Nigeria’s telecoms operator cut 383 jobs last year as rising operating expenses squeezed profits.
Overall, the workforce fell from 17,882 in 2023 to 17,499 in 2024, according to the NCC.
Telecoms Job Cuts Hit Hard
Specifically, GSM networks reduced the most employees, while ISPs and VAS operators also trimmed staff.
Meanwhile, Collocation and Infrastructure Sharing providers expanded their teams, showing pockets of growth despite challenges.
Rising Expenses Bite
Operators faced soaring expenses, which jumped 85%, from ₦3.16 trillion to ₦5.85 trillion in one year.
Rising energy costs, inflation, foreign exchange scarcity, and local fees drove much of the increase.
Although some states waived Right-of-Way charges, operators still spent heavily on deployment and maintenance.
Additionally, active voice subscriptions fell 26.6% after the NIN-SIM linkage policy took effect.
Read Also: Cornerstone Sees 4.2B Shares As All-Share Index Rises 0.02%
Consequently, teledensity dropped from 103.66% in 2023 to 76.08% in 2024.
Investments Keep Growing
Despite fewer subscribers, operators boosted capital expenditure to ₦2.90 trillion in 2024.
They added new towers, base stations, and expanded fibre networks across Nigeria.
Revenue rose 44.7%, climbing from ₦5.30 trillion in 2023 to ₦7.67 trillion in 2024.
Telecoms contributed 14.4% to GDP in Q4 2024, slightly higher than in 2023.
Overall, operators continue investing aggressively, balancing rising costs and workforce reductions with growth.
