Nigeria’s telecom landscape is being reshaped by a familiar giant. MTN Nigeria, already the nation’s largest operator, has set new records in the first half of 2025, earning ₦2.38 trillion in revenue. If the momentum holds, the company is on pace to surpass ₦5 trillion in annual turnover—its highest milestone yet.
Data Consumption Becomes the Growth Engine
The clearest shift in MTN’s trajectory is the surge in data usage. Six years ago, internet services contributed less than one-fifth of its revenue. Today, they account for more than half—₦1.22 trillion, or 52 percent of total earnings. This reflects how social media, streaming, and digital services have transformed consumer behaviour in Nigeria, where millions now depend on mobile data as much as electricity.
Market Power and Competitive Edge
MTN’s leadership is unchallenged in scale. With 89.2 million subscribers—over half of Nigeria’s mobile users—the company captures a market share of 52 percent. Airtel follows with 34 percent, while Glo and 9mobile lag at 12 percent and 2 percent respectively.
That scale gives MTN unmatched leverage. Every new data bundle, tariff adjustment, or service rollout reaches more people than competitors can manage, driving margins higher. Its heavy investment in 4G infrastructure also ensures that much of Nigeria’s exploding internet demand flows directly through MTN’s network.
Beyond the Consumer Market
Unlike rivals who depend almost entirely on retail subscribers, MTN has built out multiple business lines. Corporate clients, SMEs, and wholesale resellers contribute billions to its revenue, giving the company a buffer against downturns in consumer spending. This diversification has proven especially useful in maintaining steady cash inflows even as price sensitivity rises among households.
The Cash Machine Model
MTN’s financial engine is as impressive as its subscriber base. In the first half of 2025, it generated ₦955.7 billion in net operating cash flow—enough to cover network expansion, debt repayments, and still retain a strong liquidity position. Spending over ₦382 billion on infrastructure upgrades while setting aside ₦257.6 billion in cash reserves illustrates its disciplined capital management.
Spreading the Wealth
The company’s operations ripple through the wider economy. In H1 2025 alone, MTN created ₦1.41 trillion in value after costs, a 66 percent rise year-on-year. This value was distributed across multiple stakeholders: ₦54.7 billion went to employees in salaries and benefits, ₦207.4 billion to the government in taxes, nearly ₦280 billion to lenders and financiers, and ₦414.9 billion was retained as profit for shareholders.
Looking Ahead
MTN’s business model remains straightforward: connect Nigerians at massive scale, then multiply that connection across data, voice, fintech, and enterprise services. With data now firmly the dominant revenue source, and with investments in both infrastructure and diversification, MTN is positioned not just to maintain its lead but to push Nigerian telecom into a new era of profitability and digital integration.
