In a massive move, MTN Nigeria has poured ₦757.4 billion into capital expenditure over nine months (excluding leases), marking a staggering 248% year-on-year increase. This aggressive investment is part of a clear corporate strategy to “improve quality of service in line with our commitment to our customers and the government,” as stated by CEO Karl Toriola.
Much of the spend is going into network capacity expansion, building more sites, deploying its Fibre-to-the-Home (FTTH) networks, and establishing a new data centre. The goal? To ease congestion, boost connectivity and support MTN’s 85.4 million-strong subscriber base, especially as the active data user count jumped to 51.1 million.
Tobe Okigbo, MTN’s Chief Corporate Services & Sustainability Officer, added that this isn’t just about profit; it’s about “driving digital and financial inclusion, supporting our communities and national priorities as captured in the core pillars of our Ambition Beyond 2025.”
Financially, the heavy investment seems to be paying off. MTN turned its fortunes around, reporting a ₦750.2 billion profit after tax, compared to a loss in the prior year. Free cash flow also rose to ₦742.6 billion, suggesting that the company isn’t just spending big; it’s generating real returns. The board even approved an interim dividend of ₦5 per share, a signal of confidence in long-term value creation.
Importantly, MTN isn’t doing this alone. It entered a spectrum-leasing deal with T2 Mobile (formerly 9Mobile), enabling infrastructure sharing that could further extend coverage and reduce costs.
This ₦757 billion capex injection injects a potent stimulus into Nigeria’s economy by expanding digital infrastructure, driving productivity, and boosting broadband access. As MTN deepens network capacity, it supports broader economic growth, supports job creation in tech, and helps unlock Nigeria’s potential in e-commerce, fintech, and digital trade.
