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· A combination of deteriorating security situation, a weaker naira, import controls and logistical challenges partly due to COVID-19 are the immediate causes for higher inflation
· MTN’s expenses rose by 14.8 per cent, mainly driven by a 19.2 per cent increase in operating expenses arising from an accelerated site rollout and the effects of Naira depreciation on lease rental costs.
A combination of deteriorating security situation, a weaker naira, import controls and logistical challenges partly due to COVID-19 are the immediate causes for higher inflation While noting that in its Q1 financial results the enterprise revenue has started recovery from the impact of Covid-19, the revenue realization for the time being was largely flat.
It also said that as of the end of Q1, N40.3 billion was due to MTN Nigeria. Its expenses rose by 14.8 per cent, mainly driven by a 19.2 per cent increase in operating expenses arising from an accelerated site rollout and the effects of Naira depreciation on lease rental costs. The firm’s 2021 priorities remain unchanged, with a clear focus on double-digit revenue growth, 4G network expansion and positioning fintech business for accelerated growth.
