Investor Presentaiton

SUMMARY & CONCLUSION Nigeria's macroeconomic problems are well documented • Slow growth, high inflation, weak public finance and high debt burden • The new government will take the bold step in implementing major policies • • Petrol subsidy removal • Exchange rate unification Policy reforms come with short-term pains Telco providers will benefit in the long-run • • Improvement in employment levels and consumer disposable income. Ease in forex sourcing challenges Dangote refinery to boost supply of petroleum products and boost productivity Sensitivity: MTN Internal 27

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