New York Stock Exchange listed IHS Towers, the largest independent owner, operator and developer of shared communications infrastructure in Africa and one of the largest in the world by tower count, has delivered strong third quarter earnings ahead of expectations while revisiting its full 2025 guidance upwards.

This is on the back of its strong Nigeria performance where Sam Darwish, Chairman and CEO, tells thousands of Wall Street investors and analysts on its earnings call that “the current Nigerian administration has done in our opinion a great job in stabilizing and improving the economic outlook of the country as they increase reserves and strengthened the currency, while reducing red tape for businesses among other fundamental actions. So, we are upbeat about Nigeria.”.

In Nigeria, revenue increased 10.6% year-on-year to $268.0 million, driven by organic growth during the period and supplemented by favorable movements in the Naira versus the U.S. dollar.

Across the Group, revenue for the period increased by 8.3% year-on-year to $455.1 million, despite a 3.0% inorganic revenue headwind resulting from the disposal of the Company’s Kuwait operations in December 2024. Organic revenue growth of 6.6% reflected constant currency growth of 8.7% and the benefit of foreign exchange (“FX”) resets, partially offset by a reduction in revenues linked to power indexation.

Constant currency growth was primarily driven by higher contributions from colocation, lease amendments, new sites, fiber, and escalators. This strong underlying performance was further supported by a 4.7% benefit from favorable FX movements, particularly the appreciation of the Nigerian Naira against the U.S. dollar.

Adjusted EBITDA rose by 6.3% year-on-year to $261.5 million, despite a 3.3% impact from the Kuwait disposal. The Adjusted EBITDA margin of 57.5% remained consistent with the second quarter of 2025, while net income for the period totaled $147.4 million.

Adjusted Levered Free Cash Flow (ALFCF) surged by 81.2% to $157.8 million, reflecting management actions to enhance free cash flow generation and the re-phasing of interest payments between quarters following the November 2024 bond refinancing. Cash from operations increased by 42.3% to $259.6 million.

Total capital expenditure rose 16.3% year-on-year to $77.3 million, driven by the timing of maintenance and augmentation projects. The consolidated net leverage ratio improved to 3.3x, down 0.6x from the prior year, comfortably within the Company’s target range of 3.0x to 4.0x.

Reflecting the strong year-to-date performance and favorable currency movements, the Company has raised its full-year 2025 guidance.

In Nigeria the Group’s largest operation, organic revenue increased by $12.2 million, an increase of 5.0% year-on-year, driven primarily by foreign exchange resets and escalations, which more than offset a reduction in revenues linked to diesel prices. Continued growth in revenue from Colocation, Lease Amendments and New Sites was partially offset by Churn related to the approximately 1,050 sites MTN Nigeria agreed to vacate as part of the renewed and extended contracts with MTN Nigeria, signed during the third quarter of 2024.

The increase in organic revenue was supplemented by favorable movements in foreign exchange rates used to translate the results of foreign operations, with an average Naira rate of ₦1,523 to $1.00 in the third quarter of 2025 compared to an average rate of ₦1,601 to $1.00 in the third quarter of 2024. This led to a non-core increase of $13.5 million, or 5.6% year-on-year.

Nigeria has officially launched the Nigeria Talent Accelerator Network, a game-changing initiative aimed at strengthening the nation’s workforce capabilities, addressing critical productivity gaps, accelerating digital transformation, and preparing Nigeria’s workforce for the future of work.

The initiative is part of the World Economic Forum’s Reskilling Revolution in Nigeria, co-chaired by the Federal Ministry of Industry, Trade and Investment and the Federal Ministry of Education, and coordinated by the National Talent Export Programme (NATEP), marking Nigeria’s entry into the Global Accelerators Network.

The platform aims to mobilise multi-stakeholder partnerships to work collectively and reshape global talent development, empowering local talent to meet emerging economic realities.

Commenting, Honourable Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, described the launch as “a decisive step towards building a globally competitive workforce that can power Nigeria’s next phase of industrialisation and innovation.

“The Nigeria Talent Accelerator Network represents a turning point in connecting policy, industry, and education. It creates a unified platform for driving employability, productivity, and inclusive economic growth.”

Similarly, the Honourable Minister of Education, Dr. Maruf Alausa, speaking during the Launch, reaffirmed Ministry’s dedication to aligning education and vocational training with labour market needs, ensuring that Nigerian youth are equipped with future-ready skills and are competitive globally.

The Accelerator will serve as a platform for collaboration among government agencies, private sector leaders, academic institutions, and civil society. Together, these stakeholders will co-create scalable solutions to reskill and upskill the Nigerian workforce, while aligning national education and employment policies with the demands of the modern economy.

“Through this collaboration, Nigeria is not only preparing for the future of work but also helping to define it. We are developing a coordinated Action Plan to address the talent gaps and leverage the huge opportunities for talent export,” said Teju Abisoye, the National Coordinator of NATEP.

The initiative will prioritize the development of digital and transferable skills to support emerging sectors such as technology, business process outsourcing, and green industries. It will also focus on mobilizing public-private partnerships to fund and scale reskilling programs, enabling workforce redeployment into high-demand roles, and building data-driven systems to anticipate future skills needs and inform responsive policymaking.

Saadia Zahidi, Managing Director, World Economic Forum welcomed the launch, noting that ‘The World Economic Forum is pleased to collaborate with Nigeria on advancing its skills development and workforce readiness. This initiative reflects our shared commitment to equip individuals with the capabilities needed to thrive in a rapidly changing global economy. By investing in human capital, Nigeria is positioning itself not only to meet domestic workforce needs but also to contribute talent and innovation to the global economy’.

Nigeria’s participation in this global initiative underscores its commitment to strengthening human capital development, promoting digital inclusion, and positioning the nation as a competitive talent hub for Africa and the world.

The Accelerator complements ongoing national reforms aimed at diversifying the economy, deepening innovation capacity, and driving broad-based prosperity.

The Reskilling Revolution is a World Economic Forum initiative aimed at providing better education, skills, and economic opportunities to one billion people by 2030.

It brings together global businesses, governments, and learning institutions to drive national transformation through programs such as Skills and Education Accelerators and the Reskilling Revolution Champions and Commitments.,.

The stage is set for the grand finale of the Coderina University Challenge (COUCH), as the Top 10 student-led innovation teams converge at the National Universities Commission (NUC) Secretariat, Abuja, on 20th November 2025.

COUCH, an initiative of Coderina Education and Technology Foundation, is designed to inspire innovation, creativity, and problem-solving among students in tertiary institutions across Nigeria. The 2025 edition has drawn remarkable participation from universities nationwide, with students developing solutions that address real-world challenges through technology, research, and entrepreneurship.

This year’s grand finale holds special significance as it coincides with the Global Entrepreneurship Week (GEW)—a worldwide celebration of innovators and job creators under the theme “Together We Build.” The alignment underscores Nigeria’s commitment to nurturing a new generation of innovators capable of driving inclusive growth and sustainable development through science, technology, and innovation.

Stakeholders from government, academia, industry, and the private sector are expected to attend the event to witness the ingenuity of Nigeria’s young innovators and explore pathways for collaboration, mentorship, and investment.

Speaking ahead of the event, Coderina Founder, Olajide Ademola Ajayi emphasized the importance of fostering innovation-led education and bridging the gap between academic knowledge and industry needs.

The COUCH program continues to serve as a national platform for showcasing how Nigerian youth are using creativity and technology to reimagine the future.

Meet the teams:

1. Nile University of Nigeria – Neuronaut Robotics: The team developed Autonomous Underwater Vehicles (AUVs) designed for subsea pipeline inspection, aiming to address the critical issue of corrosion and damage leading to oil and gas leaks.

2. Kwara State University – Team Green: They built SUNPOD, a portable solar-powered station designed to address Nigeria’s significant energy deficit. It aims to provide affordable, clean, and off-grid electricity for lighting and device charging, benefiting rural homes, students, small businesses, and healthcare facilities.

3. Federal University of Technology Akure – Team CIRCLE: The team built an intelligent waste management system that combines mobile technology, IoT-enabled smart bins, and AI-driven waste sorting to address Nigeria’s waste management challenges by making disposal easier, more rewarding, and data-driven for a cleaner environment and a circular economy

4. Ahmadu Bello University – Pup Industries: Has a Plastic to Paint (P2P) initiative, addressing the global issue of plastic waste, particularly in Nigeria, by transforming low-density polyethylene and polystyrene into eco-friendly, mosquito-repellent paint.

5. Federal University of Technology Minna – Waste2light: This is dedicated to transforming waste materials into sustainable energy solutions. Waste2Light focuses on empowering underserved communities by creating affordable, off-grid power systems from recycled resources, while also providing youth training in fabrication and clean energy.

Beyond existing products, the company is developing innovative solutions like hybrid power systems for flood-prone areas and eco-charcoal briquettes from rice husks.

6. Lagos State University – ScrapLink: ScrapLink is a digital marketplace designed to connect small-scale scrap metal sellers with qualified buyers, primarily targeting an underserved market in Lagos, Nigeria. It addresses inefficiencies in the scrap industry by leveraging AI for material classification and valuation, a dual-verification point system for transactions, and integrated logistics for transport.

7. Adamawa State University- ADSU Fresh Innovators: This project focuses on developing an eco-friendly lubricant grease from polyethylene waste, specifically addressing the environmental impact of plastics on human health and ecosystems. The process involves chemically converting shredded plastic waste into a synthetic oil, which is then blended with additives to create the lubricant.

8. Imo State University- Team IMSU: This project aims to transform palm oil waste into clean energy and biochar. This system addresses environmental issues like CO₂ emissions and provides solutions for rural communities lacking access to clean cooking fuel. The digester generates biochar for soil enhancement, biogas for heating, cooking, and electricity, and captures CO₂ for industrial sale or carbon credits.

9. Kaduna State University – ReGenX: Wrap2Grow is an initiative which focuses on developing a biodegradable packaging material designed to convert into biofertilizer after use.

10. Igbinedion University- EcoCircular Labs: EcoCircular focused on transforming palm oil waste into a sustainable biofertilizer in Nigeria, specifically the Okada region. The core problem addressed is the severe environmental degradation caused by the improper disposal of Empty Fruit Bunches (EFB) and Palm Oil Mill Effluent (POME), which pollutes soil and water and contributes to greenhouse gas emissions. The proposed solution involves anaerobic co-digestion of these waste products to create nutrient-rich, pelletized biofertilizer, offering an alternative to costly inorganic fertilizers.

Join the conversation via #COUCH2025 #GlobalEntrepreneurshipWeek #TogetherWeBuild #InnovationInEducation #Coderina.