NES: MTN board Chair, Ndukwe tasks FG on telecom investment to drive Africa’s growth

By Prince Osuagwu, Hi-Tech Editor

Chairman, MTN Nigeria, Dr Ernest Ndukwe, has called on the federal government to prioritise investment in the telecom sector, saying the sector underpins trade, financial inclusion, innovation and more, across the African continent.

He made the call today at the 31st Nigerian Economic Summit (NES) in Abuja during a plenary session titled: “Titans on the Move: Africa’s Multinationals.”

Ndukwe shared the stage with Olugbenga Agboola, CEO Flutterwave, Girish Sharma, CEO Guinness Nigeria Plc and Cecilia Akintomide, Chairperson UN Sanitation and Hygiene Fund, who was the moderator.

As the panelists settled in, the moderator posed the question: “What does it take to build a truly African multinational?”

The room fell silent, awaiting the response. Dr. Ndukwe spoke first, his voice filled with conviction. “It’s about balancing profitability with purpose. We must drive digital inclusion and contribute to sustainable growth across the continent.”

Ndukwe noted that MTN, has grown to become one of the largest operators globally, ranking among the top mobile operators in the world, with MTN Nigeria which he chairs its board, placed within the top 20 by subscriber numbers .

He highlighted that “These rankings demonstrate that Africa is not just a consumer of global innovations; it can also create companies that compete at the highest levels”.

He justified why governments should direct appreciable investments into the sector, saying: “Expansion across African markets has proven that multinationals from this continent can shape the global conversation.”

He pointed out that the COVID-19 pandemic demonstrated how indispensable telecoms has become, as businesses, institutions, and governments relied heavily on mobile and digital platforms to continue operating.

“It showed us that without robust telecoms networks, national economies would have been paralysed. This is why continued investment in telecoms infrastructure must be prioritised if Africa is serious about integration and growth,” he added.

According to Ndukwe, telecoms does more than connect people. It creates access for millions who are excluded from formal banking and education systems. He cited the rise of mobile money as an example of how African innovations are solving uniquely African problems, with telecoms operators driving financial inclusion in markets where banking penetration is low.

On the challenges facing African multinationals, he stressed the need for regulatory precision and long-term policy stability.

For him, “Telecoms companies make investments that run into billions of dollars; without consistent regulatory environments, it becomes extremely difficult to plan and sustain such levels of capital deployment,” he said.

Other panellists from different sectors reinforced these views. Olugbenga Agboola, CEO of Flutterwave, explained how fintech is bridging fragmented payment systems to make cross-border trade possible. While Girish Sharma, MD/CEO of Guinness Nigeria Plc, emphasised that building trust with local communities is key to sustainability.

The session concluded that African multinationals, from telecoms to fintech to consumer goods, are not only expanding across borders but also reshaping how economies integrate. For Ndukwe, the central message was clear: Africa’s prosperity will rest on how well its invisible infrastructure – telecoms, is strengthened and shared.

As the session drew to a close, it became clear that Africa’s private sector is entering a defining era. Homegrown champions are shaping policies, empowering communities, and leading the next phase of Africa’s economic evolution. The titans on the move are not just building businesses; they’re building a brighter future for the continent.

The audience erupted into applause as the panelists stood to leave the stage, with their messages resonating deeply. Africa’s time is now, and its multinationals are leading the charge.

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