MTN Nigeria recorded a loss in 2023 due to a drop in the value of the Naira

June 19, 2024

MTN Nigeria was listed on the Nigerian Stock Exchange in 2019, becoming the first telecommunications company on the NSE. Airtel Africa joined MTN in July of the same year.

MTN Nigeria's listing was one of the terms of an agreement between the telecom company and the Federal Government of Nigeria when the latter reduced the penalty for the former's 2015 fine.

Between 2018 and 2022, the telco recorded steady growth in revenue and profit after tax. This changed in 2023 when the company recorded its first loss since its IPO.

MTN Nigeria in 2023

Despite a revenue of ₦2.47 trillion MTN Nigeria recorded a loss of ₦137b in 2023. This was attributed to forex loss as the naira recorded a massive fall against the US dollar in the second half of 2023, with a 95% drop. The company's revenue jumped from ₦1.04 trillion in 2018 to ₦2.47 trillion.

The company's other metrics are in the green except for subscribers on its fintech product which dropped by 2.68%.

Data services contributed only 14.8% of MTN Nigeria's 2018 revenue, which increased to 43.57% in 2023. On the other hand, revenue from voice dropped from 65.6% share in 2018 to 46.32% in 2023.

Airtel Africa's revenue from data services also witnessed an increase in revenue share while voice dropped significantly. Data services appear to be the future of Nigeria's telecom players.


Yinka Awosanya
Mobile & African Tech Enthusiast │ Data │ Music
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