The firm reports that the naira's devaluation against the US dollar had a detrimental impact on Nigeria's financial performance.
MTN Group, Africa's largest telecom carrier, announced a steep decrease in earnings during its full-year 2023 financial results, as wild Nigerian naira volatility ate into the telco's profitability.
MTN Nigeria, the most profitable of MTN Group's 19 markets, released its performance for the year ended December 2023 last month. Nonetheless, Mupita is optimistic of the group’s future, saying: “We continued to invest in our business and execute on our Ambition 2025 strategy given the sustained structural high demand for data and fintech services evident across our markets.
“By the close of 2023, MTN SA had achieved network availability of approximately 95% ahead of schedule, with availability of approximately 98% on the cohort of sites where resilience investment had been completed,” said Mupita.
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