MTN Nigeria PLC has reached a significant milestone, with its market capitalization hitting N6.09 trillion in the equities segment of the Nigerian Exchange. This surge comes as investor sentiment improves, driven by expectations of robust performance in the second quarter of 2025 earnings period.
The telecom giant’s share price has climbed to N290, reflecting growing investor confidence in the company’s continued recovery from the impact of the naira devaluation. This current market valuation represents the highest point attained by MTN Nigeria in the last 52 weeks on the local bourse. The latest rally has pushed the market value of MTN Nigeria’s 20.996 billion shares outstanding to a formidable N6.092 trillion.
Investment firm CardinalStone Securities Limited has revised its 2025 revenue projection for MTN Nigeria upwards to N4.9 trillion, an increase from their previous forecast of N4.8 trillion. Analysts at CardinalStone attributed this adjustment to a “greater-than-anticipated impact” from the recent increase in telecoms tariffs on both voice and data segments.
It is recalled that MTN Nigeria announced a tariff increase in February 2025, with implementation largely occurring in the last two weeks of March. This timing suggests that the strong revenue growth of 40.5% recorded in Q1-2025 was only minimally influenced by the price adjustment, with further support coming from growth in minutes of use and megabits per user.
“We expect the impact of the tariff adjustment to be more pronounced in the coming financial results,” stated CardinalStone. “This impact should combine with sustained subscriber growth to boost the company’s top line.”
After experiencing a 27.7% year-on-year rise in Q1, CardinalStone projects that voice revenue will remain resilient for the remainder of 2025, owing to higher prices, relatively inelastic demand, and continued support from the ramp-up in MTN Nigeria’s Customer Value Management initiatives. Analysts now forecast a 31.0% increase in voice revenue for 2025, a projection that, if achieved, would represent the segment’s strongest annual growth in over five years.
