Highlighting the evolution from a traditional telecom company to a full-fledged technology powerhouse, Toriola outlined MTN’s journey and the broader industry’s transformative potential.
Reflecting on MTN’s significant footprint, Toriola highlighted how telecoms have been the backbone of the nation’s digital transformation. “The telecommunication sector has been a critical driver of economic growth in this country, accounting for 14% of the nation’s GDP.
“MTN on its own contributes 7% to Nigeria’s GDP and its evolution into a Techco could propel the nation to unprecedented economic heights”.
From the groundbreaking days of GSM licensing in 2001 to the launch of 5G in 2022, MTN has consistently been at the forefront of technological advancement.
Toriola underscored the shift in revenue dynamics, with data now surpassing voice services as the primary income source despite slimmer margins.
He acknowledged the challenges posed by increased competition and external factors, including economic pressures and currency devaluation.
Yet, he stressed that these hurdles are driving the need for innovation in areas like financial inclusion, IoT, AI, and the development of digital ecosystems.
The MTN CEO shared insights into the company’s ambitious projects, such as constructing the largest data center in West Africa and expanding 5G services to deliver high-speed, low-latency connectivity.
He also emphasized the importance of affordability in expanding digital access, pointing out that 71% of Nigerians face challenges maintaining regular internet connectivity due to cost.
Wrapping up, Toriola called for collaboration among industry stakeholders, international partners, and the government to harness Nigeria’s potential and nurture a culture of curiosity and innovation.
“Our biggest asset is our people—their drive and ingenuity. By fostering this and investing in our digital infrastructure, we can achieve the vision of a trillion-dollar economy,” he concluded.
Karl Toriola’s keynote address at TeXcellence 2024 revealed that with determined leadership and unified efforts, Nigeria’s telecom and tech sectors are poised to lead the continent in digital transformation.
