MTN Nigeria is back in the black, posting a profit after tax of ₦414.9 billion for the first half of 2025 — a sharp rebound from a staggering ₦519.1 billion loss in the same period of 2024 — as Africa’s largest telecoms operator doubles down on strategic investments, recalibrates its business model, and benefits from an improving Nigerian macroeconomic climate.
The strong recovery signals a fresh chapter for the Nigerian arm of South Africa’s MTN Group, with its CEO, Dr Karl Toriola, confirming that the operator is “firmly on track” to restore its balance sheet to a “positive net asset position by the end of Q3 2025.” The turnaround, he says, is powered by sweeping operational efficiencies, price reviews, expanding digital footprints, and a favourable economic backdrop, following months of currency and inflation-related shocks.
The telco’s rebound is underpinned by a more stable Nigerian economy, a welcome shift after the 2024 fiscal year that was marred by volatile foreign exchange losses. MTN Nigeria reports a massive reduction in forex losses — from ₦887.7 billion in H1 2024 to just ₦5.2 billion in H1 2025 — as the naira held relatively steady at ₦1,530/US$.
Back from the Brink
The half-year results, released by the company this week, highlight a remarkable pivot: total service revenue surged by 54.6% year-on-year to ₦2.36 trillion, with data services driving the uptick — growing by 69.2% — and voice revenue rising 40.3%. Total subscribers climbed to 84.7 million, representing a 6.7% growth, while active data users now stand at 51 million.
“We are excited by the progress made in the first half of 2025, reflecting the successful execution of the strategic priorities we previously communicated to the market,” Dr Toriola says.
“Building on the momentum from the first quarter, we delivered strong growth in service revenue for the period under review. This was driven by robust demand for our services, proactive customer value management and price adjustments, mainly in Q2.”
He adds that MTN Nigeria’s efficiency playbook is being rolled out decisively to secure long-term profitability.
Naira stability and forex pressure easing
The telco’s rebound is underpinned by a more stable Nigerian economy, a welcome shift after the 2024 fiscal year that was marred by volatile foreign exchange losses. MTN Nigeria reports a massive reduction in forex losses — from ₦887.7 billion in H1 2024 to just ₦5.2 billion in H1 2025 — as the naira held relatively steady at ₦1,530/US$.
Improved forex liquidity and easing inflation have also buoyed the company’s outlook. “The macroeconomic conditions in Nigeria showed notable improvements in the period under review,” MTN states, underscoring the impact of broader fiscal and monetary reforms on corporate bottom lines.
Operational Firepower: Data Centres and MVNO Deals
MTN’s EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 119.5% to ₦1.2 trillion, with margins improving by 15 percentage points to 50.6% — another sign of the telco’s rising operational efficiency.
The company’s CAPEX spend (excluding leases) spiked by 288.4% to ₦565.7 billion, as MTN intensifies network expansion and infrastructure rollout to meet rising consumer demand and improve quality of service (QoS).
“As part of our strategy to expand capacity and meet the growing demand for our services, we launched the first phase of our US$240 million Dabengwa Tier 3 Data Centre in July 2025. This multi-stage data centre project is a world-class facility that will become the largest of its kind in West Africa,” MTN Nigeria reveals.
In parallel, MTN secured regulatory approval from the Nigerian Communications Commission (NCC) for a national roaming agreement with 9mobile — a move expected to improve coverage and service delivery across the country. The telco also began onboarding Mobile Virtual Network Operators (MVNOs), deepening market inclusivity and supporting the NCC’s broader digital inclusion drive.
Fintech and Home Broadband on Growth Trajectory
MTN Nigeria’s fintech play, though still stabilising, shows promise. The company added 562,000 wallets in Q2 2025, bringing its total active wallet base to 2.7 million — a 6.1% drop from December 2024, but offset by a significant increase in high-value users.
“Leveraging our partner network has helped spur sustained growth in customer deposits, which rose nearly fivefold by June 2025, compared to December 2024,” MTN says.
Meanwhile, the home broadband segment — a key plank of Nigeria’s broadband penetration agenda — gained 501,000 new users in H1, pushing total subscribers to 3.7 million.
Meanwhile, the home broadband segment — a key plank of Nigeria’s broadband penetration agenda — gained 501,000 new users in H1, pushing total subscribers to 3.7 million.
Investing in Digital Nigeria
As part of its corporate social investment and support for Nigeria’s digital economy, MTN Nigeria has committed ₦3 billion to the Federal Ministry of Communications’ 3 Million Technical Talent (3MTT) programme. It also rolled out a ₦100 million accelerator fund to support African tech startups scaling cloud-powered innovations.
“Our goal is to build Africa’s future through cloud-powered innovation, helping bold, disruptive startups scale their impact,” MTN Nigeria states in the release.
Free Cash Flow and Shareholder Sentiment
Free cash flow rose 18% to ₦409.8 billion, while total capital expenditure jumped 208.2% to ₦986.1 billion — signs of a company betting big on long-term infrastructure capacity and sustained earnings. MTN also renegotiated tower lease agreements to save ₦114.0 billion and implemented internal expense reductions.
Although shareholder equity remains negative at ₦42.5 billion, it marks a notable improvement from December 2024’s figure of negative ₦458 billion. Retained losses have also narrowed significantly to ₦192.9 billion.
Crucially, GCR Ratings has reaffirmed MTN Nigeria’s issuer ratings at AAA (long-term) and A1+ (short-term), upgrading the outlook from Negative to Stable. “The rating outlook was upgraded to Stable… reflecting our return to profitability, reduced foreign currency exposure, robust cash flow generation, and sustained revenue growth driven by rising demand for data and digital services,” the credit agency notes.
Forward Guidance: Low-50% Revenue Growth in 2025
Looking ahead, MTN Nigeria expects service revenue to grow by at least low-50% in full-year 2025, with EBITDA margins expected to remain strong in the same range. From 2026 onwards, the company reaffirms medium-term targets of average service revenue growth of at least low-20%, and EBITDA margin guidance of 53–55%.
Analysis: Strategic realignment powers MTN Nigeria’s return to form
MTN Nigeria’s remarkable H1 2025 performance marks a pivotal moment in Nigeria’s telecoms sector, affirming the resilience of a player that has weathered the harshest economic storms in recent years.
This comeback, built on sustained investment, improved macroeconomic conditions, and smarter pricing strategies, underscores the strategic realignment underway within Nigeria’s largest mobile operator. The rollout of the Dabengwa Data Centre also speaks to a larger ambition — to become the go-to digital infrastructure provider not only in Nigeria, but across West Africa.
By onboarding MVNOs, supporting fintech inclusion, and scaling broadband access, MTN is aligning itself with the Federal Government’s digital economy priorities. Its deepening relationship with regulators like the NCC further strengthens its ability to influence market direction, while initiatives like 3MTT and the startup accelerator fund signal long-term community investment.
For shareholders, analysts, and policymakers, MTN Nigeria’s story is no longer just about crisis recovery. It is about transformation.
The outlook? Cautiously bullish — provided that macroeconomic stability persists, regulatory support remains strong, and consumer demand continues to grow.
As the telco eyes the rest of 2025 and beyond, the Nigerian telecoms market — valued at over ₦15 trillion — may well be witnessing the emergence of a more agile, digital-native MTN, one that could yet shape the next chapter of the nation’s telecoms revolution.
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