MTN Nigeria’s service revenue surged by 35.6% in March following tariff adjustments implemented in February.
A report by its group office in South Africa on Monday, also said expectations for further growth in 2025 are expected from the country following the tariff adjustments.
This is as the MTN Group reported a 69% slump in full-year earnings, due to devaluation of the Nigerian naira and operational challenges in Sudan.
It reported headline earnings per share (HEPS) – one of the main profit measures in the country – fell to 98 cents in the year to December 31, down from 315 cents in 2023.
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“Despite challenges including currency depreciation in Nigeria, elevated inflation, and ongoing conflict in Sudan,” MTN Group’s President & Chief Executive Officer, Ralph Mupita expressed optimism about the future.
He noted signs of easing inflation, reduced forex volatility—particularly for the naira—and the positive impact of tariff adjustments in Nigeria.
“In Nigeria, we renegotiated tower lease contracts, which allow MTN Nigeria to better manage adverse macroeconomic impacts on the business.
“MTN Group is well positioned to capture the exciting opportunities in our markets and deliver on our medium-term objectives to sustain growth, create shared value in nation-states and communities, and unlock value for our stakeholders,” Mupita stated.
Nigeria has suffered chronic dollar shortages that have forced authorities to devalue the naira as part of the government’s measures to stabilise the currency and attract investment.
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MTN Group, which has 291 million customers across 16 markets in Africa, said its group service revenue decreased by 15% to 177.8 billion rand ($9.78 billion). In constant currency, group service revenue rose 14%.
