General News
Tariff Must Increase or ‘MTN Will Shut Down’ – Toriola

MTN Nigeria, the largest telecom operator in the country, has raised alarms over a potential shutdown if tariffs are not increased to address rising operational costs.

Olatokun Toriola, Chief Executive Officer (CEO), MTN Nigeria
The company’s Chief Executive Officer, Karl Toriola, issued this warning on Monday during a tour of MTN’s facilities by Fellows of the Media Innovation Programme in Ibeju-Lekki, Lagos.
Toriola, who oversees about 78 million subscribers, highlighted that the telecommunications sector is facing severe financial strain, especially from escalating diesel prices required to power base transceiver stations. “There should be no delusion; if the tariff doesn’t go up, we will shut down,” he said, underscoring the urgency of tariff adjustments to reflect current economic realities.
The CEO noted that MTN, which has invested N2.6 billion in corporate social responsibility, according to its 2023 Sustainability Report, is currently operating on profits accumulated over two decades. However, he stressed that this is unsustainable. “We must return the industry to profitability,” Toriola emphasized, adding that the company’s reserves are depleting.
Earlier this year, telecom operators called for the first tariff hike in 11 years, citing the need to manage rising costs and maintain service quality. Without such an increase, they warned, the financial viability of the sector, along with service standards, would continue to decline.
Toriola also pointed out that MTN, once one of Nigeria’s top corporate taxpayers, has seen its tax contributions decline due to the financial challenges. In the first half of 2024, MTN reported a staggering N519.1 billion loss, largely attributed to foreign exchange losses from the naira’s devaluation and high inflation.
In addition, Toriola revealed that MTN may suspend Unstructured Supplementary Service Data (USSD) banking services due to a N250 billion debt owed by Nigerian banks.
“We are seeking regulatory approval to halt support for USSD services used for banking transactions unless the debt is resolved and tariffs are adjusted,” he said.
Despite the challenges, Toriola expressed optimism that the new Central Bank of Nigeria Governor, Yemi Cardoso, and the Executive Vice Chairman of the Nigerian Communications Commission, Dr. Aminu Maida, would step in to help resolve the financial crisis.
He concluded by urging swift action from the government and regulators, stressing the critical role the telecom industry plays in supporting Nigeria’s economy.
General News
Airtel Nigeria Drives BFSI and Utility Sector Innovation with Industry-wide Workshop

Airtel Nigeria, telecommunications and digital solutions provider, has reemphasised its commitment to national development with a two-day workshop for companies in Nigeria’s Banking, Financial Services & Insurance (BFSI) and utility sectors.
Held from July 8 to 9, 2025 at the Lagos Continental, the exclusive event brought together C-suite executives and industry thought leaders to co-create transformative and tech-driven solutions for these critical industries.
Themed “Banking on Innovation: Powering Financial Services with Connectivity” on 1 and “Accelerating Nigeria’s Digital Leap: Smarter Networks, Smarter Business” on Day 2, the sessions were designed to identify critical pain points, unlock business potential, and drive smarter, more connected operations across two of the nation’s most essential sectors.
Delivering the keynote address, Dinesh Balsingh, Managing Director/CEO of Airtel Nigeria, reaffirmed Airtel’s dedication to enabling and driving Nigeria’s digital transformation across the finance and energy sectors.
Speaking on the timeliness of the workshop, Airtel Nigeria’s Managing Director and Chief Executive Officer, Dinesh Balsingh said, “From power and water to finance, transportation, and logistics, this is a defining moment for every sector. The real question isn’t whether to adopt digital solutions, but how quickly and intelligently we can do so. At Airtel Nigeria, we’re moving beyond basic connectivity and becoming a true digital partner to the industries we serve.”
He highlighted Airtel’s categories of enterprise solutions that has been created to improve quality of life. These groupings include Internet of Things (IoT) for such services as smart metering, leak detection, energy optimisation, and real-time asset tracking; Communications Platform as a Service (CPaaS), which enables secure, multi-channel customer engagement via SMS, WhatsApp, Voice, and USSD; as well asl Network as a Service (NaaS), which delivers flexible, secure connectivity with cloud-ready agility.
Mr. Balsingh added that, “Nigeria’s power and energy industries are under growing pressure to modernise. Legacy infrastructure, fragmented systems, and lack of real-time visibility are major obstacles. Airtel is stepping in with the right tools, not just to connect, but to transform. With IoT, CPaaS, and NaaS, we’re laying the groundwork for smarter operations, improved service delivery, and better outcomes for businesses and consumers alike.”
Abhishek Biswal, Chief Business Officer, Digital Services at Airtel India, brought substantial insight to the discourse with a demonstration of Airtel’s IoT Hub and its transformative impact on energy distribution.
Biswal said, “The future of finance and energy is digital, and that future must be secure, scalable, and seamless. When financial players and utility providers partner with telcos like Airtel, we’re not just connecting systems; we’re building a smarter digital ecosystem for everyone.”
Reinforcing the CEO’s position, Ogo Ofomata, Director, Airtel Business, called for collaboration among the participating sector and their stakeholders.
“We don’t take lightly the trust you have put in us. Airtel operates in what we call the enabler industry. Sometimes we don’t even know there’s a problem until we come together like this. This workshop is about understanding your needs and working side by side to design solutions that truly fit,” she said.
In his remarks, Luc Serviant, Group Enterprise Business Director at Airtel Africa, highlighted the company’s role in driving digital transformation through sustained investments in 5G and LEO satellite connectivity, aimed at boosting remote operations and expanding access in underserved regions across the finance and energy sectors.
He said, “At Airtel, we understand that the future of is going digital, and reliable connectivity is the backbone of that future. From 5G to LEO satellite integration, we are investing in intelligent infrastructure that empowers service providers to operate more efficiently, respond in real-time, and deliver uninterrupted services to millions of Nigerians. This isn’t just about innovation; it’s about building the digital foundation that will power the nation’s next chapter.”
This workshop, which continues the series of sectoral engagements within Nigeria’s growing economy, concluded with feedback from stakeholders who called for the inclusion of regulatory bodies such as the Nigerian Communications Commission (NCC) in future editions.
General News
AfCFTA Credit Fund Makes First Investment With $10m Loan

The Credit Fund of the AfCFTA Adjustment Fund has successfully closed its first investment, committing $10 million to Telecel Global Services Ltd, through a senior secured amortising loan.
The transaction marks a significant milestone in the operationalisation of the Fund. The Credit Fund is one of three Funds under the AfCFTA Adjustment Fund, established by the AfCFTA Secretariat and African Export-Import Bank (Afreximbank) to provide targeted transitional support to AfCFTA State Parties and private sector entities as they adjust to the requirements and opportunities presented by the AfCFTA Agreement.
Telecel Global Services, a subsidiary of the Mauritius based Telecel Group, provides wholesale voice and SMS services and enterprise connectivity solutions to more than 250 telecoms operators across Africa and globally.
With digital connectivity being at the heart of the trade and economic integration and success of the AfCFTA, this facility will support Telecel’s expansion in Ghana and Liberia, strengthen its infrastructure, and contribute to bridging Africa’s digital divide through enhanced connectivity and digital inclusion.
By investing in digital infrastructure in underserved markets, the Fund is helping reduce trade barriers, foster cross-boarder productivity and accelerate inclusive industrialization. Mr. Jean-Louis Ekra, Chairman of the Board of the AfCFTA Adjustment Fund Corporation, stated: “
The closing of our first deal marks a historic milestone for the Credit Fund and the broader vision of the AfCFTA.
This US$10 million investment in Telecel Global Services is a clear demonstration of how targeted capital can drive meaningful impact—accelerating digital connectivity, enabling intraAfrican trade, and supporting private sector-led development in priority sectors.
It is our commitment to ensure that such investments continue to bridge critical gaps, stimulate economic resilience, and unlock Africa’s vast potential.”
H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat, noted: “This transaction demonstrates how the AfCFTA Adjustment Fund is beginning to serve its intended purpose – supporting State Parties and the private sector as we work to make this Agreement commercially meaningful.
By investing in digital infrastructure, we are addressing some of the most critical enablers of trade facilitation, industrialisation, and regional value chain development.”
Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, added: “Today, we make another bold statement of our unwavering intent to ensure that Africans reap the benefits of the African Continental Free Trade Agreement.
We are proud to have commenced the operationalisation of the Credit Fund. With this Fund, we will provide vital support to African corporates, helping them retool and expand their operations necessary to capitalise on the AfCFTA opportunities.
The investment strengthens a critical enabler, the digital economy and regional connectivity, while reinforcing our long-term commitment to transforming the structure of the African economy.”
Marlene Ngoyi, CEO, FEDA, the Fund Manager of the AfCFTA Adjustment Fund, said: “This investment exemplifies the strategic intent of the Credit Fund – to catalyse growth and resilience in sectors that are vital for Africa’s structural transformation.
We are proud to partner with Telecel, whose operations directly advance intra-African connectivity and digital trade.”
The Credit Fund will continue to prioritise commercially viable investments that enable trade, support diversification, and promote inclusive growth in line with the broader AfCFTA implementation agenda.
General News
Can Urban Farming Contribute Meaningfully to Nigeria’s Food Security?

By Diana Tenebe, Chief Operating Officer, Foodstuff Store
Nigeria, Africa’s most populous nation, faces a complex web of food security challenges. Soaring food inflation, exacerbated by climate extremes, persistent insecurity in food-producing regions, and an inadequate supply of nutritious foods, has pushed millions into acute hunger. Despite vast agricultural resources, the country ranks low on the Global Food Security Index, underscoring a critical need for innovative solutions. Amidst this backdrop, urban farming, often dismissed as a niche activity, is gaining traction as a strategy to enhance food security, create income opportunities, and promote sustainable practices in urban areas.
Urban farming, encompassing a range of practices from rooftop gardens and vertical farms to community plots and aquaculture, offers the potential to localise food production, reduce reliance on distant supply chains, and enhance access to fresh, nutritious produce. As Nigerian cities continue to urbanise, converting agricultural land to other uses, the importance of maximizing food production within urban limits becomes crucial.
One of the most immediate and impactful contributions of urban farming is its ability to enhance food availability and access. By cultivating crops within city limits, fresh produce can reach consumers more quickly, drastically reducing post-harvest losses and transportation costs. This localised production directly addresses issues of food scarcity, especially for vulnerable urban populations who often struggle with the high cost and limited availability of fresh food. Successful initiatives in Lagos for instance have demonstrated how urban farms can become reliable sources of fruits, vegetables, and even protein through urban livestock and aquaculture for surrounding communities.
Beyond mere availability, urban farming plays a crucial role in improving nutritional outcomes and dietary diversity. Access to fresh, diverse produce encourages healthier eating habits, helping to combat prevalent issues like protein-energy malnutrition and micronutrient deficiencies. When families cultivate their own food, they gain greater control over its quality and freshness, often opting for more nutritious varieties. This direct link between cultivation and consumption can lead to a measurable increase in dietary diversity within urban households.
Urban farming is not just about subsistence; it holds substantial economic promise and fosters job creation. It directly generates employment opportunities in various stages, including planting, harvesting, processing, and distribution. Small-scale urban farmers can sell their surplus produce at local markets, generating income and fostering entrepreneurship. This can be particularly impactful for Nigeria’s large youth population, offering a viable path to employment and self-reliance in a landscape of high unemployment. Initiatives that provide training and access to markets, like “FarmInTheCity” in Lagos, exemplify how urban farming can blossom into full-scale enterprises.
Urban farming contributes significantly to environmental sustainability and climate resilience. Innovative urban farming techniques, such as hydroponics and vertical farming, are inherently resource-efficient, using less land and water compared to traditional agriculture. They also reduce “food miles,” significantly lowering carbon emissions associated with long-distance transportation. Additionally, urban green spaces created by farming initiatives can help mitigate the urban heat island effect, improve air quality, and enhance urban biodiversity. This makes urban farming a crucial component of climate adaptation strategies, helping cities become more resilient to the impacts of climate change, such as erratic rainfall patterns and prolonged droughts that affect traditional agriculture.
Finally, community gardens and collaborative urban farming projects serve as powerful tools for fostering community cohesion and social impact. They provide shared spaces where residents can connect, build knowledge, and foster a sense of community pride and ownership. These initiatives can also serve as educational platforms, promoting sustainable practices and raising awareness about local food systems. This collaborative spirit can be particularly beneficial in diverse urban settings, breaking down social barriers and strengthening community bonds.
For Urban farming to work in Nigeria, policy support and integration are crucial. Governments at all levels need to recognize urban farming as a legitimate and vital part of the food system. This involves developing supportive policies, streamlining land-use regulations, and integrating urban agriculture into city planning. Second, capacity building and education are essential. Investing in education and training programs is vital. Access to finance and technology is a significant factor for urban farmers. Innovative financing models, perhaps incorporating “pay-as-you-grow” schemes for technology adoption, are needed. Also, leveraging technology like mobile apps for market access can significantly boost productivity. Lastly, adequate infrastructure, including reliable energy sources and efficient storage facilities, is crucial to minimize post-harvest losses and ensure the economic viability of urban farms.
Urban farming in Nigeria is more than just a passing trend; it can represent a tangible and impactful pathway towards enhanced food security. By embracing innovative approaches, fostering supportive policies, and empowering urban communities with the necessary resources and knowledge, Nigeria can unlock the immense potential of its cities to feed their populations, create economic opportunities, and build a more resilient and sustainable future. The revolution of urban farming, if nurtured effectively, can indeed contribute meaningfully to Nigeria’s quest for food security.
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