Telecom giants Airtel Africa and MTN Nigeria are set for strong profits in 2025 as data services become their main source of income. Both companies now make nearly half of their revenue from data, instead of voice calls.
This major shift comes as more Nigerians use the internet for daily needs. Data is now the biggest growth driver for both companies.
“What used to be a value-added service is now the frontline of growth,” the report said.
MTN Nigeria Bounces Back
After losing ₦440 billion in 2024 due to the fall of the naira, MTN Nigeria made a profit of ₦133.6 billion in the first quarter of 2025. The profit came from a more stable exchange rate and growing revenue from data and fintech.
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Airtel’s Strong Data Earnings
Airtel Africa also saw strong data growth. In 2025, Airtel Nigeria made $483 million from data despite the naira’s weak value. In constant currency, that’s a 45% increase, showing that more customers are using data services.
Analysts believe that if data usage continues to rise, Airtel could earn over $550 million from data alone by the end of the year.
“Data alone could account for 60–70% of Airtel’s operating profit next year,” the report added.
This strong performance has allowed Airtel Africa to keep paying dividends to its shareholders. The company announced a $0.04 per share dividend for the 2025 financial year.
What This Means for Investors
On the Nigerian Exchange, Airtel Africa’s share price rose 10% this year to ₦2,372.50 as of June 5, 2025. It trades at a price-to-earnings ratio of 26x, while MTN Nigeria trades higher at 53.56x, showing investor confidence in both firms.
The big question for investors is whether this shift to data will continue to bring strong profits in the long term. If current trends continue, both telcos may rely on data to stay profitable and reward shareholders—even if voice calls or mobile money slow down.
“This is a data boom, and both MTN and Airtel are riding the wave,” analysts say.