MTN Nigeria has returned to profitability, posting a record N1.7 trillion profit in 2025. This marks a significant recovery after experiencing substantial foreign exchange losses in 2023 and 2024.

Analysts attribute this rebound to improved foreign exchange dynamics and a strong growth in data and fintech services. The company's revenue saw a substantial increase, reaching N5 trillion in 2025, a significant jump from approximately N2 trillion in 2022.

Financial analyst Idika Aja highlighted that foreign exchange losses had previously impacted MTN's earnings. In 2024, these losses amounted to N950 billion. However, by 2025, MTN reversed this trend, recording an FX gain of about N99 billion. Aja further noted that in Q1 2026, the company reported an FX gain of approximately N33 billion.

Aja also pointed out the shift in revenue streams, with data revenue now exceeding voice revenue. In 2025, data generated about N2.78 trillion in revenue, while voice revenue decreased to N1.8 trillion.

The company also demonstrated strong quarterly performance, with its Q1 2026 revenue reaching N1.5 trillion.