The naira witnessed a significant drop in its value against the United States dollar in the second half of 2023 and MTN Nigeria recorded its first loss since its IPO in 2019. It wasn't a different for MTN Nigeria in 2024 as it posted a ₦400 billion loss from a ₦3.35 trillion revenue.
Nigeria's biggest telecommunications operator, MTN Nigeria, recorded ₦740 billion in foreign exchange loss in 2023, which rose to ₦925.4 billion in 2024.
Revenue from data services surpassed voice for the first time — data services accounted for 47.4% to take the lead with voice accounting for only 38.7%.
The telecom giant's subscriber base recorded a slight increase of 1.6%, which was low compared to 5.42% recorded in 2023.Every service segment recorded an increase except for its fintech arm, which posted a 23.3% drop.
