MTN Nigeria has emerged as the largest contributor to MTN Group’s profits, overtaking its South African counterpart in a significant shift for Africa’s leading telecom operator.
According to MTN Group’s 2025 financial results, released recently, the Nigerian subsidiary delivered a remarkable performance, with CODM EBITDA (the key profit metric used by group executives) reaching approximately $1.91 billion—more than doubling from the previous year’s levels and reflecting over 100% year-on-year growth.
ALSO READ: DR. KRISHNAN RANGANATH LEADS UNICLOUD AFRICA AS NEW CEO
This surge propelled MTN Nigeria ahead of MTN South Africa, which posted EBITDA of around $1.05 billion in 2025. The Nigerian operation now generates substantially higher profits, with reports indicating nearly 84% more than South Africa, marking the end of years where the home market dominated group earnings.
MTN Ghana also contributed strongly to the West African momentum, with EBITDA climbing 50.3% to $1.276 billion. Together, the rapid expansions in Nigeria and Ghana have repositioned West Africa as the financial center of gravity for the group, relegating South Africa to third place among major markets.
The Nigerian success stems from the country’s vast scale as Africa’s largest telecom market, boasting over 200 million people and MTN’s commanding 51.7% share. Explosive growth in data consumption, fintech adoption—including mobile money—and network expansion fueled the earnings leap. Notably, while EBITDA more than doubled, direct network costs rose only modestly by about 5%, highlighting strong operating leverage at scale.
However, high profitability comes with elevated costs. MTN Nigeria’s network operating expenses reached $979.55 million in 2025—more than double South Africa’s $412.69 million—driven by reliance on diesel generators amid unreliable power, security needs for infrastructure, and expensive connectivity. This makes Nigerian operations less efficient per unit of profit compared to South Africa.
The growing dependence on Nigeria heightens MTN Group’s exposure to local risks, including currency volatility, regulatory shifts, inflation, and energy challenges. In response, the company has pursued strategies like acquiring tower infrastructure to control costs more tightly and applying disciplined approaches from mature markets .
