MTN Nigeria, the country’s largest telecommunications operator, reported record revenue of ₦5.20 trillion ($3.82 billion) for the 2025 financial year, a 54.93 percent surge from ₦3.36 trillion in 2024 that signals a decisive turnaround for an industry long constrained by regulatory pricing and macroeconomic volatility. The performance, the highest ever recorded in Nigeria’s telecom sector, nearly matched the entire industry’s ₦5.30 trillion revenue for 2023, underscoring MTN’s dominant position with a 51.87 percent share of Nigeria’s 179.41 million active mobile subscriptions.
The results mark a sharp reversal after years of economic pressure that pushed operators into losses, as currency devaluation eroded dollar-denominated earnings and reduced average revenue per user (ARPU) from $3.08 in 2023 to $1.89 in 2024. MTN swung from a ₦400.44 billion loss in 2024 to a profit after tax of ₦1.11 trillion ($816.29 million) in 2025, restored positive retained earnings and shareholders’ equity, and proposed a total dividend of ₦20 per share, resuming payments after a hiatus.
“This marked a significant turning point in our business performance and resumption of dividend payments,” said Karl Toriola, MTN Nigeria chief executive officer. “In the period, we returned to profitability, generated stronger free cash flow, and restored positive retained earnings and shareholders’ funds.”
The turnaround was powered by regulatory approval for tariff increases, granted on 20 January 2025 after more than a decade of operator lobbying for cost-reflective pricing amid rising operational expenses. The average price of 1GB of data doubled to approximately ₦575 ($0.42), up from ₦287.5 ($0.21). Crucially, the increase coincided with surging internet usage across Nigeria, driven by streaming, remote work, fintech adoption, and social media consumption.
Data has now become MTN’s single largest revenue driver, contributing 53.39 percent of total earnings and growing 74.58 percent year-on-year. Nigeria’s annual data consumption rose 35.7 percent to 13.25 million terabytes in 2025, pushing average monthly usage per subscriber to 89.42GB, compared with 70.09GB the previous year. Voice revenue also expanded by 49.54 percent, showing continued resilience despite the shift toward internet-based communication, while fintech revenue surged 79.68 percent.
The improved macroeconomic environment in 2025, including a more stable naira, amplified the impact of pricing adjustments. Airtel Africa’s revenue grew 28.3 percent in reported currency to $4.67 billion during the period, with Nigeria leading performance through a 50.6 percent expansion in constant-currency revenue, confirming that the benefits of regulatory reform extended across the sector.
For Nigeria’s economy, MTN’s performance carries multiple implications. The company’s evolution from mobile operator to critical national digital infrastructure positions it as a bellwether for the broader technology and services sectors. Its profitability signals that regulatory frameworks allowing market-reflective pricing can sustain investment in network quality and expansion, essential for Nigeria’s digital economy ambitions.
The resumption of dividend payments provides direct returns to shareholders, including domestic institutional investors such as pension funds that hold MTN shares. This strengthens the investment case for Nigerian equities and supports the broader capital market. The company’s financial health also enhances its capacity to invest in 5G deployment, fibre expansion, and digital services that underpin productivity gains across other sectors.
The shift toward data as the primary revenue driver reflects structural changes in how Nigerians communicate, work, and transact. Each percentage point increase in data consumption represents expanded access to information, markets, and services, with productivity implications that extend far beyond the telecom sector. MTN’s investment in network capacity to support this demand creates enabling infrastructure for e-commerce, remote work, and digital entrepreneurship.
The tariff increase, however, remains politically sensitive. Data and voice services are essential inputs to household budgets and business operations, and price adjustments affect disposable income and operating costs. The challenge for regulators and operators is to balance the industry’s need for sustainable economics with consumers’ capacity to pay, particularly in an environment where inflation has already compressed real incomes.
MTN’s record revenue also highlights the concentration of value in Nigeria’s telecommunications market. With a majority market share, the company captures the lion’s share of industry growth, raising questions about competition dynamics and the viability of smaller operators. A healthy competitive landscape requires that multiple players achieve sufficient scale and profitability to invest and innovate.
Since launching operations in Nigeria in 2001, MTN has grown into one of the country’s most profitable companies and a cornerstone of the Lagos Stock Exchange. Its 2025 results demonstrate that regulatory reform, when aligned with market realities, can unlock value for investors, employees, and the broader economy. Sustaining this trajectory requires continued investment, stable policy frameworks, and attention to the affordability concerns that shape consumer welfare.
