Telco losses, irregular levy remittance threaten NCC’s N549b target

Except something drastic is done by the Nigerian Communications Commission to rally industry stakeholders to develop strategies to actively support telecoms sector growth, the Commission’s N549 billion revenue targets for the year may be unrealisable.

Owing to the macroeconomic headwinds, resulting in increased cost of operation and overheads, most telecom companies in Nigeria have been posting losses, making it difficult for them to pay their AOL to the Commission as and when due. MTN Nigeria and Airtel Africa lost N479 billion to currency revaluation and recorded reduced profit margins in the first nine months of 2023.

“Further adjusting for the impact of the naira devaluation in OPEX, PAT would have been down by 5.3 per cent to N105.6 billion,” MTN said. The telco’s net foreign exchange loss stood at N656.37 billion. For Airtel, PBT result for the half-year 2023 was much worse, it dropped by a staggering 97.7 per cent – from $516 million to $12 million – compared to the results from 2022.

Aluko, who predicted further slower growth in 2024, said the slowed growth was attributed to the increasing impact of high inflation and the foreign exchange unification policy. He said the ICT sector expanded in real terms by 6.69 per cent y-o-y in Q3 of 2023, the lowest in five years. The bodies advocated for the sustenance of a culture of independence in the regulatory landscape to safeguard against undue influence and unwholesome incursion into the Nigerian Communications Commission’s or domain, which will inspire trust in the telecommunications sector and encourage investment.Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.

Five Star Logistics Terminal has introduced an automated pedestrian access gate at the Tin Can Island Port, Lagos to elevate security, efficiency and operational effectiveness in port activities.

Source: News Formal (newsformal.com)

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