MTN nears N3tn revenue in H1 2026 as Nigerians spend more on data despite economic pressure
Nigerians are spending more on mobile data, helping MTN Nigeria deliver nearly N3 trillion in revenue in the first half of 2026, underscoring how internet connectivity has become an essential service, despite rising living costs and continued pressure on household incomes.
Nigerians are spending more on mobile data, helping MTN Nigeria deliver nearly N3 trillion in revenue in the first half of 2026, underscoring how internet connectivity has become an essential service, despite rising living costs and continued pressure on household incomes.
The country’s largest telecommunications operator on Thursday reported revenue of N2.99 trillion for the six months ended June 30, 2026, a 25.9 percent increase from N2.38 trillion recorded in the corresponding period last year. Service revenue also climbed 25.9 percent to N2.97 trillion, driven primarily by surging demand for data services.
The performance comes at a time when many Nigerian households continue to grapple with inflation and high living costs, suggesting that internet access is increasingly viewed as a necessity for work, education, entertainment, banking and commerce.
The strongest driver of MTN’s earnings was its data business.
Data revenue surged 38.4 percent to N1.70 trillion, contributing well over half of the company’s service revenue. Network traffic increased by 25.8 percent, while average monthly data consumption per subscriber rose by 15.2 percent to 14.8GB, showing that Nigerians are consuming significantly more internet content than a year ago. Smartphone penetration on the MTN network also rose to 66.4 percent.
The figures reinforce a structural shift in Nigeria’s telecommunications market, where growth is increasingly being driven by data rather than traditional voice services.
Voice revenue still increased by 12 percent to N993.5 billion, but its pace lagged far behind data growth as consumers continued migrating to internet-based communication platforms and digital applications.
MTN added 4.9 million new subscribers during the six-month period, bringing its customer base to 92.2 million, while active data users rose by 2.5 million to 55.7 million, highlighting continued demand for mobile connectivity across the country.
Karl Toriola, chief executive officer of MTN Nigeria, said the company delivered strong commercial momentum despite operating in a challenging environment.
“We delivered a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation,” he said, adding that demand for the company’s services remained resilient despite macroeconomic headwinds.
The improved financial performance also translated into stronger profitability.
Profit after tax climbed 70.6 percent to N707.5 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 39.2 percent to N1.67 trillion. EBITDA margin expanded from 50.6 percent to 55.9 percent, reflecting tighter cost management despite elevated energy costs.
One of the biggest contributors to MTN’s improved earnings was a more stable foreign exchange environment.
The company said the naira strengthened and remained relatively stable during the first half, closing at about N1,380 per US dollar, compared with N1,530 during the same period last year. This helped MTN swing from a foreign exchange loss of N5.2 billion in 2025 to a foreign exchange gain of N36.4 billion in the current period. It also eliminated all outstanding foreign currency loans, reducing its exposure to exchange rate volatility.
Although data emerged as the clear winner, MTN’s fintech business experienced a setback.
Revenue from fintech declined 7.2 percent after the temporary suspension of its airtime and data credit service affected earnings during the second quarter. However, the company said the underlying mobile money business remained strong, with revenue growing by about 132 percent and active MoMo wallets increasing to five million from 2.7 million a year earlier.
The results illustrate how rapidly Nigeria’s digital economy is evolving.
For telecom operators, growth is no longer being driven simply by adding new subscribers. Instead, the industry’s next phase is being fuelled by heavier internet usage, increasing smartphone ownership, video streaming, remote work, online education, cloud services, fintech applications and artificial intelligence tools that consume far more bandwidth than traditional internet activities.
MTN appears determined to position itself for that future.
The company invested N620.5 billion in network expansion during the first half of the year, focusing on increasing capacity, improving coverage and accelerating fibre-to-the-home and 5G fixed wireless broadband deployment. Management described home broadband as one of its biggest long-term growth opportunities as demand for reliable high-speed internet continues to rise across Nigeria.
The earnings also suggest that recent tariff adjustments approved for the telecom industry have strengthened operators’ ability to invest in network infrastructure without significantly weakening demand.
Despite moderating revenue growth in the second quarter due to the full annualisation of earlier price adjustments and the temporary suspension of airtime and data credit services, MTN maintained that customer demand remained resilient. Excluding the affected fintech service, service revenue would have grown by 27.3 percent during the period.
Looking ahead, MTN expects stronger momentum in the second half of the year following the resumption of airtime and data credit services, continued smartphone adoption, growing demand for broadband and further expansion of enterprise digital services.
The company said it remains focused on sustaining service revenue growth of at least the low-20 percent range while maintaining EBITDA margins in the mid-to-high 50 percent range as Nigeria’s digital economy continues to expand.
