MTN Nigeria Communications Plc and Airtel Nigeria collectively generated approximately N3.67 trillion from data and voice services in the first half of 2024, according to an analysis of their financial results.
MTN Nigeria, the country’s largest telecom operator with nearly 80 million subscribers, reported a revenue of N1.27 trillion in the first six months of 2024.
This surge was largely driven by data services, which brought in N726.6 billion, a 55 percent increase from N469.7 billion during the same period in 2023. Voice services also saw growth, with revenue rising to N541.3 billion from N474.1 billion year-on-year.
The company attributed this growth to improved service quality and increased demand for data. Price optimization measures introduced in late 2023 also contributed to the rise in revenue.
Airtel Nigeria, with over 60 million subscribers, reported $229 million in revenue for the quarter ending June 30, 2024. This included $112 million from voice services and $117 million from data services.
While voice revenue dropped significantly by 55.8 percent from $254 million in the same quarter of 2023, it grew by 21.6 percent in constant currency terms. Data revenue also declined by 48.6 percent from $228 million in 2023, but constant currency figures indicated a 41.3 percent rise, reflecting increased demand for internet services.
For the fiscal year ending March 31, 2024, Airtel posted $711m in voice revenue and $654 million in data revenue, totaling $1.594 billion. When converted to naira using the exchange rate of N1500/$1, Airtel generated N2.4 trillion in the first six months of the year. Combined, MTN and Airtel’s revenue from data and voice services amounted to approximately N3.67 trillion.
Both telecom giants are capitalising on the growing demand for digital services as Nigeria’s digital economy expands.
However, they face challenges, particularly the devaluation of the naira against the dollar, which has inflated operational costs. Telecom operators spend heavily on diesel, with over 50 million liters consumed monthly to power infrastructure, even as they are shifting to clean energy to cut cost.
