Nigeria is losing its status as the top-earning market for telecommunication companies, as average revenue per user (ARPU) declined by 38.79 percent year-on-year to $1.89 at the end of 2024 from $3.08 in 2023. The drop is largely attributed to the continuous naira’s depreciation against the dollar. The naira has lost about 70 percent of its value since a June 2023 devaluation crashed the currency from N470/$ to N1528/$, affecting the financial performance of businesses operating in the country and contributing to record losses. “Revenu