MTN Nigeria Spends N30 Billion on Diesel in 2014

MTN, Africa's largest telecommunications company by revenue, in its 2014 financial report says it spent N30bn on diesel and N176b on taxes in Nigeria for the year.

"MTN Nigeria's performance was below expectations, impacted largely by regulatory determinations and economic pressures as well as operational challenges.

"Some level of uncertainty remains with regards to the implications of the oil price and currency fluctuations, which may lead to slower economic growth."

Besides, the company said is also facing price competition and regulatory pressure in markets such as Nigeria.

However, despite these conditions in its Nigerian market, the Group still reported a revenue growth of 6.4 per cent in 2014 to $12.43 billion and an 8.9 per cent rise in net profit.

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