Telecom subscribers on MTN and Airtel networks spent a combined N2.53 trillion on voice and data services in the first half of 2025—a 50.9% surge from the N1.68 trillion recorded during the same period in 2024.
An analysis of the half-year financial results from both companies shows rising consumer expenditure on telecom services, driven by tariff reviews, growing smartphone adoption, and continued investment in infrastructure by the two largest operators in Nigeria.
MTN Nigeria
MTN generated N2.12 trillion in revenue from voice and data services between January and June 2025, marking a 55.7% increase from N1.36 trillion in H1 2024. Of this, data revenue contributed N1.23 trillion—up 69.2% from N727.33 billion a year earlier. Voice revenue also grew 40.3% year-on-year to N887.13 billion.
The company attributed this growth to increased demand, price adjustments implemented in Q2, and a growing data subscriber base. MTN reported an 11.8% increase in active data users to 51 million, with total mobile subscribers rising 6.7% to 84.7 million.
Average data usage per customer rose 26.3% to 13.2GB, supported by 62.6% smartphone penetration and a 41.2% increase in total data traffic.
Price reviews across voice and data bundles boosted service revenue, helping MTN swing from a N519.1 billion loss in H1 2024 to a N414.9 billion profit in H1 2025. EBITDA more than doubled, rising by 119.5% to N1.2 trillion, with the margin improving to 50.6%.
The company has revised its full-year forecast, now projecting over 50% growth in both service revenue and EBITDA margin.
Airtel Nigeria
Airtel reported $298 million (N412.43 billion) in combined voice and data revenue in the first half of 2025, up 30.1% from N316.94 billion in H1 2024, using an exchange rate of N1,384/$.
Data revenue grew 40.2% year-on-year to $164 million (N226.98 billion), while voice revenue increased 19.1% to $134 million (N185.46 billion). The growth was supported by an 11.3% rise in data subscribers to 29.3 million and a 46.8% jump in average revenue per user (ARPU). Monthly data usage per subscriber rose from 7.3GB to 9.3GB, with smartphone penetration hitting 51.4%.
Airtel Nigeria’s customer base grew by 6.3% to 53.6 million. EBITDA rose 49.9% to $185 million, with the margin expanding to 55.7%, helped by higher revenue and cost efficiencies.
The telco noted improved macroeconomic stability, with the naira steadying around N1,530/$, inflation easing to 22.2% by June, and the Central Bank maintaining its benchmark interest rate at 27.5%.
