Nigeria Surpasses South Africa as MTN’s Leading Profit Engine Amid Telecom Growth Surge
Uchechi Okporie
Mar 17, 2026
3 min read
MTN Group, one of Africa’s largest telecommunications companies, has announced that its Nigerian operations have overtaken South Africa as the company’s top profit driver, signaling a significant shift in the company’s earnings landscape.
The development highlights the growing importance of high-growth West African markets for MTN as it navigates a competitive and rapidly evolving telecom industry.
According to Business Insider Africa, MTN Nigeria’s revenue growth has been fueled by increasing smartphone penetration, strong demand for mobile data, and a recovering subscriber base following the challenges of previous years. Analysts note that MTN Nigeria now contributes more than a quarter of the group’s total service revenue and approximately one-third of its earnings before interest, taxes, depreciation, and amortization (EBITDA).
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In contrast, MTN’s home market, South Africa, has seen slower growth due to market saturation, intense competition, and regulatory pressures. While still profitable, the South African unit no longer dominates the group’s earnings as it once did. MTN’s strategic focus on Nigeria underscores the company’s recognition of the country’s massive population and growing digital economy as key drivers for future expansion.
Other regional markets, including Ghana, have also shown strong performance, but Nigeria remains the clear leader in both revenue and profit contribution. MTN’s pivot toward Nigeria reflects broader trends in African telecoms, where population growth, urbanization, and rising internet adoption are creating lucrative opportunities for operators willing to invest in infrastructure and digital services.
MTN Group’s results mark a turning point for investors, signaling a shift in the company’s geographic profit balance and highlighting the rising significance of West African markets in the broader African telecom landscape.
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