MTN Nigeria Communications Plc (“the Group”) recorded a 33% year-on-year revenue growth to N752.98bn in Q1 2024 from N568.14bn in Q1 2023. The growth was supported by a strong growth trajectory in data revenue (+53% year-on-year to N349.00bn), and the segment contributed 46% to total revenue. Additionally, voice revenue grew by 14% year-on-year to N267.51bn (Q1 2023: N234.50bn).

The uptrend in revenue growth was offset by higher total operating expenses which went up by 72% year-on-year to N456.02bn (Q1 2023: N265.49bn). The higher operating costs was majorly driven by elevated network operating costs (+87% to N252.82bn), reflecting the impact of the FX revaluation losses.


We expect growth in total revenue will be sustained. However, we anticipate the currency volatility and higher inflationary environment will continue to negatively impact the Group’s performance.  Overall, we now expect the Group to end the year with another loss after tax position of N224.86bn, while negative net asset will be sustained till at least 2025.

In light of the challenges, the Group had an Extraordinary General Meeting (EGM) in April 2024 to discuss plans on how to reverse its negative equity position. The salient interventions amongst others include:

Please follow the link “MTN Nigeria Plc Q1 2024 – Elevated Cost Offsets Topline Growth” to view the whole report.

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