MTN Nigeria on Track for ₦5 Trillion Revenue as Data Becomes Its New Growth Engine
MTN Nigeria Communications Plc is rewriting the playbook for telecoms in Africa’s largest market. The company posted an eye-catching ₦2.38 trillion revenue in the first half of 2025—up 54.5% from the ₦1.54 trillion recorded a year earlier—putting it firmly on course to cross ₦5 trillion for the full year for the first time in its history. Analysts say this milestone underscores both MTN’s dominant market position and Nigerians’ insatiable appetite for connectivity.
Six years ago, data accounted for just 18.7% of MTN Nigeria’s turnover; today it contributes more than half. In H1 2025, data services generated ₦1.22 trillion—69% higher than last year and now 52% of total revenue. Voice, SMS, interconnect and other services made up ₦1.16 trillion or 48% of the pie. With 89.2 million active subscribers and a 52% market share, MTN’s scale gives it an unmatched ability to monetise the country’s surging data demand.
MTN continues to dwarf its rivals. Airtel trails with 59 million users (34% market share), while Globacom has slipped to 20.6 million subscribers and 9mobile to under three million. Beyond consumer revenues, MTN has built strong enterprise and wholesale arms, serving SMEs, corporates and resellers. This diversification cushions it from fluctuations in consumer spending and positions it as the most financially resilient player in Nigeria’s telecoms sector.
MTN’s operations produced ₦955.7 billion in net cash from operating activities in H1 2025, powered by high data usage and efficient billing. The company reinvested ₦382.5 billion into network expansion, repaid ₦192.8 billion in borrowings, and still closed the period with ₦257.6 billion in cash and equivalents plus ₦118.6 billion in restricted cash. This disciplined capital allocation enables it to keep expanding while rewarding lenders and shareholders.
MTN Nigeria’s value-added statement reveals how the company distributes its gains across the economy. In the first half of 2025, it created ₦1.41 trillion in value—a 66% jump from the previous year—paying ₦54.7 billion to staff, ₦207.4 billion in taxes and levies to government, and ₦279.7 billion in interest to financiers while retaining ₦414.9 billion in profit for shareholders. By turning everyday voice and data usage into steady cash flow, MTN has built a model that sustains profitability and cements its lead in Nigeria’s fast-growing digital economy.
source: nairametrics