Business News

Forex crisis: We have less money to invest in infrastructure—MTN Nigeria

The Chief Financial Officer of MTN Nigeria, Mr. Modupe Kadri, has said that the company now has less money to invest in infrastructure as the ongoing forex crisis in the country has eroded the value of its capital spending which is fixed in Naira.

Kadri disclosed this in an exclusive interview with Naijaonpoint. According to him, the devaluation of the Naira is impacting all telecom operators as most of their expenditures are in dollars while they earn in Naira.

On the need for fair pricing of telecom services, Kadri said the telecom companies in the country are engaging with the industry regulator to make sure that the industry can price appropriately to be able to justify those continued investments.

According to him, if that is not allowed to happen, the operators would soon be unable to invest further in infrastructure.

Emphasizing the need for fair pricing, the MTN CFO said the issue is not about MTN but about the telecom ecosystem entirely. He said the government needs to ensure that the ecosystem thrives through the right policies.