MTN Nigeria has unveiled an extraordinary financial and operational leap for the first half of 2025, underpinned by aggressive investments that reshaped its growth narrative.
The telecom giant, led by CEO Dr. Karl Toriola, posted remarkable gains, defying industry challenges and signaling renewed optimism across Nigeria’s digital economy.
Investment-Fueled Momentum
The company’s capital expenditure – Capex – (excluding leases) – skyrocketed by 288.4% to ₦565.7 billion, demonstrating MTN Nigeria’s resolute push to expand network capacity, coverage, and quality of experience.
This injection of funds catalyzed major infrastructure projects, notably the launch of the Dabengwa Tier 3 Data Centre, West Africa’s largest and most advanced facility of its kind.
“Our accelerated investment strategy is central to delivering next-level service quality and positioning MTN Nigeria as the digital backbone of West Africa,” said Toriola.
Financial Comeback and Operational Excellence
MTN Nigeria recorded service revenue growth of 54.6%, reaching ₦2.4 trillion, with EBITDA jumping by 119.5% to ₦1.2 trillion.
A striking turnaround from last year’s losses, the company posted a ₦414.9 billion profit after tax, a swing of nearly ₦934 billion.
Strong demand across voice, data, fintech, and digital services, alongside strategic price adjustments and expense efficiencies, propelled this surge.
Free cash flow rose 18% to ₦409.8 billion, solidifying the company’s liquidity and shareholder confidence.
Strategic Expansion and Fintech Vision
MTN Nigeria’s investment extended beyond infrastructure, with meaningful strides in financial technology.
Over 2.7 million active wallets and a fivefold increase in customer deposits reflected renewed momentum in its fintech ecosystem.
The company also received regulatory clearance for a national roaming deal with 9Mobile and began onboarding MVNOs, advancing connectivity and inclusion goals.
Driving Inclusive Innovation
A firm believer in shared value, MTN pledged ₦3 billion to Nigeria’s 3 Million Technical Talent Programme, and unveiled a startup accelerator with ₦100 million in grants to back local innovation. The twin initiatives underscore its broader ambition to drive sustainable digital transformation.
Outlook: Confidence in the Future
With macroeconomic conditions stabilizing and regulatory shifts aligning with growth, MTN Nigeria is optimistic about sustaining momentum.
Upgraded guidance projects FY 2025 service revenue growth and EBITDA margins of “at least low-50%”, with medium-term targets set for low-20% revenue growth and 53–55% margins.
As Toriola noted,
“We remain firmly on track to restore our balance sheet by Q3 and drive long-term value creation across Nigeria and beyond.”
