The company's Corporate Services Executive, Mr. Wale Goodluck, who spoke to journalists in Lagos, explained that a significant part of the money would be invested on expanding the MTN's core and radio networks as well as building a metropolitan fiber network and backhaul technology.
He noted that the investment represents 45 per cent of the total capital expenditure of the entire MTN Group for 2012.
According to him, the group was spending an enormous part of its resources in Nigeria because it contributed immensely to it (group's) revenue.
Goodluck said the MTN Group's yearly financial results for the year ended December 31, 2011 indicated that the company was doing well.
He said, "the group's revenue increased by 6.3 per cent to R121.8 million due to sound growth in Nigeria, South Africa and Iran of 4.1 per cent, 7.7 per cent and 20.1 per cent. On a constant currency basis, group revenue increased by 9.7 per cent. This is meaningfully higher and more reflective of the group's operating performance."
He also said Nigeria would enjoy substantial and better data services because the company's under water cable, West African Cable Services (WACS) had landed and would go live by end of April.
"It is expected to carry live traffic. MTN data strategy is hybrid and it will help in putting a Wifi cloud in almost every educational community, which will result in much improved experience.
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