Amid economic downturn in the country, Pay-TV behemoth, Multichoice Group, has successfully repatriated a staggering $184 million from Nigeria in the fiscal year ending March 2024.

Nigeria has been experiencing economic challenges and currency fluctuations that have gripped the nation in the last one year.

The Group’s consolidated financial statements reveal that the amount remitted surpassed the previous year’s figure, marking a significant uptick in economic activity.

The repatriation was executed at an average exchange rate of N1044 to the US dollar, a stark contrast to the previous fiscal year’s rate of N684.

The financial year also saw a notable decline in Multichoice’s Nigerian subscriber base by 13%, a reflection of the broader economic decline impacting consumer spending power.

The depreciation of the Nigerian Naira and other local currencies in key markets exerted a 32% impact on the Group’s USD revenues.

Despite these challenges, Multichoice’s strategic focus on cash remittance and stringent management of its cash reserves in Nigeria has been evident. The Group reported holding $39 million in cash at the year’s end, a decrease from $104 million at the end of the previous fiscal year.

The economic situation in Nigeria has been increasingly precarious, with inflation figures soaring to 33.69% as of April. The disparity between the official and parallel exchange rates peaked at N1600:1USD and N1900:USD respectively in February 2024, further complicating the financial landscape.

Multichoice attributes the decline in its subscriber growth to the tough macro-economic conditions, which have been the most challenging since 2016.

The Group’s resilience is being tested as it navigates through these turbulent times, striving to maintain its commitment to providing entertainment to its Nigerian audience.

This post has already been read at least196 times!