MTN Nigeria has staged one of the most significant corporate recoveries in Africa’s telecom sector, swinging from a heavy loss in 2024 to a US$773 million profit in 2025, driven by record revenue growth, surging data demand and improved foreign exchange conditions.
For the financial year ended December 31, 2025, the company reported revenue of US$3.62 billion, equivalent to N5.20 trillion, representing a 55 percent increase from US$2.34 billion recorded in 2024. The performance marks a sharp turnaround after the operator posted a US$278 million loss the previous year, largely linked to foreign exchange pressures and macroeconomic volatility in Nigeria.
Profit before tax climbed to $1.18 billion in 2025, while operating profit more than doubled to $1.45 billion, reflecting stronger operational efficiencies and improved cost management. Earnings before interest, tax, depreciation and amortisation rose to $1.91 billion, pushing margins above 52 percent and signalling a return to financial discipline after the turbulence of 2024.
Data revenue emerged as the primary growth engine for the first time in the company’s history, surging 74.5 percent to approximately $1.93 billion and overtaking voice revenue. The shift underscores Nigeria’s accelerating transition toward broadband driven connectivity, with data traffic volumes rising 34 percent during the year. As smartphone penetration and digital adoption expand, telecom operators are increasingly dependent on data services to drive earnings.
Chief Executive Officer Karl Toriola said the company more than doubled its network investment to N1 trillion in 2025, compared with N443.5 billion in 2024, to strengthen service quality and user experience. The capital expenditure supported infrastructure expansion, spectrum acquisition and improved coverage to accommodate rising traffic demand.
MTN Nigeria also secured a three year spectrum lease with T2 Mobile effective October 1, 2025, under a national roaming agreement aimed at optimising network utilisation. According to the company, these interventions enabled it to maintain a stable and reliable customer experience despite rapid increases in usage.
Fintech operations contributed to the improved performance, with MoMo, MTN’s mobile money platform, expanding its footprint among younger, mobile first customers. The growth of digital financial services has become an increasingly important pillar of revenue diversification within the broader MTN Group strategy.
On the balance sheet, total assets rose to approximately $3.76 billion, while retained earnings reversed from a deficit position in 2024 to a positive $279 million in 2025, effectively restoring shareholder value. Cash generated from operations reached $1.54 billion, strengthening liquidity and enabling the company to fund capital projects, service debt obligations and accelerate its 4G and 5G rollout.
The improved financial results were supported by a more stable macroeconomic environment. The naira traded at an average rate of about N1,436 per dollar during 2025, providing relief from the extreme volatility that had previously inflated foreign currency denominated liabilities and operating costs. Early 2026 rates have traded slightly stronger, offering additional stability.
Despite intense competition from rivals such as Airtel Africa and Globacom, MTN maintained its dominant market position through scale, brand strength and aggressive digital investment. The company has proposed a final dividend of N15 per share, bringing total dividends for the year to N20, a signal of management’s confidence in its strengthened financial footing.
As regulatory scrutiny and currency related risks persist, MTN Nigeria’s 2025 performance highlights the resilience of Africa’s telecom industry and the central role of digital connectivity in Nigeria’s economic growth. With data and digital services now firmly established as its primary revenue drivers, the operator enters 2026 on a more stable trajectory, supported by stronger cash flow, improved margins and sustained infrastructure investment.
MTN expands digital infrastructure services to African telecom operators
