By Emmanuel Ogbodo
MTN reported paying N543.9 billion in taxes to the Nigerian government in 2023. This was disclosed in its 2023 sustainability report, highlighting the company’s Environmental, Social, and Governance (ESG) practices. MTN expanded its network to cover 92.9% of Nigeria and increased capital expenditure by 13.2% to N571 billion in 2023.
MTN Nigeria’s 2023 financial results showed a revenue of N2.46 trillion, but the company posted a loss after tax of N137 billion due to net forex losses. CEO Karl Toriola stated in an NGX filing that the Sustainability Report underscores MTN’s commitment to creating shared value for stakeholders.
“We are proud of our progress in expanding connectivity to 79.7 million people, achieving 92.9% nationwide coverage, and investing N2.6 billion in social programs benefiting over 58,000 people through the MTN Foundation. We contributed N549.3 billion in taxes and levies and invested N571.0 billion in capex, up 13.2% in 2023,” Toriola said.
Toriola added that MTN’s sustainability strategy focuses on eco-responsibility, sustainable societies, sound governance, and economic value-added. He noted that MTN’s 4G coverage grew from 79.1% in 2022 to 81.5% in 2023, and 5G coverage increased from 3.2% in 2022 to 11.3% in 2023, boosting market share to 52.1% in 2023 from 50.8% in 2022.
“We are leading in connectivity and access for millions of Nigerians. Our efforts in financial inclusion have been successful, serving over 14.5 million customers across all local governments through our fintech business,” he said.
