Nigeria News: The Nigerian telecommunication market is facing challenges as its average revenue per user (ARPU) dropped significantly by 38.79% in 2024. This decline from $3.08 in 2023 to $1.89 reflects the impact of the naira’s devaluation, resulting in substantial losses for businesses in Nigeria.
This economic downturn is a by-product of the naira losing about 70% of its value since June 2023, when the currency dramatically fell from N470/$ to N1528/$. This depreciation has disrupted financial stability, leading to record losses for companies, particularly those operating in Abuja and Lagos. Read more.
- Key Takeaways:
- Nigeria’s ARPU for telecoms plummeted by 38.79% within a year.
- The naira has depreciated by 70% against the dollar.
- Businesses in Nigeria, including those in Abuja news and Lagos news, are hit with significant financial losses.
This development raises concerns about the sustainability of Nigeria’s telecom industry under the current economic conditions. Could regulatory intervention stabilize the currency’s value and alleviate pressures on the telecom sector? Share your thoughts and join the conversation!
