MultiChoice Group remains committed to the turbulent Nigerian market, CEO Calvo Mawela said.
on Wednesday, which showed the Nigerian operation contributed more than R4-billion in foreign exchange losses in the past 12 months.
This is short-term pain for long-term gain. Provided they continue with these reforms, it will pay off He said the broadcaster still believes Nigeria’s government, under recently appointed President Bola Tinubu, is making the correct policy choices that will lead to an improvement in the country’s macroeconomic conditions, even if it means companies that operate there are taking severe short-term pain.
MultiChoice this week said its group subscriber base declined by 9%, with much of that blamed on a 13% decline in the “rest of Africa” segment as “mass market customers in countries like Nigeria had to prioritise basic necessities over entertainment, while the South African business showed more resilience with a 5% decline”.
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