MTN Nigeria’s service revenue saw a significant increase of 35.6% in March, following tariff adjustments made in February.
A report from the MTN Group’s South Africa office on Monday indicated that further growth is expected in 2025, driven by these tariff changes.
However, despite the positive performance in Nigeria, the MTN Group reported a 69% decline in full-year earnings, largely due to the devaluation of the Nigerian naira and operational challenges in Sudan. The group’s headline earnings per share (HEPS), a key profit metric, dropped to 98 cents for the year ending December 31, compared to 315 cents in 2023.
MTN Group’s President & CEO, Ralph Mupita, expressed optimism about the future despite these challenges, which included currency depreciation in Nigeria, high inflation, and the ongoing conflict in Sudan. He pointed to signs of easing inflation, reduced foreign exchange volatility—particularly for the naira—and the positive effects of tariff adjustments in Nigeria as reasons for his confidence.
“In Nigeria, we renegotiated tower lease contracts, which enable MTN Nigeria to better manage the adverse macroeconomic impacts on the business,” Mupita explained. “MTN Group is well-positioned to seize exciting opportunities in our markets, meet our medium-term goals, sustain growth, create shared value in nations and communities, and unlock value for our stakeholders.”
Nigeria has faced persistent dollar shortages, prompting the government to devalue the naira as part of efforts to stabilize the currency and attract investment.
This, along with high inflation and interest rates, has increased operational costs and widened MTN Nigeria’s pretax loss by over 200%, reaching 550.3 billion naira ($355.76 million).
