MTN Nigeria reports strong demand and big profit turnaround amid a stabilising economy

MTN Nigeria, the biggest subsidiary of the South African telecoms provider, experienced robust demand in the second quarter and saw a sharp turnaround in first-half profit as the West African economy began to stabilise.

- EDWARD WEST

“The macroeconomic conditions in Nigeria showed notable improvements (six months to June 30), including a relatively stable naira, improved foreign exchange (forex) liquidity and easing inflationary pressures,’ said MTN Nigeria CEO Karl Toriola. This follows recent economic instability during which many South African companies suffered foreign exchange-related losses, in particular, from their operations in Nigeria.

MTN Nigeria posted a N414.9 billion net profit in the first half of 2025, a dramatic turnaround from the N519.1bn loss in the first half of 2024.

“Building on momentum from the first quarter, we delivered strong growth in service revenue (56% year-on-year). This was driven by strong demand, proactive customer value management and price adjustments, mainly in the second quarter. In reinforcing this, we accelerated investment in our network to enhance capacity,’ he said at the release of the interim results on Thursday.

He said they were continuing with efficiency initiatives to accelerate the recovery of profitability in the business.