Tuesday, May 26th 2020 11:13 PM
Lagos
+29°C

Market Digest Nigeria

Business

High demand in Nigeria fuels Airtel’s African business growth

Bharti Airtel’s African subsidiary, Airtel Africa has posted a strong set of financials for FY2020, fuelled by strong demand for its services in Nigeria.

Airtel Africa’s chief executive officer, Raghunath Mandava.

Airtel Africa saw revenues grow by 11.2 per cent to $3.42 billion for the financial year to April 2020.

The figures were buoyed by a 24.1 per cent rise in revenues in its Nigerian division. Nigeria remains Africa’s most populous telecoms market and is seeing strong demand for mobile services, particularly 4G and mid tier smartphone handsets.

Many countries in Airtel’s African portfolio have been placed into lockdown, as governments attempt to limit the spread of the Covid 19 virus. This has caused a huge spike in demand for capacity across the continent. Despite this surge in demand, Airtel Africa’s chief executive officer, Raghunath Mandava told journalists from Reuters that it was difficult to predict the long term impact of the epidemic on Airtel’s businesses in Africa.

“In Africa, the spread of COVID-19 has lagged the rest of the world and, therefore, it is difficult to precisely forecast what the impact of this will be on customers and business. However, our performance during the month of April has been resilient,” he said.

REUTERS

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top
SUBSCRIBE NOW!
Get the best of Market Digest Nigeria financial news
delivered to your inbox daily!
By clicking Give it a try, I hereby: Agree and Consent to the Terms of Use and the Privacy Policy
& I may receive free newsletters & promotions from this site and can choose to unsubscribe anytime.