MTN Nigeria has lost its position as the highest-earning subsidiary of the MTN Group for the first time since 2019. The company reported a post-tax loss of ₦400.4 billion ($260.2 million) in 2024, largely due to a weakened naira and rising inflation.
As a result, MTN Nigeria fell behind the West and Central Africa (WECA) region and South Africa in revenue rankings. The WECA region, which includes countries such as Ghana and Cameroon, generated $3.1 billion in revenue, while MTN South Africa earned $2.89 billion.
Despite a 36% increase in revenue to ₦3.36 trillion in 2024, MTN Nigeria’s bottom line was negatively impacted by foreign exchange losses. The company’s revenue declined from $4 billion in 2023 to $2.26 billion in 2024.
The financial strain on MTN Nigeria may have implications for the company’s future investments in the country. MTN Group prioritizes capital expenditure for its most profitable units, and further revenue declines could jeopardize future allocations.
Historically, South Africa has been the group’s dominant revenue generator, but Nigeria surpassed it in 2013 and maintained the top position until 2017. MTN Nigeria regained its leading spot in 2019 but slipped again in 2024.
In response to the 2024 losses, MTN Group suspended Nigeria’s revenue guidance but has since reinstated it following the Nigerian Communications Commission’s approval of tariff increases. The company is cautiously optimistic about its prospects in Nigeria, citing easing inflation and the potential for a recovery in consumer spending power.
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2 replies on “MTN Nigeria Loses Top Place in Revenue for the First Time Since 2019.”
[…] a significant revenue drop, largely due to its over-reliance on a narrow customer base. In 2024, MTN Nigeria and Airtel Nigeria accounted for 57% of the company’s revenue, underlining the critical role […]
[…] also covered in Techstoriex this week that; for the first time since 2019, MTN Nigeria has lost its position as the highest-earning subsidiary of the MTN Group. The company reported a post-tax loss of ₦400.4 billion ($260.2 million) in 2024 due to foreign […]