MTN Nigeria has emerged as the biggest profit contributor within the MTN Group, overtaking South Africa after a strong financial rebound that has reshaped the company’s earnings structure across the continent.
The turnaround follows a difficult 2024, with the Nigerian business now returning firmly to profitability. Revenue rose by 54.9% in constant currency, supported by tariff adjustments and a sharp increase in demand for data services. This recovery pushed MTN Nigeria to post a profit after tax of $786 million, a significant reversal from the $408 million loss recorded a year earlier.
The performance signals a clear shift in where MTN now generates most of its value. Nigeria currently contributes more than a quarter of the Group’s service revenue and roughly one-third of its EBITDA, underlining its growing dominance in the company’s overall financial outlook.
Group president and CEO, Ralph Mupita, linked the results to improved execution and operating conditions. “In the final year of our Ambition 2025 strategy, MTN Group is proud to have exceeded the 300 million customers milestone,” he said, adding that the company remains focused on “deepening digital and financial inclusion in the markets we serve.”
Growth in Nigeria has been largely driven by increased smartphone penetration and higher consumer spending on data and digital services, which now account for more than half of service revenue in the market.
In contrast, MTN South Africa recorded just 2% service revenue growth, reflecting slower economic activity and stronger competition in a more mature telecoms environment.
The development highlights a broader internal shift within MTN, where high-growth markets like Nigeria are increasingly taking the lead in driving profitability and shaping the Group’s future earnings trajectory.
