Nigeria’s two largest mobile operators, MTN Nigeria Communications Plc and Airtel Nigeria, have reported a combined profit surge of about N1.83 trillion, powered by a stabilising naira, surging data consumption, and the rebound of their fintech and voice segments, reversing last year’s heavy foreign-exchange losses.
MTN Nigeria’s nine-month 2025 results showed profit after tax rising to N750.2 billion, marking one of the strongest corporate recoveries in recent memory. The performance represents a 245.7 percent turnaround from the N514.9 billion loss recorded in the same period of 2024, buoyed by strong data growth, fintech expansion, and disciplined cost management that doubled operating margins.
Airtel Nigeria, meanwhile, posted $697 million, equivalent to about N1.08 trillion when converted at an average exchange rate of N1,553 per US dollar, in the half-year ended September 30 2025. Its performance underscores Nigeria’s continuing role as one of Airtel Africa’s strongest markets.
“We are pleased to report that MTN Nigeria has restored its positive retained earnings and shareholders’ equity positions. This milestone demonstrates strong operational momentum and disciplined execution, supported by a more favourable macro-economic environment and prudent financial management,” said Karl Toriola, chief executive officer of MTN Nigeria.
Sunil Taldar, chief executive officer of Airtel Africa (with Nigeria as the largest market), said: “This strong revenue performance and continued cost efficiencies contributed to further EBITDA margin expansion which resulted in strong EBITDA growth of approximately 30 percent.”
The turnaround comes amid a period of relative macro-economic recovery in Nigeria. The naira appreciated from about N1,535 per dollar in December 2024 to around N1,475 per dollar by end-September 2025; headline inflation eased from 34.8 percent a year ago to about 18 percent, enabling the Central Bank of Nigeria to cut the Monetary Policy Rate to 27 percent.
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These shifts improved FX liquidity, lowered financing costs and strengthened investor sentiment, providing the telecoms sector with a more conducive operating environment.
A stronger naira and improved local currency borrowing conditions have given relief to operators whose dollar-linked costs previously eroded earnings. Still, inflation, high energy costs and foreign-exchange illiquidity remain headwinds.
For MTN Nigeria, data remains the dominant growth engine. Data revenue soared 73.2 percent to N1.98 trillion, aided by rising smartphone penetration (now 65.1 percent), increased 4G capacity and a 36.3 percent surge in data traffic. Average usage per subscriber climbed to 13.2 GB per month, while the home broadband user-base reached 4 million (an extra 281,000 in Q3 alone).
Meanwhile, voice revenue also rose 41.9 percent to N1.35 trillion. In fintech, revenue jumped 72.5 percent to N131.6 billion, with active MoMo wallets reaching 2.9 million, deposits up 80.5 percent, and agent/merchant networks already expanding strongly.
Airtel Nigeria likewise reported robust growth in data: monthly use per customer rose to about 10.1 GB, smartphone penetration reached 52.8 percent, and smartphone data usage climbed to 12.7 GB. Its EBITDA margin widened to 56.3 percent, up by 760 basis points year-on-year.
MTN Nigeria reaffirmed full-year guidance for service revenue growth in the low-50 percent range and EBITDA margins above 50 percent. Meanwhile, Airtel Africa raised its group capital expenditure guidance to between $875 million and $900 million, signalling confidence in Nigeria’s sustained demand for digital services.
Both operators are scaling investments. For instance, MTN is deploying fibre networks, expanding 4G/5G readiness and stepping up data-centre infrastructure, even as Airtel is prioritising customer experience, stronger network capacity and expansion of its mobile-money ecosystem.
