Nigeria’s telecom giants, MTN Nigeria and Airtel Nigeria, have posted a combined profit of about ₦1.83 trillion, signalling a strong corporate recovery. The surge comes as the naira stabilizes, reversing last year’s significant foreign-exchange losses, while rising data consumption and rebounding fintech and voice segments bolster revenue.
MTN Nigeria reported a profit after tax of ₦750.2 billion for the first nine months of 2025, marking a 245.7% improvement from its ₦514.9 billion loss in the same period of 2024. This recovery was fuelled by rapid data growth, fintech expansion, and disciplined cost management, which doubled operating margins and restored retained earnings and shareholders’ equity. CEO Karl Toriola hailed the results as proof of “strong operational momentum and disciplined execution.”
Airtel Nigeria also posted impressive results, earning $697 million (approximately ₦1.08 trillion) in the half-year ending September 30, 2025. CEO Sunil Taldar highlighted that robust revenue performance and cost efficiency drove a 30% growth in EBITDA, reinforcing Nigeria’s role as Airtel Africa’s key market. Data usage, smartphone penetration, and fintech adoption all showed significant gains, further boosting profitability.
The telecom rebound coincides with Nigeria’s broader economic recovery. The naira strengthened from N1,535 per dollar in December 2024 to N1,475 by September 2025, while headline inflation dropped from 34.8% to about 18%. These improvements lowered financing costs, enhanced foreign-exchange liquidity, and provided a more favorable operating environment for telecom operators, helping offset dollar-linked expenses.
Both MTN and Airtel are reinvesting heavily to sustain growth. MTN is expanding fibre networks, enhancing 4G/5G readiness, and building data-centre infrastructure. Airtel is focusing on customer experience, network capacity, and expanding its mobile-money ecosystem. MTN expects service revenue growth in the low-50% range, while Airtel Africa has raised its group capital expenditure to $875–$900 million, signalling confidence in Nigeria’s digital economy.
source: Business day