MTN Nigeria rebounds with ₦5.2 trillion driven by 74.5% growth in data revenue
A 74.5% jump in data revenue pushed MTN Nigeria’s 2025 revenue to ₦5.2 trillion. The telco returned to ₦1.1 trillion profit, resumed dividends, and reinforced its financial position amid improved macro conditions.
MTN Nigeria has delivered its strongest financial performance in years, posting ₦5.2 trillion in service revenue for the year ended December 31, 2025, a 55.1% year-on-year increase, largely driven by a 74.5% surge in data revenue.
The result marks a decisive turnaround for Nigeria’s largest telecom operator after a turbulent 2024, when foreign exchange losses pushed the company to a ₦400.4 billion loss. In 2025, profit after tax climbed to ₦1.1 trillion, while earnings per share rebounded to ₦53.07 from a negative ₦19.05 the previous year.
The rebound has restored MTN Nigeria’s ability to reward shareholders. The Board proposed a final dividend of ₦15, following a ₦5 interim dividend in Q4 2025, bringing the total dividend for the 2025 financial year to ₦20 per share, subject to shareholder approval.
“2025 marked a significant turning point in our business performance and resumption of dividend payments,” Karl Toriola, MTN Nigeria CEO, said. “In the period, we returned to profitability, generated stronger free cash flow, and restored positive retained earnings and shareholders’ funds.”
Data becomes MTN’s growth engine
Data has firmly overtaken voice as the backbone of MTN Nigeria’s revenue. According to the company’s audited results, data revenue rose to ₦2.78 trillion, supported by an 11.6% increase in active data users to 53.2 million and a 34% jump in data traffic. Average monthly data usage per subscriber climbed 20% to 13.1GB, while smartphone penetration reached 66.1%.
This shift reflects a broader structural change in Nigeria’s telecom market. As smartphone adoption deepens and streaming, fintech, and remote-work tools become more mainstream, demand for high-speed connectivity continues to grow.
MTN responded by more than doubling its capital expenditure (excluding leases) to ₦1 trillion, investing in network expansion, radio densification, fibre-to-the-home rollouts, and a new data centre.
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