MTN Nigeria’s revenue surges by 35.6% after tariff adjustments

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.
“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. Coupled with high inflation and interest rates, this has driven up costs and widened MTN Nigeria’s pretax loss by more than 200% to 550.3 billion naira ($355.76 million).