MTN Nigeria is no longer the MTN Group’s highest-earning subsidiary, marking the first time since 2019 that it has lost the top position. The Nigerian unit reported a post-tax loss of ₦400.4 billion ($260.2 million) in 2024, falling behind the West and Central Africa (WECA) region and South Africa in revenue rankings.
Despite a 36% rise in revenue to ₦3.36 trillion in 2024, a weakened naira and high inflation cut earnings, with foreign exchange losses pushing the company into the red. MTN Nigeria’s total revenue in dollar terms dropped to $2.26 billion from $4 billion in 2023. Meanwhile, MTN South Africa earned $2.89 billion, overtaking Nigeria as the Group’s second-largest subsidiary. The WECA region led with $3.1 billion, with Ghana as its biggest contributor.
The decline in MTN Nigeria’s earnings raises concerns about future investments. While the company received about $986.2 million for network expansion and 5G rollout in 2024, further revenue drops could affect funding allocation, impacting growth and service quality.
Nigeria first surpassed South Africa as MTN’s top market in 2013 and held the position until 2017 when a $5.2 billion regulatory fine weakened its financial standing. It regained the lead in 2019 before slipping again in 2024. In response to the losses, MTN Group suspended its revenue guidance for Nigeria but reinstated it after the Nigerian Communications Commission (NCC) approved tariff increases.
CEO Ralph Mupita expressed optimism, citing eased inflation towards the end of 2024 and ongoing tariff adjustments. However, MTN Nigeria’s future performance will depend on currency stability, inflation trends, and consumer spending power.
