The MTN Group expects its Nigerian subsidiary, MTN Nigeria Plc, to witness a significant increase in revenue after the federal government, through the Nigerian Communications Commission (NCC), approved a 50 per cent hike in tariffs for data, voice, and SMS.
In a statement on Monday, the telecommunications group said it experienced increases across its service revenue, earnings, cash flow and leverage all improved in the second half of last year.
However, across the entire Africa spread, it reported a loss after tax of 11.2 billion Rand for its 2024 financial year, a significant decline from the 4 billion Rand profit in 2023, attributing this to the devaluation of the Naira and impairments relating to the conflict in Sudan.
Meanwhile, service revenue rose by 14 per cent in constant-currency terms but was down 15 per cent in reported Rand terms.
According to the numbers, MTN Nigeria’s service revenue was up by 35.6 per cent and is expected to increase in 2025 after tariff adjustments were implemented in February 2025.
Recall that following the approval granted by the Nigerian Communications Commission (NCC) in January, MTN revised prices last month, even going beyond the approved 50 per cent in some of its increments.
For internet data, MTN’s 1.8GB monthly plan is now 50 per cent higher than the previous rate at N1,500. Before now, the package was 1.5GB priced at N1,000.
In addition, the company has raised its 15GB plan to N6,500 from N4,500, while its 20GB plan has been adjusted to N7,500, up from N5,500.
Customers who use larger bundles will pay more comparatively as the 365-day 1.5TB plan jumped by 60 per cent from N150,000 to N240,000, and the 600GB 90-day plan also increased by 60 per cent from N75,000 to N120,000.
In Nigeria, the group said it renegotiated tower lease contracts, which allowed MTN Nigeria to better manage adverse macroeconomic impacts on the business.
“This underscores our dedication to transformation and creating shared value and remains integral to our future success,” the MTN Group President and CEO, Mr Ralph Mupita said.