Karl Toriola-led MTN Nigeria to Spend $664 Million on Network Expansion

MTN Nigeria is setting its sights on an ambitious upgrade, with Chief Executive Officer Karl Toriola announcing plans to invest around $664 million in network expansion across the country this year.

The decision comes at a time when Nigeria’s telecoms industry is grappling with foreign exchange shortages, escalating operating costs, and a fragile economy. 

Yet, under Toriola’s leadership, MTN is doubling down on infrastructure, betting that improved quality of service will strengthen its dominance in the market.

“In 2025, we are investing N1 trillion in capital expenditure to improve service quality,” Toriola said at a media briefing in Lagos. 

He noted that MTN’s spending on capacity far outweighs its closest competitor, adding that subscribers naturally shift more of their usage to providers with stronger networks.

Expanding 4G, Preparing for the Future

The bulk of the investment will go into expanding 4G coverage, boosting data speeds, and laying the groundwork for next-generation technologies. 

In a country where many subscribers use multiple SIM cards, independent studies show that consumers consistently lean toward networks that deliver better performance.

But the expansion push isn’t without challenges. 

MTN, like other operators, has been hit hard by the sharp depreciation of the naira, falling from about N450 to over N1,600 to the dollar which left the company battling negative cash flow in 2024. Toriola admitted the firm had to borrow just to keep operations afloat.

He warned that unless Nigeria reforms its tariff model to adjust in line with inflation and currency movements, the telecom sector could face deeper financial strain. 

“In developed markets, tariffs automatically align with inflation. Nigeria must embrace the same system if we want to protect the industry’s future,” he argued.

Signs of a turnaround

Despite these hurdles, MTN Nigeria has shown resilience. In the first half of 2025, the company reported revenue of N2.38 trillion ($1.57 billion) and a post-tax profit of N414.9 billion ($271 million), a remarkable recovery from the loss it posted a year earlier.

This fresh round of investment is one of the largest capital commitments in Nigeria’s telecom sector this year, signaling optimism about the country’s digital growth. 

For subscribers, it could mean faster internet speeds, stronger network coverage, and an improved user experience, though high inflation still clouds affordability for many households.

By pushing ahead with expansion during such uncertain times, MTN Nigeria under Karl Toriola is sending a clear message: it is betting big on Nigeria’s digital future.