Largest mobile
operator in Nigeria
in Nigerian telecoms market since launch
subscribersmarket share by
revenue
with mix of local &
international expertise
active data users
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1,4191,366
329269
212 204 200
11058
China India USA Indonesia Brazil Pakistan Nigeria Ehiopia SA
423368
249175
118
Nigeria South Africa Egypt Algeria Morocco
163
92 100 69
50
Nigeria Egypt South Africa Ethiopia Algeria
Source: World Bank, Worldometers, Pyramid, EIU, CIA Factbook.
Notes: (1) Based on EIU estimates. (2) Top 5 African countries ranked by total GDP.
38%
27%
38%
27%
40%
27%
38%
27%
50%
17%
22%
11%
Source: Company Filings, NCC, WCIS and Pyramid.
Notes: (1) Modernised definition of active subscribers is more conservative than old one: exclusion of Incoming SMS, Incoming ONNET Calls and Airtime refill from RGS Definition. (2) Includes 3G and 4G subscribers. (3) MB/month. Market share out of top 4 operators by revenue.
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77.7% 78.8% 91.8%
2014A 2018A 2023E 2018A
-
50,000
100,000
150,000
200,000
250,000
40.0% 60.0% 80.0% 100.0% 120.0% 140.0% 160.0% 180.0% 200.0%Mobile Penetration (%)
3.1% 3.0%
1.5%
0.5%
2.1% 2.0%
0.9%
0.3%
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48%
58% 57%
69% 72%81%
87% 89% 89%
Nigeria Morocco Kenya South Africa Algeria Mexico Jordan France Belgium
0%6%
16%
47%
47%
75%
93%95% 99% 104%
4%
15%
84%
26%
52% 53% 52%
250
844
1,803
14.8 14.917.2 18.7 20.4
Q1 18 Q2 18 Q3 18 Q4 18 Q1 19
22.6 24.0 23.3 25.229.6
Q1 18 Q2 18 Q3 18 Q4 18 Q1 19
MTNN Revenue Today(2018A)
Nigeria Population Increase Nigeria Mobile PenetrationIncrease
Increase in # of Data Users Mobile Data Usage per UserIncrease
Price Upside Digital Upside MTNN Revenue in 5 Years(Full Potential)
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