MTN Nigeria has lost its status as the MTN Group’s highest-earning subsidiary for the first time since 2019, following a post-tax loss of ₦400.4 billion ($260.2 million) in 2024. The Nigerian unit now trails behind the West and Central Africa (WECA) region and South Africa in terms of revenue, signaling a notable shift within the group.
Once accounting for roughly 40% of MTN Group’s overall revenue, MTN Nigeria struggled financially last year. The combination of a weakened naira and rising inflation negatively impacted the company’s earnings, reducing its revenue from $4 billion in 2023 to $2.26 billion in 2024. Despite a 36% year-over-year revenue increase to ₦3.36 trillion, foreign exchange losses pushed the company into a post-tax loss.
While MTN South Africa generated $2.89 billion, emerging as the group’s second-largest subsidiary, the WECA region led with $3.1 billion in revenue, with Ghana as the top contributor in that cluster. The financial challenges facing MTN Nigeria could influence the group’s investment strategy, with future capital expenditure potentially being allocated away from Nigeria if earnings continue to decline.
Historically, MTN Nigeria held the top revenue position within the group from 2013, briefly losing the spot in 2017 due to a $5.2 billion fine before regaining it in 2019 until this recent setback. The MTN Group has suspended Nigeria’s revenue guidance but reinstated it following approval for tariff increases by the Nigerian Communications Commission.
MTN Group operates in 16 countries, serving 291 million customers, and has been refocusing on its core African business after exiting some markets. MTN Nigeria’s future performance will hinge on currency stabilization, inflation control, and a rebound in consumer spending power.
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