MTN Nigeria warns of near-term outlook

JOHANNESBURG – MTN Nigeria yesterday warned that its near-term outlook was challenging due to macroeconomic disruptions as a result of the coronavirus pandemic and weak oil prices.

Chief executive Ferdi Moolman said that while the company had an upbeat view of the prospects for the business in 2020, on the back of the strong performance in service revenue delivered in the first quarter, it was worried about its immediate future.

Moolman said the pandemic, oil prices volatility and exchange rate fluctuations called for a more measured outlook in the near-term.

“The remainder of the year will be shaped by the impact of these developments, which remains highly uncertain at this time,” said Moolman.

Oil price collapses due to the Covid-19 pandemic have rocked the country, the continent’s biggest producer, with the Central Bank of Nigeria making a slight adjustment to the naira in March.