MTN Nigeria recorded N1 trillion in revenue in the first quarter of this year, which represents a 40.5% increase compared with Q1 2024 revenue. This result is buoyed by the recent tariff increment implemented in the middle of February 2025, even as the impact of the tariff adjustment is yet to be fully realized.
According to its unaudited Q1 2025 financial results, the company bounced back to profitability in the quarter, posting a N133.7 billion profit after tax compared with the N392.7 billion loss it recorded in Q1 2024.
Meanwhile, in line with one of the conditions given by the Nigerian Communications Commission (NCC) for the approval of the 50% tariff increment, the company also increased its investment in network capacity, spending N202.4 billion in the first three months of the year.
This represents a 159% increase in CAPEX for the company when compared with the N78.1 billion it spent in the same period of 2024.
MTN added 3.2 million new subscribers in Q1, bringing its total base to 84.1 million. During the same period, the company’s active data users rose by 2.6 million, increasing the base to 50.3 million and contributing to a 46.4% YoY growth in data traffic.
Speaking on the growth, MTN Nigeria CEO Karl Toriola said “This growth was supported by our disciplined approach to gross connections and churn management, as well as continuous innovation in customer value propositions.
“We commenced phased implementation of the new tariff structure in mid-February 2025 across our data and voice bundles, with the majority of adjustments taking effect in March.
“While the full impact on usage and revenue is expected from Q2, early indicators suggest continued resilience in customer demand, aided by our targeted CVM initiatives,” he added.
MTN noted that although macroeconomic uncertainties persist, it was encouraged by the relative stability of the naira during the period and the moderation in inflation following the rebasing of the Consumer Price Index (CPI) in January 2025.
The exchange rate remained relatively stable at N1,537/US$ at the end of March 2025, while reported inflation was 24.2%.