Karl Toriola, CEO of MTN Nigeria, has explained that telecommunication companies will struggle to survive without increasing tariffs.
He said the sector is facing rising expenses that surpass the money it generates, making a price hike crucial to prevent collapse.
During a January 30 interview on Nigeria Info FM 99.3, Toriola shared that the increasing costs of doing business in Nigeria are the main drivers behind the need for higher rates.
He pointed out that expenses, especially in diesel and equipment, have skyrocketed over the past few years, with the cost of diesel rising from N200-N300 per litre to N1,200.
Toriola added that while MTN’s revenue is growing by around 30% in 2024, their costs have nearly doubled, making the tariff increase inevitable for long-term sustainability.
