Nigeria has emerged as the biggest profit engine for MTN Group, overtaking South Africa for the first time and marking a significant shift in the telecom giant’s earnings structure.
According to MTN’s latest financial results, the Nigerian subsidiary recorded a dramatic surge in profitability in 2025. MTN Nigeria generated about $1.93 billion in EBITDA (earnings before interest, tax, depreciation, and amortisation), more than doubling the $946 million recorded in 2024.
This strong performance pushed Nigeria ahead of MTN’s home market, South Africa, which posted about $1.05 billion during the same period.
The rapid growth in Nigeria was driven largely by increased data consumption, a growing customer base, and expansion in digital and fintech services. Rising demand for mobile internet and digital payments has strengthened MTN’s position in the country, making Nigeria the company’s most valuable market.
Across the group, service revenue rose by 22.7% to 218.5 billion rand, supported by strong growth in both Nigeria and Ghana. Nigeria alone recorded 54.9% revenue growth, highlighting its expanding influence within the MTN network.
Industry analysts say the development reflects the growing importance of West Africa in MTN’s operations. With Nigeria now contributing the largest share of profits, the company’s future investments and strategic decisions are expected to be increasingly tied to the Nigerian market.
However, operating in Nigeria still comes with challenges. Telecom operators in the country face high operating costs, including spending heavily on diesel-powered generators due to unreliable electricity supply, as well as security and infrastructure expenses.
Despite these hurdles, Nigeria’s large population, rising smartphone penetration, and surging demand for digital services continue to position the country as MTN’s most critical growth market.
The shift also signals a broader trend in Africa’s telecom industry, where West African markets are becoming key drivers of revenue and profit for major telecom operators.
