On the Nigerian Exchange (NGX), few sectors shine brighter than telecoms. Powered by surging data demand, MTN Nigeria and Airtel Africa have turned everyday connectivity into an investment story worth billions.
As of November 2025, data now accounts for nearly half of their revenues, driving profit surges amid naira stabilisation and innovative tariff adjustments. Let’s unpack how these giants did it.
The Data Boom: Nigeria’s Digital Gold Rush
Nigeria’s mobile data consumption exploded in 2025, with average usage per subscriber hitting 13.2 GB monthly for MTN users and 10.1 GB for Airtel’s Nigerian base, up over 20% year-over-year (YoY) for both.
This surge stems from rising smartphone penetration (65% for MTN, 53% for Airtel Nigeria), affordable 4G/5G rollouts, and a post-pandemic shift from voice calls to video calls, social media, and fintech apps.
Data traffic leaped 36% YoY at MTN and 45% at Airtel Africa, overtaking voice as the top revenue driver.
Why the switch? Voice revenue, once king, stagnated as users migrated to over-the-top (OTT) services like WhatsApp and TikTok.
In response, MTN and Airtel hiked tariffs by up to 50% in early 2025, passing on inflation and forex costs while bundling data with value-adds like zero-rated educational apps.
The result? Data now comprises 47% of MTN Nigeria’s service revenue and 51% of Airtel Nigeria’s and is expected to hit 60-70% of operating profits by 2026.
This data surge didn’t just fill coffers; it translated into dollar-denominated earnings, shielding firms from naira volatility.
MTN Nigeria: From Forex Fiasco to Data Dominance
MTN Nigeria’s 2025 turnaround reads like a redemption arc. Crushed by a ₦519 billion loss in H1 2024 from naira devaluation and forex hits, the company flipped the script with H1 2025 profits of ₦415 billion fuelled by an 85% data revenue spike to ₦701 billion in Q2 alone.
Fast-forward to Q3 (nine months ended September 2025): Service revenue soared 58% YoY to ₦3.71 trillion, with data rocketing 73% to ₦1.98 trillion, now 53% of the mix.
Voice trailed at 36%, while fintech added 4%. Profit after tax (PAT) ballooned 246% to ₦750 billion, with EBITDA margins expanding to 51% on cost efficiencies and capex discipline (down 9% YoY to ₦1.25 trillion, focused on fibre and 5G sites).
Subscriber metrics tell the growth story: Active data users hit 51.1 million (up 13% YoY), with 82% 4G coverage and a new spectrum deal for traffic management.
MTN’s strategy? Aggressive capacity builds, home broadband push (4 million subs), and fintech integration active wallets up to 2.9 million, revenue +73%.
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On the NGX, MTN (ticker: MTNN) became the exchange’s crown jewel, crossing a ₦9 trillion market cap in July and leading the Premium Index’s 54% YTD rally.
As of the November 11 close, shares traded at ₦429.30 (down 10% that day amid broader market jitters), valuing the firm at ~₦9 trillion, 10.9% of NGX’s total cap. Year-to-date, MTNN delivered 120% returns, rewarding investors who bet on data’s dollar pivot.
| MTN Nigeria Key Metrics (9M 2025) | Value | YoY Growth |
|---|---|---|
| Service Revenue | ₦3.71T | +58% |
| Data Revenue | ₦1.98T | +73% |
| PAT | ₦750B | +246% |
| EBITDA Margin | 51% | +15pp |
| Active Data Users | 51.1M | +13% |
| Market Cap (Nov 11) | ~₦9T | – |
Airtel Africa: Group Gains, Nigerian Spirit
Airtel Africa, dual-listed on NGX and LSE, mirrors MTN’s playbook but with a pan-African twist. Nigeria contributes ~50% of group revenue.
For H1 ending September 2025, group revenue climbed 26% to $2.98 billion, with PAT exploding 375% to $376 million (EPS +909% to 8.3 cents).
Data stole the show: $1.16 billion in revenue (39% of total, up 37% constant currency), surpassing voice for the first time, thanks to 45% traffic growth and a 17% ARPU hike.
In Nigeria, data revenue surged 56% to $357 million (51% of local revenue), powered by 29.5 million data users (up 12%) and 10.1 GB monthly usage.
EBITDA margins hit 49%, with capex at $318 million earmarked for 2,350 new sites and 4G/5G expansions (81.5% coverage).
Airtel’s edge? Debt restructuring is 95% naira-denominated, and tower lease renewals are saving millions. Subscriber base: 173.8 million total, 78.1 million data users (+18%). Nigeria added 9.9% to its 53.6 million customer base.
NGX shares (AIRTELAFRI) closed at ₦2,270 on November 10, delivering 7% YTD returns, modest vs. MTN but steady amid volatility.
On the LSE, gains hit 139% YTD to £2.80, reflecting global optimism. Airtel’s NGX cap sits at ~₦5 trillion, a telecom anchor.
| Airtel Africa (Nigeria Focus, H1 2025) | Value | YoY Growth |
|---|---|---|
| Group Revenue | $2.98B | +26% |
| Data Revenue (Group) | $1.16B | +37% |
| Nigeria Revenue | $697M | +42% |
| PAT (Group) | $376M | +375% |
| EBITDA Margin (Group) | 49% | +3pp |
| Data Users (Nigeria) | 29.5M | +12% |
| Market Cap (NGX, est.) | ~₦5T | – |
The Dollar Transformation: Currency, Tariffs, and Forex Wins
Here’s the “dollars” magic: Nigeria’s naira stabilised at ~₦1,450/$ in 2025 (post-2023 unification chaos), slashing forex losses by 99% for MTN and flipping them to $90 million gains for Airtel.
Combined, they raked in ₦5.16 trillion ($3.63 billion) in nine months: MTN’s data transaction alone at $1.39 billion and Airtel Nigeria’s at $1.16 billion.
Tariff hikes (50% average) and dollar-debt cuts (MTN net debt to $120 million, 70% naira; Airtel 95% local) unlocked cash flows. Tower savings: MTN ₦110 billion annualised, Airtel via 8,300-site deals.
This resilience turned data’s naira surge into dollar stability, with MTN eyeing ₦5 trillion in annual revenue ($3.52 billion) and Airtel upping capex to $900 million.
NGX Spotlight: Telecoms Turbocharge the Market
MTN and Airtel’s data-driven dollars supercharged NGX, with the All-Share Index up 45% YTD and market cap swelling ₦704 billion in recent weeks.
MTN’s 11% weighting and Airtel’s steady presence make them NGX trendsetters as investors poured ₦981 billion into stocks in H1 alone. Amid inflation and elections, their profits signal stability, drawing foreign inflows.
Outlook: More Bytes, More Bucks?
As 5G dawns and AI apps demand more data, MTN and Airtel are primed for 2026 dominance, with forecasts pegging MTN’s data revenue at over ₦2 trillion and Airtel’s average revenue per user at $2.
Challenges like capex hikes and competition continue to threaten, but with naira momentum, NGX shares could rally further. For investors, it’s simple: in Nigeria’s data surge, the real currency is connectivity.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
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