In its latest 2023 Sustainability Report, MTN Nigeria Communications Plc has revealed its economic contributions and accomplishments in Nigeria’s socio-economic development.
The report revealed that the telecom giant contributed N549.3 billion in taxes and levies to the Nigerian government, owing to its strategic focus on sustainability.
As part of its goal to enhance digital inclusion across the country, the company expanded its network coverage to 92.9% nationwide, providing connectivity to 79.7 million people and invested over N571.0 billion in capital expenditure (capex) during 2023.
Beyond the numbers, MTN’s corporate citizen initiative encompasses various sectors of the economy, working towards long-term development and stability in Nigeria.
In line with this strategy, the telecom giant increased its capital expenditure by 13.2%, investing N571 billion in 2023. This investment enhances network capacity and quality as well as drives innovation and growth within Nigeria’s digital space.
Despite a challenging economic environment, part of which includes net forex losses resulting in a N137 billion loss after tax, MTN Nigeria reported a resilient service revenue of N2.46 trillion for the year.
MTN Nigeria has also set a precedent by being among the first in Nigeria to adopt the International Financial Reporting Standards S1 and S2, issued by the International Sustainability Standards Board (ISSB), reiterating transparency and accountability in reporting.
MTN’s technological advancements are not excluded, with 4G coverage reaching 81.5% and 5G coverage expanding to 11.3% in 2023. These developments are essential for driving digital growth and stimulating innovation across Nigeria.
The company’s fintech business has seen considerable growth as well, serving over 14.5 million customers nationwide. Its partnership with Mastercard further enhances its fintech arm, promoting financial inclusion and digital progress.
MTN’s focus on environmental sustainability is seen in its Project Zero initiative, which aims to achieve net zero emissions by 2040. The company has already made big waves, reducing Scope 1 and 2 emissions and embedding ESG considerations into its governance structure.
On its corporate social responsibility, the company invested N2.6 billion in Corporate Social Investment programs in 2023, positively impacting over 58,000 lives through the MTN Foundation.
Karl Toriola, Chief Executive Officer of MTN Nigeria, commended the company’s progress and noted its future goals, stating, “We’re proud of the progress we’ve made so far expanding connectivity to 79.7 million people, achieving 92.9% nationwide coverage, investing N2.6 billion in Corporate Social Investment programmes that have impacted over 58,000 lives through the MTN Foundation, contributing N549.3 billion in taxes and levies to the government, and investing over N571.0 billion in capex, up 13.2% in 2023.
However, we recognise that this is only the beginning. We remain steadfast in our pursuit of excellence and committed to continuously improving our sustainability practices while striving for an even greater impact in the communities we serve. Our goal is to set the benchmark for responsible business practices in Nigeria, and we will continue to ensure our operations positively impact the environment, society, and governance.”
Tobe Okigbo, Chief Corporate Services and Sustainability Officer, highlighted MTN’s ESG focus, noting, “We have embedded sustainability and ESG considerations at the core of our governance structure, recognising their critical role in driving long-term value creation for our stakeholders.
Our commitment to sustainability is reflected in our actions, from establishing a dedicated Sustainability and Shared Value function to adopting the IFRS Sustainability Reporting Standards. We are pleased with our progress so far, including achieving a reputation index score of 84, up 3.0pp from 2022 and achieving a 10.3% reduction in Scope 1 and 2 emissions from the 2021 baseline as part of the Project Zero initiative, progressing towards net zero emissions by 2040.”