Kari Toriola: How MTN Can Propel Nigeria to a $1 Trillion Economy

Karl Toriola, ceo of MTN Nigeria, has said that the organization can drive Nigeria towards a $1 trillion economy.

He made this statement at the CWG Africa Texcellence Conference 3.0, highlighting the company’s evolution from a traditional telecom provider to a forward thinking technology company.

“The shift Telco to TechCo represents a massive opportunity for Nigeria. By embracing digital, investing in infrastructure and fostering innovation, Nigeria can accelerate its journey toward becoming a $1 trillion economy”, he said, emphasizing MTN’s vision to drive Nigeria’s economy, with a focus on strengthening community connectivity, promoting financial inclusion, and empowering businesses nationwide.

He noted the telecommunications industry’s contributions to Nigeria’s economy, saying “The telecommunication sector has been a critical sector of economic growth in Nigeria, contributing roughly 14% GDP”.

Toriola detailed MTN’s dedication to reshaping Nigeria’s digital future through key initiatives such as SG deployment, advancements in fintech, and the integration of artificial intelligence.

“The telecommunication sector has been a critical sector of economic growth in Nigeria, contributing roughly 14% GDP.

“At MTN Nigeria, we are undertaking a transformative shift from a telecommunications provider to a technology company. While this transition is a significant challenge with its own risks, it presents immense opportunities, especially with the launch of 5G technologies.

“We are moving to revolutionize connectivity nationwide by creating urban centers, providing fixed broadband solutions for businesses and homes, creating a foundation for major advancements”, he said.

The MTN Chief Executive officer highlighted some of the company’s present digital solutions and initiatives contributing to Nigeria’s digital economy, including MoMo PSB, Ayoba and MTN play, while also emphasizing the power of 5G in driving economic development.

“The low latency and high- speed capabilities of 5G open up exciting possibilities in areas such as the internet of Things (IoT) and artificial intelligence (At), expanding our reach into sectors like healthcare.

“Mobile money services are also at the forefront of our transformation from a Telco to a TechCo, as we aim to meet evolving consumer demands and build new business cases in financial solutions”.

He also noted the ongoing construction of MTN’s data center, which will enable the ICT firm to provide extensive infrastructure and storage services for various businesses.

Karl Toriola’s submissions at the Texcellence Conference indicated that MTN’s transition from Telco to TechCo goes beyond business solutions, also forming part of the firm’s strategic efforts to enhance Nigeria’s economic growth.