Airtel Nigeria’s revenue increases by 27%
Airtel Nigeria announced a 27% revenue increase to $377 million (₦147 billion) for the first three months of 2020. This was driven by a 53% data revenue growth to $120 million (₦46 billion) when compared with the same period in 2019. Rival firm, MTN announced data revenue of ₦74 billion for the same period. Data revenues are expected to increase this quarter as remote working increased due to the coronavirus outbreak.
Jumia reports first-quarter results
Jumia announced a Q1 2020 marketplace revenue of $22 million (₦8.6 billion) —a 22% increase compared with Q1 2019. This was driven by commissions revenue charged to sellers (+35%), delivery fees charged to consumers (+29%), and marketing & advertising revenue (+34%). Jumia also reported that it’s expecting increased demand from sellers as offline distribution channels face disruptions due to the pandemic.
Forex reserve increases by $1.2 billion in 12 days
Nigeria's foreign exchange reserves increased by $1.2 billion from April 30 to May 12. This was the first recent significant rise after a continuous decline since July 2019. The reserve balance is expected to increase further as the $3.4 billion IMF is yet to be fully reflected in the balance. The bump in reserves should increase confidence in dollar availability and the CBN ability to defend the naira.