MTN Nigeria has crossed yet another milestone. In the first half of 2025, the telecoms giant pulled in N2.38 trillion in revenue, a massive 54.5% jump from N1.54 trillion a year earlier.
The telecom behemoth is on trach to hit about N5 trillion in revenues for the first time ever in its history in Nigeria.
At the heart of this performance is one simple truth that Nigerians are consuming more data than ever before and this is leading its recent revenue drives.
The business of keeping Nigeria connected
MTN is more than a data company, though data now drives the bulk of its earnings.
It offers voice calls, SMS, interconnect and roaming services, value-added products, and even handsets and accessories.
These flow through three key business units:
Together, these units serve over 70 million subscribers, making MTN the largest player in Nigeria’s telecom space.
We will be utilizing the company’s 2025 half year results to understand how this company makes money for its shareholders.
The numbers show where Nigeria’s habits are shifting especially with the rise of social media and internet of things (IOT).
Telco’s like MTN now see data as a major revenue driver blasting past the traditional voice which has for years being its mainstay.
Data services: In its recent filings for the first half of 2025 the company generated N1.22 trillion, up 69.1%, now 52% of MTN’s total turnover.
To think that about 6 years ago in 2019 Data contributed 18.7% of its then N1.16 trillion revenue.
Voice at the time contributed about 62% of revenue.
Today, other services (voice, SMS, interconnect, roaming, VAS, handsets): N1.16 trillion, about 48% of the pie.
MTN By customer base:
MTN By customer base:
Simply put, data now pays MTN’s bills—and then some.
MTN still towers over Nigeria’s telecoms industry, and the numbers back it up.
The real battleground, however, is data. Nigerians are consuming more digital services than ever, and 4G subscriptions now make up just over half of all mobile connections nationwide.
Here, MTN’s deep investments in network coverage and quality give it a clear lead, ensuring that more of that surging data traffic flows through its pipes.
That’s not to say competition is absent as we observed Airtel is steadily adding subscribers.
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.
How MTN Generates Tons of Cash
MTN Nigeria is proving to be a cash-generating machine and it demonstrated this yet again in its recent report.
In the first half of 2025, the telecom giant reported N955.7 billion in net cash from operating activities driven by strong demand for data, voice, and fintech services.
MTN’s operations generated a massive N1.24 trillion in cash, thanks to:
The company also earned N10.8 billion in interest income and raised N29.8 billion from borrowings.
MTN strategically reinvests and manages its cash:
Despite these outflows, MTN ended the period with N257.6 billion in cash and equivalents, plus N118.6 billion in restricted cash.
MTN’s ability to generate and manage cash positions it as one of Nigeria’s most financially resilient companies. With strong operating cash flow and disciplined capital allocation, MTN is well-equipped to fund growth and deliver value to shareholders.
How MTN Shares Its Wealth
MTN Nigeria isn’t just a telecom giant it’s a major contributor to Nigeria’s economy.
Its Value-Added Statement for H1 2025 shows how the company distributes the wealth it creates across stakeholders, from employees to government and shareholders.
N1.4 trillion in Value Added
In the first half of 2025, MTN generated N1.41 trillion in value added which is an impressive 66% increase from N850.3 billion in H1 2024.
This value represents the wealth created through its operations after deducting direct costs.
Here’s how MTN distributed this value:
Employees: MTN paid N54.7 billion in salaries, pensions, and benefits—up from N43.5 billion last year.
Government: Taxes and levies totaled N207.4 billion, a sharp rise from N8.3 billion in H1 2024, reflecting MTN’s return to profitability.