The news
- MTN Nigeria posted a profit after tax of ₦750.2 billion for the nine months ended September 2025.
- This profit comes after two years of losses after tax in 2023 and 2024.
- The Naira stabilisation and dwindling inflation contributed to MTN Nigeria’s rebound.
MTN Nigeria has made a strong rebound, recording a profit after tax of ₦750.2 billion for the nine months ended September 2025, a 245.7% increase from the company’s loss after tax of ₦514.9 billion in 2024 and ₦137 billion in 2023.
This profit comes on the back of improved macroeconomic conditions in the country, primarily the appreciation of the Naira from ₦1,535/$ in December 2024 to ₦1,475/$1 at the end of September 2025 and easing inflation from 34.8% at the close of 2024 to 18.0% in September 2025.
Beyond these, MTN’s service revenue significantly boosted its return to profitability with a 57.5% increase to ₦3.7 trillion. Data revenue topped the list with ₦1.9 trillion, while voice revenue followed with ₦1.3 trillion. Data subscribers and traffic increased by 12.8% to 51.1 million and 36.3% year-on-year, respectively.
This boost in revenue and subscribers encouraged more spending on infrastructure as capital expenditure increased by 248.0% to ₦757.4 billion from ₦217.6 billion in 2024, demonstrating MTN’s commitment to amplify its connectivity and ensure network stability for its increasing number of subscribers.
The company has, however, expressed its intention to reduce its capex profile in Q4 2025 in order to align with its full-year objective.
“We are committed to building sustainable communities as part of our broader strategy
to create shared value. The acceleration of our capex investment embodies our
commitment to driving our shared value priorities. It ensures improved connectivity
for our customers and continued compliance with quality-of-service imperatives,” Karl Toriola, CEO, MTN Nigeria, said in a statement.
MTN’s fintech arm, MTN MoMo also recorded growth with active wallets increasing by 1.6% to 2.9 million and fintech revenue growing by 72.5% over the past nine months
MTN’s strong financial recovery raises hopes for the company’s ability to finish the year strong. However, this is dependent on its ability to maintain the momentum it has built over the past nine months with continued support from favourable macroeconomic conditions in the country.
“In the final quarter of the year, our focus is on sustaining the strong momentum built
in the first nine months. We will continue to execute with discipline, leveraging our
broad revenue streams and strengthened balance sheet to navigate market dynamics
and capture growth opportunities,” Toriola said.
