Business
MTN Nigeria Urges Telecom Sector to Regain Profitability
MTN Nigeria, the country’s largest telecom operator, has highlighted the urgent need for the telecommunications industry to regain profitability. CEO Karl Toriola shared this message during a visit to MTN’s facilities in Ibeju-Lekki, Lagos, with a group of media fellows. He pointed out that the sector is facing significant losses, requiring immediate action to turn things around.
Toriola oversees about 78 million subscribers and noted that MTN currently relies on profits earned over the past two decades, which is unsustainable. Earlier this year, telecom operators, including MTN, called for a tariff increase—the first in 11 years—to address rising operational costs and improve service quality.
He warned that without this increase, the company might struggle to operate. In the first half of 2024, MTN reported a staggering N519.1 billion loss, primarily due to foreign exchange losses and high inflation. Despite these challenges, Toriola remains optimistic that key financial regulators can step in to help resolve the industry’s financial issues.
- MTN Nigeria Communications Plc (MTNN) – Strong telecom growth and 5G expansion.
- Dangote Cement Plc (DANGCEM) – Leading cement maker benefiting from infrastructure demand.
- Guinness Nigeria Plc (GUINNESS) – Consumer stock with solid turnaround potential.
- Okomu Oil Palm Plc (OKOMUOIL) – Agriculture stock tied to palm oil demand.
- Seplat Energy Plc (SEPLAT) – Energy player with gas and oil sector exposure.
- Zenith Bank Plc (ZENITHBANK) – Tier-1 bank with strong financial performance.
- Guaranty Trust Holding Company Plc (GTCO) – Leading bank with diversified revenue streams.
- Presco Plc (PRESCO) – Palm oil producer with export and dividend potential.
- NASCON Allied Industries Plc (NASCON) – FMCG stock with strong fundamentals.
- Aradel Holdings Plc (ARADEL) – Growing energy sector stock with upstream exposure.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
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