Despite Nigeria’s economic challenges, two major telecommunication giants, MTN Nigeria Communications Plc and Airtel Africa Plc, bolstered their investments in the country in 2023.
The financial reports reveal a combined investment of at least N732.42 billion in their network capabilities.
MTN focused on the rollout of 5G technology, increasing its sites by a significant 258.16 percent to 2,106, up from 588 at the end of 2022. Airtel expanded its 5G sites to 235 and now provides 4G services across all its sites. MTN, despite recording a loss in 2023, grew its capital expenditure by 13.21 percent to N570.97 billion. Airtel invested $178 million (N161.45 billion) in network infrastructure for the nine months ending December 2023.
In a challenging operating environment marked by inflation, currency devaluation, and foreign exchange shortages, operators like MTN and Airtel relied on commercial papers, letters of credit, and new debts to fund their capital expenditures.
Source: Business Day