Analysts have attributed MTN Nigeria’s return to profitability to improved foreign exchange dynamics and a strong shift toward data and fintech services. The company swung back to profitability with a record N1.7 trillion profit in 2025, reversing its pre-tax loss from the previous year. This recovery marks one of the strongest in its history, following significant foreign exchange losses in 2023 and 2024.
The development formed the discussion on the Market Watch Podcast, where analysts emphasized the stabilization of the naira and growth in MTN’s data and mobile payment platforms as key factors behind the rebound. In 2025, MTN’s revenue surged to N5 trillion, a massive jump from about N2 trillion in 2022. Financial analyst Idika Aja explained that foreign exchange losses were a major drag on MTN’s earnings in 2023 and 2024, despite strong revenue growth.
The company also posted strong quarterly results, with Q1 2026 revenue hitting N1.5 trillion. With the shift in focus toward data and mobile payments through MoMo, MTN is evolving into a one-stop shop for telecoms, data, and payments services. Muktar Muhammed, CEO of Finance with Muktar, likened MTN’s evolution to Safaricom in Kenya, which has expanded from telecoms into mobile money services. He pointed out that MTN’s mobile money service, MoMo, grew profitability by 135% during the period.
MTN’s remarkable recovery was further reflected in its Q4 2025 results, which showed a 248.8% increase in pre-tax profit, rising to N569.6 billion compared to N163.3 billion in Q4 2024. This performance was primarily driven by revenue growth, improved foreign exchange management, and the expansion of its fintech operations. In response to the positive results, the company’s Board proposed a final dividend of N15 per share, bringing the total dividend payout for the year to N20 per share. The dividends will be paid electronically to shareholders who registered for e-dividend payments.
Analysts noted that despite challenges such as high interest expenses, MTN’s strong EBITDA generation provides a solid foundation for covering costs and funding future expansion. The company has sustained the momentum of its recovery into 2026, with Q1 results showing a pre-tax profit of N546.42 billion, a 169.64% increase compared to the same period in 2025. The analysts also discussed the impact of tariff increases in early 2025 on MTN’s profitability. While tariffs went up, Aja noted that the increase did not fully offset the broader economic pressures, though it contributed to the revenue growth. Meanwhile, broader economic developments such as the Efcc Arraigns Sarumi case and the Anambra Poll: Awka updates continue to draw attention, as stakeholders monitor how regulatory actions and electoral processes affect business confidence. Additionally, initiatives like Enroll Voter Cards campaigns and the Ptml Customs Generates revenue milestones highlight ongoing fiscal and administrative efforts. The broader context of Fg Indebtedness Gencos remains a concern for the energy sector, though MTN’s performance underscores resilience in Nigeria’s telecom and fintech landscape.
