MTN Nigeria has lost its position as the highest-earning subsidiary of the MTN Group, following a post-tax loss of ₦400.4 billion ($260.2 million) in 2024 for the first time since 2019.
The Nigerian unit fell behind the West and Central Africa region and South Africa in revenue rankings, marking a significant shift in the telecom giant’s financial landscape.
MTN Nigeria, which contributed nearly 40% of the Group’s total revenue over the past five years, struggled in 2024 due to a weakened naira and surging inflation, which severely impacted earnings. The subsidiary generated $2.26 billion in revenue for the year—nearly half of the $4 billion it earned in 2023.