MTN Nigeria has reported a landmark ₦1 trillion in revenue for the first quarter of 2025, marking a 40.5% year-on-year increase compared to Q1 2024. This sharp growth follows the implementation of a 50% tariff hike, which began in mid-February 2025.
According to its unaudited Q1 financial results, MTN also bounced back to profitability, recording a ₦133.7 billion profit after tax. This is a major recovery from the ₦392.7 billion loss reported in the same period last year.
Massive Capital Investment Spurs Network Expansion
As part of the conditions set by the Nigerian Communications Commission (NCC) for approving the tariff increment, MTN ramped up its investment in network infrastructure. The company reported a ₦202.4 billion capital expenditure (CAPEX) in Q1 2025, representing a 159% increase compared to ₦78.1 billion in Q1 2024.
This aggressive investment reflects the company’s commitment to enhancing service quality and handling increased data and voice traffic across its growing user base.
Subscriber Growth and Data Surge
MTN’s subscriber base grew by 3.2 million users in the first quarter, bringing its total active users to 84.1 million. In the same period, the company added 2.6 million active data users, increasing the total to 50.3 million. This user expansion contributed to a 46.4% year-on-year growth in data traffic.
CEO’s Remarks: Growth, Innovation, and Resilience
Commenting on the performance, Karl Toriola, CEO of MTN Nigeria, credited the company’s disciplined operational strategy for the turnaround:
“This growth was supported by our disciplined approach to gross connections and churn management, as well as continuous innovation in customer value propositions.”
Toriola noted that although the full impact of the new tariff structure will materialise in Q2, early signs show resilient customer demand, bolstered by targeted Customer Value Management (CVM) strategies.
Macroeconomic Outlook: Stability Amid Uncertainty
Despite ongoing economic headwinds, MTN expressed optimism due to the relative stability of the naira, which held at ₦1,537 to $1 at the end of March 2025. Additionally, inflation moderated to 24.2%, aided by the rebasing of the Consumer Price Index (CPI) in January 2025.
This report places MTN Nigeria firmly on a recovery path, backed by strong revenue, renewed profitability, and a robust user acquisition strategy. The company’s performance signals resilience in the face of macroeconomic pressure and an evolving regulatory environment.
