MTN Nigeria 2024 losses widen to ₦400 billion in two years
- MTN Nigeria reported a ₦400.44 billion loss after tax for the full year of 2024.
- The company experienced a 70% currency plunge following President Bola Ahmed Tinubu’s election.
- MTN's revenue grew to ₦3.36 trillion in 2024, a 36.1% increase from ₦2.46 trillion in 2023.
MTN Nigeria's situation highlights the vulnerability of telecommunications companies to macroeconomic factors, particularly in emerging markets. While the increase in data revenue is promising, the significant drop in mobile money wallets raises concerns about the adoption of fintech services. The company's strategy to increase tariffs may provide short-term relief but could also alienate customers if not managed carefully.
