Nigeria, March 20 -- Nigeria is no longer the highest-earning telecom provider market. The average revenue per user (ARPU) fell from $3.08 in 2023 to $1.89 by the end of 2024, a 38.79 percent year-over-year fall.

The ongoing devaluation of the naira relative to the dollar is mostly to blame for the decline.

Since a devaluation in June 2023 caused the naira to plummet from N470/$ to N1528/$, it has lost around 70% of its value, impacting the financial performance of domestic companies and causing historic losses.

"Revenue in naira has plateaued as the number of subscribers has increased. Falling ARPUs reflect price pressure and decreased average usage," according to the GSMA, the global association for cellular companies.

In the past, ...