Things have probably started turning around for MTN Nigeria, the country’s largest telecom operator with 84 million subscribers. After a dismal 2024 financial year where it lost revenue and ended in the red, CEO Karl Toriola’s yellow team is smiling to the bank again—and at the bank (hold this thought).
For the second consecutive quarter, MTN Nigeria was profitable. In Q1 2025, it made ₦133.7 billion ($83.4 million) in profit from a total revenue of ₦1.06 trillion ($660 million).
If you haven’t had time to read the report yet, here are other mind-boggling numbers from the telecom operator’s quarter:
MTN Nigeria’s top revenue sources remained data and voice.
Data pulled in ₦528.98 billion ($330 million); this grew by 51.6% from Q1 2024, showing that MTN made more money from Nigerians subscribing data, thanks to the telecom tariff hike.
Voice pulled in ₦353.13 billion ($220.3 million); this grew by 30% from Q1 2024, also showing the effect of the higher tariff on calls kicking in.
SMS revenue, fourth-highest on the list, also brought in ₦39.58 billion ($25 million).
Interestingly, MTN Nigeria also grew its revenue from value-added services (VAS) by 57%, reaching ₦34.62 billion ($22 million) for the quarter. With these unholy numbers, MTN is making more revenue than some non-tier-1 Nigerian banks.
Value-added services include airtime borrowing, mobile money, SIM backup, and voice services. This means MTN is making more money from people who borrow airtime, showing just how much Nigerians need access to credit. With the higher tariffs, Nigerians are borrowing more in airtime and possibly data.
Investors on the Nigerian Exchange (NGX) reacted well to the news. MTN’s share price dropped from ₦255.5 ($0.16) to ₦240 ($0.15) on Tuesday but bounced back to ₦250 ($0.16) on Wednesday, up by 4.17%. On Tuesday alone, nearly 87 million shares were traded—likely by investors taking advantage of the price swings to make a profit.
MTN has been growing its revenue year-on-year (YoY) and it is off to a strong start in Q1 2025. It also spent ₦202.4 billion ($126.2 million) in infrastructure upgrades as it battles poor service quality.
But higher tariffs alone won’t carry MTN. With inflation still rising and disposable income shrinking, subscribers may soon start cutting back. The company’s 84 million users are spending more—but how often, and how much? MTN will keep borrowing to fund its network, but it’s doing so in an economy where costs are high, policies are unpredictable, and the real value of telecom consumption is still maturing.
