MTN Nigeria experienced a significant financial setback in 2024, reporting a post-tax loss of ₦400.4 billion ($260.2 million) and losing its position as the MTN Group’s highest-earning subsidiary. This marked a shift in revenue rankings within the Group, with the West and Central Africa (WECA) region and South Africa surpassing Nigeria in revenue.
The weakened naira and rising inflation were key factors that impacted MTN Nigeria’s earnings, leading to a decrease in revenue to $2.26 billion in 2024 from $4 billion in 2023. Despite a 36% increase in revenue to ₦3.36 trillion, foreign exchange losses pushed the Nigerian unit into a loss. MTN South Africa emerged as the second-largest revenue earner within the Group, generating $2.89 billion, followed by the WECA region with $3.1 billion.
The financial challenges faced by MTN Nigeria could influence future investments in Nigeria, affecting network expansion and service quality. The company’s historical revenue dynamics have seen shifts between Nigeria and South Africa, with Nigeria surpassing South Africa in 2013 but facing setbacks in 2017 due to imposed fines. The company is now focusing on stabilizing its operations and revenue outlook in Nigeria.
MTN Group’s decision to suspend revenue guidance following the 2024 losses was later reinstated with the approval of tariff increases by the Nigerian Communications Commission. CEO Ralph Mupita expressed confidence in the company’s future outlook, citing easing inflation and tariff adjustments as positive developments.
As of December 31, 2024, MTN Group operates across 16 countries, serving 291 million customers. The company’s strategic focus on its core African business regions and operational efficiency will play a crucial role in MTN Nigeria’s performance in the coming years.