How MTN boosts Nigeria’s economy with N4.97trn in taxes, infrastructure
Telecoms giant, MTN Nigeria, has spent the sum of N4.97 trillion to provide infrastructure for its Nigerian operations as well as fulfilling tax obligations to the government in the last 19 years.
In its maiden sustainability report filed at the Nigerian Stock Exchange (NSE) where the telco is listed as the second most capitalized issuer, MTN has disclosed ways in which it had added values to Nigerians and the economy of the country.
The report read in part, “As part of our economic contributions to Nigeria, MTN Nigeria has so far paid N2.29 trillion in taxes to the government, spent N2.68 trillion on capital expenditure to build critical infrastructures that support the development of technology needed to boost local economies.”
Ferdinand Moolman, chief executive officer, MTN Nigeria Communications PLC, said in the 88-paged report that as part of it Corporate Social Initiative (CSI), the company has invested over N21.8 billion in 852 projects across the country and impacted 18.6 million lives.
He added that since entering Nigeria, its biggest market, MTN has awarded over N2.1 billion in scholarships to 3,829 students since inception to 2019
Moolman further said that MTN network has served as a platform that enabled over 1 billion rapid and expedient transactions via USSD.
The telecos said it had paid over N400 billion to local (Nigerian) partners, vendors, and suppliers, empowered about 200,000 sales partners and agents, and offered N50 billion airtime discounts to sales partners and agents.
Moolman said, “Our economic footprint is a strong enabler for the provision of social services. Our CSI is driven by the MTN Nigeria Foundation – the vehicle for our long-term, positive social impact.
“Achieving a sustainable world requires creating a net positive impact by running a business in a way that ensures that as much, if not more, is put back into the society, the environment, and the global economy than what is being taken out.
“This ambition of doing more good than harm to our world has seen us commit up to 1 per cent of our profit after tax each year through the MTN Nigeria Foundation to supporting the various causes that align with our business through active partnerships with like-minded individuals, groups and organisations.
“The achievements recorded by the Foundation since inception to date are a clear demonstration of our resolve to positively impact the lives of the communities where we live, work, and serve and to contribute to national development.”
MTN set the pace as the first Mobile Network Operator (MNO) with national outlook in terms of coverage in 2001, and it has remained the leader of the sector with 83.33 million active lines on its network as at October, 2020, according to data from the Nigerian Communications Commission (NCC).
As total active subscribers in the country hit 207.95 million in the same period, MTN now controls 40.14 per cent market share of the Nigeria’s GSM market.
