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MTN Nigeria Posts Strong Growth, Eyes Full Recovery by Q3 2025

MTN

MTN Nigeria Communications Plc has reported robust financial and operational results for the first half of 2025, signaling a promising turnaround for the telecom giant amid improving economic conditions and strategic initiatives.

CEO Karl Toriola said the company’s performance reflected the successful execution of earlier strategies and a more stable business environment. “We are excited by the progress made in the first half of 2025,” he said, highlighting a 54.6 percent growth in service revenue and a remarkable recovery in profits.

MTN’s subscriber base grew to 84.7 million, adding nearly 4 million users despite regulatory changes limiting SIM registrations by third-party agents. Active data users reached 51 million, fueling a surge in data revenue, which rose by an impressive 69.2 percent.

The operator has been investing heavily to meet rising demand and improve service quality. Among its major projects is the $240 million Dabengwa Tier 3 Data Centre—West Africa’s largest—which was launched in July and promises to drive digital transformation for businesses across the region.

On the fintech front, MTN made solid strides by adding over half a million new digital wallets in Q2 alone. Customer deposits grew fivefold since December 2024, pointing to renewed confidence and expanding usage of MTN’s mobile money services.

Economically, Nigeria showed signs of recovery during the period, with the naira exchange rate remaining stable and inflation easing to 22.2 percent. These factors helped strengthen MTN’s financial position and allowed the company to renegotiate tower leases, resulting in significant cost savings.

As a result, MTN swung from a loss after tax of N519 billion in the first half of 2024 to a profit after tax of N415 billion this year. Free cash flow also improved, hitting N409.8 billion, which the company plans to leverage for further network investments.

Looking ahead, MTN Nigeria has raised its full-year guidance, targeting service revenue growth at least in the low 50 percent range and an EBITDA margin above 50 percent. The firm anticipates positive retained earnings and shareholders’ equity returning by the end of Q3.

The company also remains committed to nurturing tech talent and innovation in Nigeria, pledging over N3 billion to support skills development. An accelerator programme offering funding and mentorship aims to empower African startups and drive future digital growth.

Despite some regulatory and macroeconomic uncertainties, MTN Nigeria’s leadership expressed confidence in the company’s ability to adapt and deliver sustained value to shareholders and customers alike.

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