MTN Nigeria Warns of Industry Collapse Without Urgent Tariff Reforms

Toriola, who oversees 78 million subscribers, revealed that the sector has been incurring significant losses, operating on accumulated profits from over two decades—a situation he describes as unsustainable. He emphasized the need for tariff adjustments, warning that without these changes, the industry faces potential shutdown due to skyrocketing operational costs, including rising diesel prices for powering base stations.

MTN has reported a staggering N519.1 billion loss in the first half of 2024, largely due to foreign exchange losses and inflation. Toriola also expressed concerns over N250 billion owed by Nigerian banks for USSD services, which may lead to the suspension of banking services unless resolved.

Toriola called on regulators and government officials, including the Central Bank Governor and Nigerian Communications Commission, to act swiftly to prevent further decline in the sector, which is vital to Nigeria’s economy.

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