MTN Nigeria has registered revenues of ₦2 trillion ($4.3 billion), according to its financial results for the year ended December 31, 2022.
The amount is the largest revenue ever posted by a Nigerian public company.
MTN’s numbers are even more impressive when factoring in Nigeria’s current macroeconomic challenges. Last year, the country recorded an inflation rate of 21.3% as the naira became even more volatile in the foreign exchange market.
The telco has also had to navigate a directive from the Nigerian Communications Commission (NCC) that mandated telecom operators to bar the lines of Nigerians who had yet to connect their National Identity Number (NIN) with their SIMs.
In 2018, the company crossed the ₦1 trillion ($2.2 billion) mark and has continued to record a steady growth rate, doubling its revenue in just five years.
The telco claims to have a reach of more than 33% of Nigerians and a subscriber base of more than 70 million customers.