MTN and Airtel Generate Nearly $4.85 Billion as Data Becomes Nigeria’s Telecom Powerhouse

Nigeria’s two largest telecommunications operators, MTN Nigeria Communications Plc and Airtel Nigeria, generated a combined $4.85 billion in revenue in their latest reporting cycles, highlighting a decisive structural shift from voice calls to data-driven earnings.

The figures confirm that broadband consumption, not traditional voice services, is now the dominant engine of growth in Africa’s largest telecom market.

For the year ended December 31, 2025, MTN Nigeria reported total revenue of approximately $3.71 billion, representing a 52.9 per cent year-on-year increase.

Within that performance:

• Data revenue surged to $1.99 billion, up 74.5 per cent.
• Voice revenue reached $1.32 billion, growing 42.1 per cent

Data revenue overtook voice earnings, accounting for more than half of MTN’s service income — a clear indication that broadband usage now anchors its business model.

Reporting under the results of Airtel Africa, Airtel Nigeria posted $1.13 billion in revenue for the nine months ended December 31, 2024.

Combined, MTN and Airtel Nigeria generated approximately $4.85 billion in total revenue over their respective reporting periods.

On the data front, Airtel Nigeria recorded a 65.4 per cent growth in data revenue, making it the company’s fastest-growing segment and reinforcing the industry-wide shift toward broadband monetisation.

Consumer behaviour continues to evolve rapidly:

• MTN’s average monthly data consumption climbed to 13.1 gigabytes per user.
• Airtel Nigeria recorded 10.7 gigabytes per customer per month.
• Smartphone penetration reached 66.1 per cent on MTN’s network
• Airtel Nigeria recorded 54.1 per cent smartphone penetration

These metrics underscore rising demand for streaming, social media, cloud services and digital payments, all of which drive higher data traffic and revenue growth.

MTN Nigeria reported a profit after tax of $786 million for 2025, marking a sharp recovery from the previous year’s loss. The company’s EBITDA margin improved to 52.7 per cent, reflecting strong operating leverage as data traffic rose 34 per cent during the year.

At the group level, Airtel Africa posted a 41.3 per cent increase in operating profit and a 136.6 per cent rise in profit after tax, with Nigeria remaining its largest and most strategic market. EBITDA margins in Nigeria reached 57.8 per cent in recent quarters, underscoring the high-margin nature of data monetisation.

MTN Nigeria’s Chief Executive Officer, Karl Toriola, attributed the strong performance to resilient demand and improving macroeconomic conditions. He noted that disciplined execution and accelerating data traffic enabled the company to convert revenue growth into profitability recovery.

Similarly, Sunil Taldar, Chief Executive Officer of Airtel Africa, described Nigeria as a critical growth engine for the group. He cited accelerating data usage, rising average revenue per user (ARPU) and improving operating conditions as key drivers of performance.

Both operators signalled continued investment in network expansion, broadband infrastructure and digital financial services to capture rising demand while maintaining capital discipline.

The revenue composition signals a deeper transformation in Nigeria’s telecom sector. Data growth of 74.5 per cent at MTN significantly outpaced voice growth of 42.1 per cent, confirming that the industry has entered a consumption-led era.

While subscriber growth remains important, rising usage intensity and improved monetisation now define performance metrics.

With a combined subscriber base exceeding 140 million connections, the nearly $4.85 billion revenue scale positions Nigeria among Africa’s most valuable telecom markets.

More significantly, the earnings mix makes one reality clear: the future of Nigeria’s telecom industry lies in gigabytes, not call minutes.

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