In just a year, MTN Nigeria recorded a leap of 54.5% from its revenue in the first half of 2024 compared to the same period this year.
In figures, the telecom behemoth pulled in N2.38 trillion in revenue in the first half of this year, as against N1.54 trillion in the corresponding period of 2024.
Going by projection, MTN Nigeria is on the track to hit about N5 trillion in full year revenue for the first time its history in Nigeria.
The first call on the MTN network was made on 16 May 2001 — 24 years ago.
The report revealed that data is now the engine of growth, generating N1.22 trillion (52% of turnover), up from just 18.7% of revenue six years ago.
According to MTN Nigeria’s filings for the first half of 2025, the company generated N1.22 trillion from, up 69.1%.
Six years ago, data contributed 18.7% of MTN Nigeria’s then N1.16 trillion revenue, while voice brought in about 62% of revenue.
Today, other services (voice, SMS, interconnect, roaming, VAS, handsets) pulled N1.16 trillion (about 48% of the pie).
MTN also offers voice calls, SMS, interconnect and roaming services, value-added products, and even handsets and accessories.
With 89.2 million subscribers and 52% market share, MTN’s scale, diversification, and cost discipline give it a clear edge over Airtel, Glo, and 9mobile (now T2).
MTN revenue profile shows where Nigeria’s habits are shifting especially with the rise of social media and internet of things. Telco’s like MTN now see data as a major revenue driver blasting past the traditional voice which has for years being its mainstay.
Airtel trails MTN in second place with 59 million users and around 34% market share, while Globacom has slipped to about 20.6 million subscribers (12%). T2 continues to struggle, with less than three million customers, barely holding 2% of the market.
Airtel is steadily adding subscribers. It had about 342,000 new users last May alone, showing it is still a credible challenger in key markets.
Globacom, however, has been losing ground, weighed down by service quality issues and regulatory pressure. 9mobile’s shrinking base means it is increasingly a marginal player rather than a serious competitor.
Where MTN distinguishes itself further is in diversification because unlike rivals that lean heavily on consumer revenues, MTN has built up enterprise and wholesale businesses alongside value-added services.
These provide buffers against downturns in consumer spending and help keep revenues flowing even when competition intensifies.
