MTN Nigeria's Journey to Achieving a ₦5 Trillion Revenue Figure
MTN Nigeria's Revenue Soars in H1 2025
MTN Nigeria, the country's largest telecom provider, has experienced a significant surge in revenue in the first half of 2025. The company's revenue for H1 2025 stood at ₦2.38 trillion ($1.55 billion), marking a 54.5% increase from the same period in 2024.
This growth is primarily attributed to a 54% increase in overall revenue, driven by a 69% year-on-year (YoY) increase in data services revenue. The strong demand for data services in Nigeria, a key market for MTN, has been a significant factor in this growth.
In addition to data services, MTN Nigeria's fintech unit has also seen rapid revenue expansion. Across MTN Group’s markets, fintech services revenue grew by around 25–37%, reflecting the company's strategic pivot towards higher-value digital platforms.
MTN Nigeria's fintech unit generated ₦83.19 billion in H1 2025, up 71.8% from ₦48.41 billion in H1 2024. This growth was led by its airtime lending service (Xtratime) and growth in advanced services.
The company's growth was also complemented by efficiency gains that improved EBITDA margins and a more favorable macroeconomic environment.
MTN Nigeria's investment in capital infrastructure has also played a crucial role in its growth. The company has spent 208.2% (₦986.12 billion) more on capital infrastructure to expand network capacity, tackle congestion, and double down on the rollout of fibre-to-the-home network (FibreX).
MTN is also investing $20 million in building local cloud services, powered by a new $100 million data centre in Lagos. The company is pricing these services in naira and offering a 15-20% discount to target startups facing FX-related price spikes.
MTN Nigeria added approximately 3.7 million smartphones to the network in H1 2025, raising smartphone penetration to 62.6%. The company is also targeting agent-led growth, with agent numbers up 49.7% and merchant numbers up 3.5%.
The National Communications Commission (NCC) approved tariff hikes on January 20, 2025, raising the floor price of calls, SMS, and data. These tariff hikes have been a key factor in the surge in data services revenue.
The company's MoMo wallet deposits rose to ₦17.98 billion in H1 2025, up from ₦3.84 billion in December 2024. However, active wallets for MTN's MoMo wallet decreased by 6.1% to 2.7 million in H1 2025.
National internet usage hit a record high of 1,043,431.98 terabytes (TB) in May 2025, despite the spike in data costs. This indicates a strong demand for internet services in Nigeria.
In summary, MTN Nigeria’s revenue growth in H1 2025 was mainly driven by a 54% surge in revenue, led by data services and substantial growth in fintech services. The company's investment in capital infrastructure, efficiency gains, and a more favorable macroeconomic environment have also contributed to its growth.
If you want, I can help search specifically for the total telecom sector revenue in Nigeria for 2023 to provide a precise comparison.
- The significant surge in MTN Nigeria's revenue in H1 2025 can be traced back to its strategic pivot towards higher-value digital platforms, such as fintech services, propelled by innovation within the technology sector.
- MTN is investing heavily in cloud services, evidenced by the establishment of a new data center in Lagos, to cater to startups experiencing financial difficulties due to foreign exchange challenges.
- The growth in MTN's fintech unit, including services like Xtratime and advanced services, has contributed significantly to the overall revenue expansion, indicating a promising future for digital transformation within the finance sector.
- As more Nigerians adopt a digital lifestyle, the demand for internet services has soared, hitting a record high of 1,043,431.98 terabytes in May 2025, highlighting the potential for further growth and investment in the tech industry.
- The favourable business environment, complemented by efficiency gains and a more favourable macroeconomic climate, has also played a crucial role in MTN Nigeria's impressive H1 2025 revenue growth, highlighting the broader impact of a conducive economic landscape on business development.
