Johannesburg - The country’s leading mobile network operator is wary of the uncertainty emanating from the depreciating Naira as well as the falling prices of oil.
In recent months, the Naira has lost ground against the United States greenback, a setback linked to the global plunge in the demand and subsequent decline in the price of oil.
Oil is the economic backbone of Nigeria, the continent’s biggest economy and most populous country.
“In Nigeria, some level of uncertainty remains with regards to the implications oil price and currency fluctuations, which may lead to slower economic growth. This may result in some headwinds for the business in 2015,” said Sifiso Dabengwa, MTN Group President and Chief Executive Officer.
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His sentiments followed the company releasing its financial results for the year ended December 31.
MTN Nigeria CEO, Michael Ikpoki, concurred.
He outlined measures the company had embarked on to retain viability amid the turbulent economic situation.
“We are reviewing contracts with some partners to ensure we get more local content and mitigate against the impact of the currency fluctuations. We are reviewing some terms with some suppliers,” he said at an event in Johannesburg.
With 59.9 million customers, Nigeria is South African-based MTN’s largest entity by subscriber base.
MTN Group boasts 223.4 million clients across Africa and Asia.
- CAJ News