News

Telecom Industry Faces Revenue Drop Amid 41% User Decline

Published

3 hours ago

November 20, 2024

With the average revenue per user (ARPU) falling 40.87 percent to $1.85 in Q3 2024 from $3.12 in the same period previous year, Nigerian telecom businesses’ financial performance has suffered a seriousu hit.

This drop demonstrates the negative impact of the depreciating naira on the sector, as telco profits are still being squeezed by inflation and growing currency rates.

In Q3 2024, MTN Nigeria’s ARPU dropped to $2.09 from $5.03 in Q1 2023, when it was the highest-performing MTN Group company. A steep decline was also seen by Airtel Nigeria, which saw its ARPU drop from $3 in 2023 to just $1.60 in the third quarter of 2024.

Both firms’ revenue growth has been impacted by these declines; MTN’s service revenue increased by 33.6 percent in naira but had a steep decline when converted to dollars, while Airtel Nigeria had a 46.87 percent drop in revenue to $755 million.
Due to the Central Bank of Nigeria’s unification of the foreign exchange market in 2023, the naira’s decline has resulted in significant foreign exchange losses for telcos, which has raised operating expenses and contributed to Nigeria’s record-high inflation.

Telecom businesses’ finances are under increasing strain due to the skyrocketing cost of energy, with diesel prices having increased by 90%. The first nine months of 2024 saw an almost 96 percent increase in MTN’s operating expenses, while Airtel has experienced a similar strain.
Both businesses have responded by cutting back on their investments; MTN has done so by about 28%, while Airtel has done so by more than 36%. Telcos are renegotiating contracts with tower providers and exploring renewable energy solutions to lessen their reliance on costly diesel in an attempt to offset rising expenses.

Without significant price increases or a change in operational tactics, telecom companies might still experience financial difficulties, according to industry experts. According to MTN Nigeria CEO Karl Toriola, “pricing is needed for survival,” highlighting how urgent it is that the industry handle the mounting financial strain.

News

MASSIVE Empowerment: Senator Manu embarks another ICT training Taraba Central (Video)

Published

2 minutes ago

November 20, 2024

Naijablitznews

The Senator representing Taraba Central Senatorial District Manu Haruna has embarked on massive training of students across his constituency in Taraba State.

Recall that before this training, Senator Manu had embarked on similar training in his constituency where over 1000 students benefitted with starter packs.

In this on going program put together by Senator Manu Haruna and the Centre for National Productivity started on Wednesday and is expected to end on Thursday, where the trainees will collect their starter packs consisting of computers and other necessary gadgets.

The program is on going in five local governments namely: Gassol LGA
Sardauna LGA Bali LGA Kurmi LGA
Gashaka LGA.

While declaring the program open, representative of Senator Manu Haruna Director General of his Campaign, Hon Simon Dogari, who also led other members council to the event said:

“This is not the first of its kind that our iconic leader Senator has organized, in the past he had organized similar training programs where over 3,000 students benefitted across our Senatorial District.

He said: ” This particular program will sharpen the skills of all participants to prepare them for the new world order of internet surfing.

“I plead with you all to attend to to your lectures with all seriousness as at the end of this program you will get starter packs consisting of a laptop.

Others who represented Senator Manu at the event include:
Hon Alhassan Hamman Gassol
Alh. Shaibu Ishaka Kurmi
Hon. Abbas Kaura
Hon. Dr Abdullahi Jugulde
Hon. Hassan Bako
Hon. Somalia Sule
Alh. Falalu Manu
Alh. Alhassan Doro
Hon. Mohammed Nagogo
Prof. Yushua Ahmed Bali
Hon. Muslim Aruwa Commissioner for science and Technology Taraba State

News

Pope Francis kicks as Russian invades Ukraine

Published

18 minutes ago

November 20, 2024

Naijablitznews

***Says, action shameful disastrous

By Francesca Hangeior

Pope Francis marked 1,000 days since Russia’s invasion of Ukraine Wednesday, calling it a “shameful disaster for humanity” at an audience attended by First Lady of Ukraine, Olena Zelenska.

“Yesterday marked 1,000 days since the invasion of Ukraine. A tragic anniversary for the victims and the destruction it has caused,” the Argentine pope said at the end of his weekly general audience at the Vatican.

“But at the same time, (it is) a shameful disaster for all humanity,” he added in front of the thousands of faithful gathered in St. Peter’s Square, where Zelenska sat with the first ladies of Armenia, Lithuania and Serbia.

He expressed his closeness to the “martyred Ukrainian people” and called for efforts “so that weapons give way to dialogue”.

Francis then read a letter addressed to him by a Ukrainian student in which he describes the war and how people are suffering.

Russia launched its full-scale attack on Ukraine in February 2022 and since then, the pope has frequently called for an end to the conflict.