MTN Nigeria Loses Top Spot As Group’s Highest-Earning Subsidiary Amid ₦400.4 Billion Loss

For the first time since 2019, MTN Nigeria has lost its position as the highest-earning subsidiary of MTN Group, following a post-tax loss of ₦400.4 billion ($260.2 million) in 2024.

The company fell behind the West and Central Africa (WECA) region and South Africa in revenue rankings, marking a significant shift in the Group’s financial landscape.

Despite a 36% revenue increase to ₦3.36 trillion in 2024, a weakened naira and mounting foreign exchange losses pushed MTN Nigeria into the red.

The Nigerian unit, which once contributed 40% of the Group’s total revenue, saw its dollar earnings plummet to $2.26 billion from $4 billion in 2023.

Meanwhile, MTN South Africa earned $2.89 billion, while the WECA region led by Ghana topped the rankings with $3.1 billion.

The financial downturn could impact MTN Group’s investment strategy in Nigeria, where it allocated $986.2 million for network expansion and 5G rollouts in 2024.

Although the Nigerian Communications Commission (NCC) has approved tariff increases, which may help stabilize earnings, CEO Ralph Mupita cautioned that full implementation is still underway.

MTN Nigeria first overtook South Africa as the Group’s top revenue generator in 2013 but lost the position in 2017 due to a $5.2 billion regulatory fine. It reclaimed the lead in 2019 before slipping again in 2024.

As the company navigates economic headwinds, its future performance will depend on currency stability, inflation control, and consumer spending recovery in Nigeria, MTN’s largest African market.