MTN Nigeria Faces ₦137 Billion Loss in FY 2023 Amid Naira Devaluation 🇳🇬 📉

MTN Nigeria Faces ₦137 Billion Loss in FY 2023 Amid Naira Devaluation 🇳🇬 📉

MTN Nigeria, a telecom giant, experiences its first annual loss in three years, amounting to ₦137 billion in 2023. The impact of Naira devaluation and increased business costs, notably tower lease expenses linked to the US dollar, played a significant role in the financial downturn. Despite challenges, the company eyes expansion in non-core services, emphasizing 4G and 5G growth, while engaging with regulators to resolve disputes.

MTN Nigeria reported a ₦137 billion loss in FY 2023, marking its first annual deficit in three years. The devaluation of the Naira and heightened business costs, particularly tower lease expenses tied to the US dollar, contributed to the financial setback. Despite challenges in Nigeria's high inflationary environment, MTN plans to expand non-core services, including Cloud, Unified Communications, and IoT applications, alongside its growing 4G and 5G businesses. The company is actively addressing regulatory issues, such as the USSD dispute with banks. Additionally, positive growth in mobile subscribers, data revenue, and mobile money services is reported, signaling resilience in certain segments despite the overall loss.

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