Mr. Karl Toriola, CEO of MTN Nigeria, delivered a compelling keynote address at the TeXcellence 2024 conference, emphasizing the telecommunications sector’s pivotal role in advancing Nigeria’s digital economy. He outlined MTN’s evolution from a traditional telecom company to a full-fledged technology powerhouse, showcasing the broader transformative potential of the industry.
Reflecting on MTN’s journey and its significant footprint in Nigeria, Toriola highlighted the telecommunications sector as 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,” he stated.
From the groundbreaking days of GSM licensing in 2001 to the launch of 5G services in 2022, MTN has consistently been at the forefront of technological innovation. Toriola underscored the shift in revenue dynamics, noting that data services have now surpassed voice services as the primary income source despite thinner margins.
Addressing the challenges faced by the sector, Toriola acknowledged the impact of increased competition, economic pressures, and currency devaluation. However, he stressed that these hurdles are fueling innovation in key areas such as financial inclusion, the Internet of Things (IoT), artificial intelligence (AI), and the development of comprehensive digital ecosystems.
He also shared insights into MTN’s ambitious projects, including the construction of the largest data center in West Africa and the expansion of 5G services to deliver high-speed, low-latency connectivity. Acknowledging the issue of affordability, Toriola pointed out that 71% of Nigerians struggle with maintaining regular internet access due to cost, emphasizing the need for solutions to bridge the digital divide.
Toriola concluded with a call for collaboration among industry stakeholders, international partners, and the government to unlock 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 said.
Karl Toriola’s address at TeXcellence 2024 reinforced the vital role of telecommunications and technology in Nigeria’s economic growth. With visionary leadership and collective efforts, the nation’s telecom and tech sectors are positioned to lead the continent in digital transformation.
