MTN Nigeria’s financial performance in the first half of 2025 has been nothing short of remarkable, with the company generating a staggering N2.38 trillion in revenue. This impressive feat puts MTN on track to cross the N5 trillion mark in full-year revenue for the first time in its history.
At the heart of MTN’s success is its data business, which has emerged as the driving force behind the company’s revenue growth. In the first half of 2025, data services generated N1.22 trillion, accounting for 52% of MTN’s total turnover. This represents a significant shift from just six years ago, when data contributed only 18.7% of the company’s revenue.
MTN’s diversified business model includes consumer, enterprise, and wholesale units. The consumer unit serves everyday Nigerians, including youth, high-value subscribers, and the mass market. The enterprise unit caters to corporates, SMEs, and organizations, while the wholesale unit serves resellers who buy in bulk. This diversification enables MTN to generate revenue from multiple streams, reducing its dependence on any one business segment.
The company’s massive subscriber base of 89.2 million gives it a significant edge over competitors. MTN’s market share of 52% is more than all its rivals combined, enabling it to spread its infrastructure and operating costs more efficiently across a larger pool of users. This, in turn, contributes to MTN’s fatter profit margins.
MTN’s financial performance is equally impressive, with N955.7 billion in net cash from operating activities. The company’s cash-rich model is built on efficient billing and collections, as well as strong demand for data, voice, and fintech services. MTN’s strategic reinvestment of its cash has enabled it to expand its network, repay borrowings, and deliver value to shareholders.
In the first half of 2025, MTN generated N1.41 trillion in value added, which was distributed among stakeholders, including employees, government, lenders, and shareholders. The company’s employees received N54.7 billion in salaries, pensions, and benefits, while the government received N207.4 billion in taxes and levies. Lenders and lease financiers received N279.7 billion in interest payments, and shareholders retained N414.9 billion in profit.
Overall, MTN Nigeria’s success story is a testament to its strong business model, strategic investments, and efficient operations. The company’s ability to generate revenue from multiple streams, its massive subscriber base, and its focus on data services have all contributed to its impressive financial performance. As MTN continues to grow and expand its services, it is well-positioned to maintain its dominance in Nigeria’s telecoms industry.
