MTN Nigeria Pays N543.9 Billion in Taxes in 2023, Expands Network Coverage to 92.9% of the Country

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MTN Nigeria Communication Plc. announced that it paid a substantial sum of N543.9 billion in taxes and levies to the Nigerian government in 2023. This disclosure was made in the company’s 2023 sustainability report, released over the weekend, highlighting its Environmental, Social, and Governance (ESG) practices.

In addition to its significant tax contributions, MTN Nigeria also expanded its network coverage to encompass 92.9% of the country’s landscape. The technology giant increased its capital expenditure by 13.2%, totaling N571 billion in 2023, further strengthening its infrastructure and service reach.

Despite these positive developments, MTN Nigeria reported a loss after tax of N137 billion for the full year 2023, primarily due to net forex losses. The company’s revenue for the year stood at N2.46 trillion.

Karl Toriola, MTN’s CEO, emphasized the company’s dedication to creating shared value for all stakeholders in a filing with the Nigerian Exchange (NGX). “We are proud of the progress we have made so far, expanding connectivity to 79.7 million people, achieving 92.9 percent nationwide coverage, and investing N2.6 billion in corporate social investment programs that have impacted over 58,000 lives through the MTN Foundation,” Toriola stated.

He also highlighted MTN’s contributions to the government and investments in capital expenditure, with N543.9 billion paid in taxes and levies and N571.0 billion invested in capex, reflecting a 13.2% increase from the previous year.

MTN’s 4G network coverage saw growth, increasing by 2.4 percentage points from 79.1% in 2022 to 81.5% in 2023. Similarly, its 5G coverage expanded significantly, growing by 8.1 percentage points from 3.2% in 2022 to 11.3% in 2023. These advancements contributed to an increase in MTN’s market share, which rose to 52.1% in 2023 from 50.8% in 2022.

By achieving these milestones, MTN Nigeria continues to play a crucial role in enhancing connectivity, driving economic growth, and contributing to the social welfare of communities across Nigeria.

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