MTN Nigeria reported a revenue of N1 trillion in the first quarter of 2025, driven largely by the tariff increment implemented in mid-February.

This marks a 40.5% increase compared to Q1 2024, despite the tariff adjustment’s full impact yet to be fully reflected in the results.

MTN returned to profitability in Q1 2025, reporting a profit after tax of ₦133.7 billion. This marks a strong recovery from the ₦392.7 billion loss recorded in the same period last year (Q1 2024), according to its released unaudited financial results.

Meanwhile, fulfilling one of the Nigerian Communications Commission’s conditions for approving a 50% tariff increase, the company ramped up its investment in network capacity, spending ₦202.4 billion in the first quarter of 2025.

This marks a 159% rise in capital expenditure compared to the ₦78.1 billion spent in Q1 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.

“This growth was supported by our disciplined approach to gross connections and churn management, as well as continuous innovation in customer value propositions,” said MTN Nigeria CEO Karl Toriola.

“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 acknowledged that while macroeconomic uncertainties remain, it drew optimism from the relative stability of the naira and the easing ofm inflation following the rebasing of the Consumer Price Index in January 2025.

By the end of March 2025, the exchange rate held steady at ₦1,537/US$, with inflation reported at 24.2%.

“As a result, EBITDA increased by 65.9%, and the EBITDA margin expanded by 7.2pp to 46.6%, which aligns with our guidance.

“Notably, the stability in the exchange rate in Q1 versus December 2024 helped reduce forex losses,” Toriola stated.

On January 20, the Nigerian Communications Commission announced its approval of a 50% tariff adjustment for telecom operators, citing escalating operational costs and the need to ensure the sustainability of the telecommunications industry.