MTN, Nigeria’s largest telecom operator by subscribers, doubled investment in the country in 2025 to 1 trillion naira ($737 million), as part of a push to expand network capacity and maintain market dominance.
The South Africa-based telecom network’s Nigeria unit saw subscriber numbers rise 8% year-on-year to 87.3 million, with double-digit increases recorded in the number of internet data users and for service revenue. Headline earnings before deductions doubled to about $2 billion, which the company attributed to “a more stable foreign exchange market, improved FX liquidity, and a sustained decline in inflation compared to 2024.”
Telecom companies are riding a wave of growing smartphone and broadband penetration in Africa, especially as rising numbers of young people depend on the internet to make a living through social media and e-commerce. MTN faced infrastructure challenges in Nigeria last year with more than 9,000 incidents of vandalism of its cables. Still, 2025 marked “a significant turning point in our business performance and resumption of dividend payments,” the company said.