The move immediately underscores the shrinking of disposable income among Nigerians due to the punishing economy, the decline of the naira, fuel subsidy removal and soaring inflation rates.
“The Nigerian economy and consumers faced persistent challenges through FY24 (Fiscal year), The removal of fuel subsidies, sharp currency depreciation with the official naira halving in value, inflation climbing to over 30%, and higher emigration of the middle and upper class drove an 18% YoY decline in active subscribers (FY23: +13%),” MultiChoice said.
The company’s Return on Assets (ROA) from Nigeria has since dropped from 44% to 35%. Also, the company said the decline in the ROA subscriber base led to a 9% decline in the group’s total active subscribers.
