(Ecofin Agency) - The Nigerian subsidiary of MTN group ended 2018 with growth in all its market segments.

Yet, H2, 2018, which was full of clashes with the country’s authorities, augured a loss of confidence by investors. On the Johannesburg Stock Exchange, the group’s share lost about 20% after the announcement of a fine on August 30, 2018. In the group’s financial report, it appears that the crisis with Nigerian authorities had no real impact on performances.

That year MTN Nigeria’s subscriber base rose by 5.9% to reach 58.2 million. Its revenues also grew by 5.3% to reach ZAR37.971 billion (up from ZAR36.067 billion in 2017).

The group’s performances were particularly boosted by the second semester when the group generated ZAR20.741 billion. In H1, it generated  ZAR17.23 billion thanks to a ZAR6.9 billion investment to provide the 4G in 14 towns.  

MTN Nigeria which is MTN group’s largest market in Africa contributed 28.22% to the group’s overall revenues estimated at ZAR134.56 billion. During the period under review, MTN Nigeria kept its leadership in the Nigerian market with 50.04% of the market share.