MTN Nigeria Reports N355.5bn Profit Amid Diesel Costs

MTN Nigeria announced an unaudited profit of N355.5 billion for the first quarter of 2026, reflecting a significant year-on-year increase of 165.9%. Despite this positive financial outcome, the company warned that higher energy prices, particularly diesel, could negatively impact earnings in the upcoming quarters.

The telecommunications giant anticipates a decline of 1.8 to 2.0 percentage points in full-year EBITDA margins due to the rising cost of diesel, which has averaged N2,000 per liter in the second half of the year. MTN Nigeria, which serves 89.5 million subscribers through 20,000 base stations, relies heavily on diesel generators due to the instability of the national power grid.

Chief Executive Officer Karl Toriola expressed concerns over the volatility in Nigeria's fuel market, exacerbated by global crude oil disruptions. The company is also ramping up its capital expenditure, which rose by 92.8% year-on-year to N390.3 billion, focusing on expanding network capacity and enhancing broadband services.