Naira devaluation wipes out profits despite MTN, Airtel’s good Q1
In the first quarter of 2024, Nigerian telecom companies faced significant foreign exchange losses due to currency devaluation, with MTN and Airtel recording a combined loss of N511.27 billion. Despite this, both companies saw strong revenue growth in constant currency terms. Airtel Africa’s CEO attributed this growth to their strategic approach. However, the losses have prompted calls from industry associations for tariff increases to address economic challenges. MTN’s CEO emphasized the need for tariff adjustments to sustain industry growth amid challenging conditions. ALTON’s president emphasized the need for a sustainable solution to industry challenges to ensure continued innovation and connectivity benefits for consumers.
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