MTN Nigeria, one of the country’s largest telecom operators, has stressed the urgent need for the telecommunications sector to return to profitability to sustain its operations.
The Chief Executive Officer of MTN, Karl Toriola, made this known on Monday during a tour of MTN’s facilities by Fellows of the Media Innovation Programme in Ibeju-Lekki, Lagos.
The operator, with a corporate social investment of N2.6 billion, according to its 2023 Sustainability Report, is now surviving on the profits it accumulated in about two decades.
“We must return the industry to profitability,” he stated, emphasising the necessity for reform.
He further elaborated that the company is currently operating on its reserves, which he described as unsustainable in the long run.
Earlier this year, telecom operators renewed calls for a tariff hike, the first increase in 11 years, to address rising operational costs and improve service quality. MTN Nigeria argues that financial viability and service standards will continue to decline without the necessary adjustments.
