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MTN Group CEO predicts Nigeria’s recovery by mid-2024.
MTN Group CEO believes Nigeria will recover by mid-2024.
Ralph Mupita, CEO of MTN Group Ltd., predicted that Nigeria will recover from President Bola Tinubu’s structural reforms by mid-next year. Mupita acknowledged the initial challenges faced by businesses as a result of subsidy removal and naira liberalization in an interview with Bloomberg Television on Thursday, but emphasized the importance of these changes for long-term growth and earnings recovery.
Un operatore a lavoro. REUTERS/Lucas Jackson
NewsReport stated that the relaxation of foreign exchange controls this year led to a plunge in the value of the naira, which in turn impacted earnings and triggered inflation due to the removal of fuel subsidies. Despite these challenges and ongoing reviews of Nigerian tax demands, MTN remains confident in its medium- to long-term investment case in Nigeria, its largest market and business growth vector.
In addition to its core telecommunications services, MTN is also driving growth in digital adoption and financial inclusion, with its Lagos-listed unit making a significant contribution to revenue.
Finance Minister Wale Edun is leading a $10 billion inflows initiative to stabilize the weakened naira and clear the dollar demand backlog. This initiative forms part of the broader effort to manage the economic fallout from the structural reforms and restore stability to Nigeria’s financial system.
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