From Voice Calls To Data Goldmine: How MTN & Airtel Hit ₦20 Trillion
By TOSI ORE
A Quarter-Century of GSM, A New Era of Data
AS Nigeria marks 25 years of GSM evolution, the financial performance of the country’s telecommunications industry offers a clear measure of how much the sector has changed.
The era when mobile networks depended largely on voice calls has given way to a data-driven market.
Internet access now sits at the centre of mobile phone use.
Consumers stream videos, operate businesses, transfer money, attend virtual classes and communicate through data-based applications.
That transformation has created a new financial reality for telecom operators.
Between 2021 and 2025, MTN Nigeria and Airtel Nigeria generated a combined ₦20.38 trillion in revenue.
The figure reflects the enormous commercial value of Nigeria’s growing appetite for mobile connectivity.
Five Years of Expanding Revenues
MTN Nigeria accounted for approximately ₦12.69 trillion of the combined figure.
The company’s revenue rose steadily from ₦1.65 trillion in 2021 to ₦2.01 trillion in 2022.
It increased further to about ₦2.47 trillion in 2023.
By 2024, the figure had climbed to approximately ₦3.36 trillion.
Then came the biggest leap.
MTN Nigeria generated about ₦5.20 trillion in 2025.
The growth reflected a combination of stronger data consumption and improved pricing following the tariff adjustments approved during the year.
Airtel Nigeria generated the equivalent of about ₦7.69 trillion during the same five-year period.
However, its figures moved differently because Airtel reports its Nigerian operations through Airtel Africa in foreign currency.
That reporting structure made the effect of the naira’s depreciation particularly visible.
Forex Crisis Distorts the Numbers
Nigeria’s foreign exchange crisis created serious challenges for telecommunications companies.
The operators depend on imported equipment and technology. Consequently, a weaker naira increased their operating and capital costs.
The situation also affected the way Airtel’s Nigerian earnings appeared in dollar terms.
The company’s Nigerian operation generated approximately $738 million in 2021.
That figure rose to about $1.23 billion in 2022.
However, dollar revenue declined to approximately $969 million in 2023 and $738 million in 2024 as currency pressures intensified.
The naira value of the business told a different story.
Revenue growth continued locally, but currency translation reduced the dollar value of those earnings.
The trend reversed strongly in the 2025/2026 financial period, when Airtel Nigeria recorded about $1.598 billion in revenue, equivalent to approximately ₦2.37 trillion.
The recovery underlined the importance of pricing reforms and sustained demand for data and telecommunications services.
Data Takes Over
The biggest structural change in the industry has come from the rise of mobile data.
The spread of smartphones has fundamentally changed consumer behaviour.
A mobile phone no longer serves only as a device for making calls.
For millions of Nigerians, it has become a bank, office, classroom, entertainment centre and marketplace.
Telecommunications companies have built their growth strategies around that reality.
MTN and Airtel expanded their 4G networks and invested in data infrastructure.
As coverage improved, more Nigerians gained access to faster internet services.
At the same time, the popularity of Android devices increased the number of people capable of consuming large volumes of data.
The result was a sustained increase in demand.
The 2025 Tariff Turning Point
By 2025, the financial pressure on telecom companies had become increasingly difficult to ignore.
Inflation had raised operating costs.
The price of diesel and other energy sources affected network operations.
Foreign exchange losses also weakened the financial position of companies that needed imported equipment.
The tariff adjustment approved during the year therefore changed the financial equation.
Higher prices for data and voice services gave operators an opportunity to recover some of the costs that had accumulated during years of economic pressure.
MTN Nigeria’s revenue reached ₦5.20 trillion.
Airtel Nigeria also recorded a sharp improvement in its performance.
The tariff review did not create the industry’s growth story on its own.
Data demand had already driven expansion.
However, the adjustment strengthened the ability of operators to convert that demand into higher revenues.
Revenue Growth Does Not End the Challenges
The ₦20.38 trillion combined revenue figure presents an impressive picture.
Still, revenue does not automatically translate into easy profits.
Telecom operators continue to face major costs.
They must power thousands of base stations.
They must protect infrastructure from vandalism.
They must invest in network expansion.
They also require foreign exchange for equipment and technology.
The sector therefore operates in a difficult environment.
Strong revenue growth can provide greater financial capacity, but operators still need substantial investment to meet Nigeria’s expanding demand for connectivity.
The increasing adoption of digital services will also place more pressure on existing networks.
A Bigger Digital Economy Emerges
The rise of MTN and Airtel’s revenues reflects a development that goes beyond corporate performance.
Nigeria’s economy is becoming increasingly dependent on digital infrastructure.
Banks depend on mobile connectivity.
Online businesses require reliable data.
Students and workers increasingly rely on internet access.
Government services are also moving into the digital space.
The telecommunications industry has therefore become part of the country’s economic foundation.
Every increase in data consumption represents more than additional revenue for network operators.
It also reflects a wider shift in how Nigerians work, communicate and conduct business.
The Balancing Act Ahead
The next stage of the telecom industry’s development will present a difficult balancing act.
Operators need enough revenue to maintain networks and finance expansion.
They must also continue to invest in faster and more reliable technology.
However, consumers need affordable access to voice and data services.
That tension will remain at the centre of the debate over telecommunications tariffs.
For now, the numbers show how dramatically the industry has evolved.
Between 2021 and 2025, Nigeria’s two major telecom operators generated more than ₦20 trillion in combined revenue.
The boom came from a simple but powerful shift.
Nigerians are using their phones less like telephones and more like gateways to an increasingly digital world.
That transformation has turned data into one of the most valuable commodities in Nigeria’s modern economy.
