Dangote Cement, MTN Nigeria eye N1 trillion profit

With revenue, profits, market capitalizations and individual fortunes reaching previously unheard-of heights, 2025 is looking to be a historic year for Nigerian companies, business leaders and executives.

Two business titans are at the center of this upsurge: MTN Nigeria Plc, the local division of South Africa’s telecom giant headed by Karl Toriola, and Dangote Cement Plc, Africa’s biggest cement manufacturer, majority owned by the continent’s richest man, Aliko Dangote. The companies are now locked in a high-stakes race to become the first Nigerian company to report an annual profit exceeding N1 trillion ($692 million).

This race highlights the tenacity and evolution of Nigerian companies. Following years of macroeconomic uncertainty characterized by currency depreciation and double-digit inflation, the Nigerian economy is experiencing a resurgence of optimism. Once viewed with skepticism, the policy changes implemented by the President Bola Ahmed Tinubu administration are now showing real benefits, such as increased foreign exchange liquidity, reduced inflationary pressures and a stronger naira. These reforms have made it possible for Nigeria’s leading companies to boost earnings, making 2025 a historic year for the private sector.

Dangote Cement profit soars, MTN rebounds

The figures for Dangote Cement demonstrate strong operational performance and effective cost control. The cement maker reported a near threefold rise in profit to N743.3 billion ($514.5 million) for the nine months ended Sept. 30, 2025, up from N279.1 billion ($193.4 million) in the same period a year earlier.

The company benefited from improved efficiency, steady demand, and stabilized input costs while dominating Nigeria’s cement market and operating across several African countries. In the third quarter alone, it generated N222.8 billion ($154.4 million) in profit from a revenue base of N1.08 trillion ($748.6 million)—a performance that reinforces its status as one of the continent’s most profitable companies and as a central player in regional trade, exporting cement to countries such as Cameroon, Ghana and Congo.

MTN Nigeria, led by Karl Toriola, has recovered remarkably from 2024’s losses. For the nine months ending September 30, 2025, the telecom behemoth reported a net profit of N750.2 billion ($519.9 million), which represents a remarkable turnaround from the N513.9 billion ($356 million) loss it reported during the same period the previous year.

Stronger consumer spending, network growth, and macroeconomic tailwinds that benefit Nigeria’s biggest telecom provider are all factors in the recovery. MTN Nigeria has reaffirmed its position as the most lucrative telecom company in the nation and a top subsidiary of the MTN Group, with a third-quarter profit of N335.33 billion ($232.4 million) on revenue of N1.35 trillion ($936 million).

MTN, Dangote Cement neck-and-neck in profit race

The race between the two companies has become one of the most closely watched corporate races on the Nigerian Exchange (NGX). While MTN Nigeria currently leads in cumulative nine-month profit by a narrow margin—N750.2 billion ($519.5 million) against Dangote Cement’s N743.26 billion ($514.4 million)—both companies are within striking distance of breaking the N1 trillion profit barrier by year’s end. The fourth quarter, traditionally a strong earnings period for both, could determine which company reaches the milestone first.

The market capitalization of these companies shows how evenly matched they are. With a market cap of N10.95 trillion ($7.58 billion), Dangote Cement is still the second most valuable company on the Nigerian Exchange. It is just ahead of MTN Nigeria, which has a market cap of N10.92 trillion ($7.56 billion).

The larger macroeconomic picture has played a big role in this rise. The naira, which traded at N1,535 per dollar in December 2024, strengthened to N1,475 per dollar by the end of September 2025, indicating increased stability in the foreign exchange market. The Central Bank of Nigeria (CBN) reduced its Monetary Policy Rate (MPR) by 50 basis points to 27 percent as a result of the inflation’s steady moderation. This move has improved investor sentiment and reduced corporate financing costs.