Business MTN Outlines Its Impact on Nigeria’s Economy



MTN Nigeria, while explaining its 2014 financial year results to journalists in Lagos on Wednesday outlined the significant contribution it has made to the development of the country's economy since its inception in 2001.

The company said it has paid a sum of N1.3tn to the three tiers of government in taxes and levies since its inception in 2001.

It explained that it was the sixth largest contributor to government revenue among non-oil companies in the country, adding that over 30 per cent of revenues from the telecommunications sector were paid directly to the government as tax and regulatory fees.

It added that it developed Nigeria's entertainment industry, and invested N1bn in talent discovery and development through the Project Fame sponsorship platform.

It, however, said “the cash-cow mentality of all federal/state Ministries, Departments and Agencies and security issues targeting of telecoms infrastructure” was one of the factors that had the potential to ruin the business and weaken the revenue growth of telecommunications companies in the country.

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