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CHART: MTN Nigeria loses top revenue spot for the first time in five years

A ₦400.4 billion forex loss wiped out MTN Nigeria’s revenue gains.

by Kelechi Edeh Emmanuel Oyedeji

Updated March 19, 2025

For the last five years, MTN Nigeria has been the MTN Group’s biggest cash cow, consistently bringing in about 40% of the group’s total revenue. But that streak just came to a screeching halt.

In 2024, MTN Nigeria raked in only $2.26 billion—a staggering 43.5% drop from the $4 billion it made in 2023. Despite growing its revenue by 36% in naira terms to ₦3.36 trillion, the company still posted a ₦400.4 billion ($260.2 million) loss. The culprit, they say is the naira’s freefall. In just nine months, Nigeria’s currency collapsed from ₦677/$1 to ₦1,532/$1, slashing MTN Nigeria’s revenue in dollar terms.

Thanks to that drop, MTN South Africa has now overtaken Nigeria, sitting in second place with $2.89 billion in revenue. Meanwhile, the West and Central Africa (WECA) region—which includes Ghana, Cameroon, and Côte d’Ivoire—now leads the group with $3.1 billion in revenue (with Ghana contributing the most).

However, you should keep in mind that MTN Nigeria has been here before. The company first overtook South Africa in 2013, only to lose the top spot in 2017 when it started repaying a $5.2 billion fine from the Nigerian government. It clawed its way back to the top in 2019 and held on—until now. But this time, it’s not regulatory penalties taking a toll—it’s forex losses.

Now, this slip could have serious consequences for MTN Nigeria as MTN Group typically prioritizes investment in its top-performing markets. And even though MTN Nigeria still secured $986.2 million in 2024 for network expansion and 5G rollouts, deeper losses could mean less funding down the line.

To stop the bleeding, MTN and other telcos, including Airtel Nigeria (which also took a revenue hit in 2024), pushed for a 50% tariff hike on voice and data. The Nigerian Communications Commission (NCC) approved the increase in January 2025—but will higher prices be enough?

MTN Group CEO Ralph Mupita is staying optimistic, saying, “We saw inflation ease towards the end of 2024, which gives us confidence.” But let’s be real—if the naira doesn’t stabilize, MTN Nigeria’s troubles might just be far from over.