, MTN Nigeria has managed to deliver solid numbers every year.
Toriola acknowledged the pressure that comes with being a publicly-listed company, especially since MTN Nigeria went public under his predecessor, Ferdi Moolman. He emphasised that being listed, the company is now held to the highest standards of accountability and governance. “When you’re listed you have to answer to government structures in the NGX and in the NCC as well as a host of other regulators so that is one of the biggest demands.”
On the technological front, MTN Nigeria has made significant strides. The company launched 5G, which was instrumental in servicing digitization. As of mid-2023, well over 50 percent of MTN’s revenue came from data.
Furthermore, Toriola acknowledged the challenges of bridging the digital divide, especially since a sizable percentage of MTN’s subscriber base are still on 2G. He noted that the biggest barrier to this shift is the cost of handsets and the affordability of data.
To address these issues, MTN Nigeria is working with the EB and the NCC to accelerate digitization and broadband accreditation. They are also addressing issues around right of ways and security of their infrastructure, which would help deliver direct quality of service and accelerate broadband across the country.