In a bold move to future-proof Nigeria’s telecommunications infrastructure, MTN Nigeria embarked on a massive N1.0 trillion Capital Expenditure (CAPEX) drive, backed by its record-breaking 2025 financial performance.
The company's audited results revealed a historic 108.9% increase in EBITDA to N2.7 trillion and a 215.5% rise in free cash flow to N1.2 trillion, providing the exact financial muscle necessary for this aggressive network expansion.
According to the firm's strategic blueprint, without the ability to generate strong returns, the N1.0 trillion CAPEX required to maintain the network and deploy advanced technologies would simply not exist.
This accelerated network investment is already yielding significant dividends in consumer usage and reliability. The 2025 results showed a massive 74.5% surge in data revenue alongside a 42.1% increase in voice revenue. Furthermore, active data subscribers grew by 11.6% to hit 53.2 million, underscoring the robust commercial momentum and the continuous public demand for high-quality internet services powered by fresh CAPEX.
Speaking on the company's trajectory, CEO Karl Olutokun Toriola confirmed that the restoration of positive retained earnings and a highly resilient balance sheet directly supported this accelerated network investment.
He said: “2025 marked a significant turning point in our business performance, with a return to profitability, stronger free cash flow, and the restoration of positive retained earnings and shareholders’ funds, enabling the resumption of dividend payments.
"Our balance sheet resilience - underpinned by robust operating performance, disciplined capital allocation, and reduced foreign currency exposure - supported accelerated network investment to enhance quality of service and user experience, positioning us to sustain growth and deliver attractive long term shareholder returns.”
The company continues to position this N1.0 trillion infrastructure spending as a cornerstone of its economic patriotism. As the largest corporate taxpayer, MTN noted that its heavy investments directly support government digital infrastructure ambitions and social welfare whilst stimulating the local tech ecosystem.
