MTN Nigeria’s service revenue surged by 35.6% in March 2025, driven by tariff adjustments implemented in February, according to a report released on Monday by its parent company, MTN Group.
The telecommunications giant anticipates continued revenue growth in Nigeria throughout 2025, supported by strategic operational improvements and favorable economic conditions.
Despite this impressive performance in Nigeria, MTN Group reported a 69% decline in full-year earnings, largely due to the devaluation of the naira and ongoing operational challenges in Sudan. The company’s headline earnings per share (HEPS) fell from 315 cents in 2023 to 98 cents in the year ending December 31, 2024.
MTN Group President & Chief Executive Officer, Ralph Mupita, acknowledged the hurdles faced in key markets, citing currency depreciation in Nigeria, high inflation, and Sudan’s ongoing conflict as major factors affecting financial performance.
However, he expressed optimism about the company’s outlook, highlighting easing inflation, reduced forex volatility particularly for the naira and the positive impact of tariff adjustments in Nigeria.
"In Nigeria, we renegotiated tower lease contracts, which allow MTN Nigeria to better manage adverse macroeconomic impacts on the business," Mupita stated.
He reaffirmed MTN Group’s commitment to sustaining growth, creating shared value in its operating markets, and unlocking value for stakeholders.
Nigeria has been grappling with chronic dollar shortages, prompting the government to devalue the naira in an effort to stabilize the currency and attract investment.
Alongside high inflation and rising interest rates, these factors have significantly increased operating costs, leading to a more than 200% increase in MTN Nigeria’s pre-tax loss, which surged to ₦550.3 billion ($355.76 million).
In Sudan, the company faced severe operational and financial setbacks due to armed conflict, further affecting the Group’s overall performance.
MTN Group, which operates in 16 African markets with a total of 291 million customers, reported that group service revenue declined by 15% to R177.8 billion ($9.78 billion) in reported currency terms. However, in constant currency, service revenue saw a 14% increase, reflecting strong underlying business performance.
The company declared a final dividend of 345 cents per share, up from 330 cents, and expects to pay a minimum ordinary dividend of 370 cents per share for 2025.
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