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MTN Nigeria, Nigeria’s telecommunications giant, led by Karl Toriola, will invest about $664 million in 2025 to upgrade its network and expand service nationwide. The commitment comes despite a difficult year that left the industry struggling with foreign exchange shortages and soaring operating costs.
Karl Toriola said the capital spending underscores MTN’s push to improve service quality and strengthen its market lead. “In 2025, we are investing N1 trillion ($663.8 million) in capital expenditure to improve quality of service,” he told reporters in Lagos. “We outspent our competitor nine to one on capacity and quality, and over time, customers naturally migrate more of their spend to the better provider.”
MTN pushes 4G, faces currency and policy pressure
The company’s plan focuses on expanding 4G coverage, boosting data speeds, and preparing for new technologies. Independent tests and customer usage patterns show that Nigerian subscribers often hold multiple SIM cards but direct more spending toward operators with stronger networks.
Still, Toriola acknowledged the pressures of 2024, when the naira’s sharp depreciation — from N450 to N1,600 against the dollar — pushed MTN into a loss and negative cash flow. “We had to borrow to keep the lights on,” he said.
He warned that without reforms to allow tariff adjustments in line with inflation and currency swings, the entire sector could be at risk. “In developed markets, tariffs automatically adjust with inflation. Nigeria must adopt the same model if we want a resilient sector,” he said.
Toriola added that stable policy, regulatory clarity, and improved foreign exchange access will be vital to attract the billions needed for fiber networks and data centers. “Capital doesn’t care whether you are Nigerian or foreign — it goes where it gets the safest and best returns,” he said.
Toriola drives MTN revenue, profit rebound
Despite economic headwinds, MTN reported a rebound in the first half of 2025 under the leadership of Karl Toriola. Revenue rose to N2.38 trillion ($1.57 billion), while profit after tax recovered to N414.9 billion ($271 million), a sharp turnaround from the N519.06 billion ($339.13 million) loss recorded a year earlier.
The company’s planned spending will mark one of the largest investments in Nigeria’s telecom network this year. It signals confidence in the country’s digital future at a time when many firms are scaling back. For customers, the move could bring faster service and wider coverage, though high inflation continues to weigh on affordability.
