MTN Nigeria has staged a dramatic comeback, posting a profit after tax of $812 million (₦1.1 trillion) for the year ended December 31, 2025, a sharp reversal from the $295 million (₦400.4 billion) loss recorded in 2024.
The turnaround was driven by explosive data growth, fintech expansion and a significant foreign exchange recovery, cementing Nigeria’s role as the earnings engine of the MTN Group.
Service revenue surged 55.1% year-on-year to $3.83 billion (₦5.2 trillion), with data revenue climbing 74.5% to $2.05 billion (₦2.78 trillion). Voice revenue also rose strongly, up 42.1% to $1.4 billion (₦1.85 trillion), reinforcing resilient consumer demand despite inflationary pressures.
MTN Nigeria CEO, Karl Toriola, revealed that EBITDA more than doubled, rising 108.9% to $2 billion (₦2.7 trillion), while margins expanded to 52.7%, reflecting improved cost discipline and operating leverage.
“2025 marked a significant turning point in our business performance and the resumption of dividend payments. We returned to profitability, strengthened our balance sheet and accelerated network investment to support Nigeria’s digital future,” he said.
A key swing factor was foreign exchange. The company recorded a net FX gain of $66.6 million (₦90.3 billion), compared to a $682 million (₦925.4 billion) loss in 2024, after reducing dollar exposure and benefiting from a relatively more stable naira.
Beyond connectivity, fintech emerged as a powerful growth driver after its revenue rose 79.7%, while active MoMo wallets grew 30.8% to 3.7 million. Customer deposits jumped 156%, boosting float income and reinforcing MTN’s push into digital financial services.
Operationally, subscribers increased 6.7% to 84.7 million, with active data users up 11.6% to 53.2 million. Smartphone penetration reached 66.1%, and average monthly data usage climbed to 13.1GB, proof of Nigeria’s accelerating digital consumption.
MTN invested $737 million (₦1.0 trillion) in capital expenditure to expand 5G, densify 4G and grow fibre infrastructure, positioning the company for sustained demand.
For shareholders, the rebound restores confidence in the pan-African Group’s biggest market. The board proposed a total dividend of ₦20 per share, signalling stronger cash flows and a healthier equity position after retained earnings returned to positive territory.
Nigeria remains MTN Group’s largest market by subscribers and revenue contribution. Its performance is critical to group stability, foreign investor confidence and Africa’s broader digital growth narrative.
With margins expanding and cash flow strengthening, MTN Nigeria’s reset signals structural momentum in Africa’s biggest telecom market.
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