Chief Financial Officer of MTN Nigeria Modupe Kadri, has clarified that the company’s ₦3 trillion figure reflects revenue rather than profit, saying it represents MTN’s contribution to Nigeria’s economy through the telecommunications services it provides.
Speaking during an interview with ARISE NEWS on Wednesday, Kadri said the headline figure represents MTN’s contribution to the economy through the provision of voice, data, digital services, enterprise solutions and fintech services to more than 92 million subscribers across the country.
Clarifying that MTN’s ₦3 trillion figure reflects revenue, not profit, Kadri said:
“It’s the headline number, but it’s revenue, so it’s not profit. That represents the contribution to the economy through the provision of services.”
Kadri disclosed that data revenue contributes ₦1.7 trillion of the total, driven by rising smartphone penetration and increasing demand for digital connectivity across Nigeria.
“We have about 55.6 million active data subscribers. When you translate that, the average customer consumes almost 15 gigabytes monthly. Nigeria has a youthful population and demand for digital services continues to grow.”
Speaking on MTN’s investment strategy, Kadri said the company has continued to reinvest heavily in expanding and strengthening its network to meet rising customer demand.
“Between January 2025 and now, MTN has spent over ₦1.6 trillion in capital expenditure. That money has gone back into the network because demand just keeps increasing.”
He noted that despite MTN’s significant investments, service delivery is sometimes disrupted by factors outside the company’s control, including fibre cuts, vandalism and restricted access to network sites.
“You can make all the investments in the world, but if fibre cables are cut or sites are locked, those are issues outside our control. We are working with industry stakeholders and security agencies to improve network resilience.”
Addressing operating costs, Kadri said inflationary pressures, particularly rising energy and transport expenses, continue to weigh on the telecommunications industry, although MTN has implemented measures to improve efficiency and contain costs.
“Energy costs have risen sharply, diesel prices are up and transport costs have increased. We have implemented cost-efficiency programmes to moderate those pressures.”
Speaking on competition within the sector, Kadri said MTN welcomes a competitive market provided operators remain financially sustainable and are able to meet their obligations.
“Competition is good, but it has to be sustainable. Operators must be able to meet their obligations and support the long-term development of the industry.”
On telecommunications tariffs, Kadri said appropriate pricing is essential to sustain investment in network infrastructure and improve service delivery.
“Appropriate pricing encourages investment. At some point, tariffs will have to reflect the realities of sustaining and improving the network.”
Kadri also disclosed that MTN has fully repaid its foreign currency-denominated loans, a move he said has reduced finance costs and strengthened the company’s balance sheet.
“We have fully repaid our foreign loans. We now have zero forex-denominated loans, and that has contributed to lower finance costs.”
He concluded by stressing that the telecommunications sector remains critical to Nigeria’s economic growth and requires continued support from regulators and policymakers to sustain investment and deliver world-class digital infrastructure.
“The telecom sector has to remain bullish because it is critical to the economy. We need continued understanding and support from regulators and decision-makers to help the industry grow.”
Goodness Anunobi
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