February 27, (THEWILL) — Nigeria’s two largest telecom operators, MTN Nigeria Communications Plc and Airtel Nigeria, recorded a combined revenue of approximately ₦6.8 trillion in their latest financial year, underscoring the continued expansion of the country’s digital economy and the surging demand for data services.
The impressive topline performance was largely powered by explosive growth in data revenue, which climbed beyond ₦3.5 trillion across both operators a milestone that highlights how internet usage has become the primary growth engine for telecom companies in Nigeria.
MTN Nigeria accounted for the larger share of the revenue haul, buoyed by strong growth in mobile broadband subscriptions, rising smartphone penetration and increased consumption of streaming, social media and digital financial services. Airtel Nigeria also posted solid gains, driven by expanding 4G coverage, customer acquisition and growing data traffic across its network.
Industry analysts say the figures reflect a structural shift in consumer behaviour. While voice revenue remains significant, data has now firmly established itself as the dominant contributor to telecom earnings. Increased remote work adoption, digital payments, online entertainment and e-commerce have all intensified demand for reliable and high-speed connectivity.
Beyond data, both operators benefited from growth in fintech and value-added services. Mobile money platforms continued to scale, onboarding millions of users and deepening financial inclusion efforts across urban and rural communities.
The combined ₦6.8 trillion revenue also reinforces the telecom sector’s role as one of the most resilient segments of Nigeria’s economy, contributing significantly to GDP and attracting sustained investor interest. On the capital market, MTN Nigeria remains one of the most capitalised stocks on the Nigerian Exchange, while Airtel Africa Airtel Nigeria’s parent company continues to draw strong attention from regional and international investors.
As competition intensifies and data consumption continues its upward trajectory, both MTN and Airtel are expected to ramp up investments in network capacity, 5G expansion and digital infrastructure to sustain growth momentum.
With data revenue now exceeding ₦3.5 trillion, the message is clear: Nigeria’s telecom future is increasingly broadband-driven, and the race to dominate the digital space is only accelerating.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
