Nigerians shelled out a whopping ₦1.7 trillion on MTN internet services in the first half of 2026

Nigerians' appetite for internet connectivity remained unwavering, with MTN Nigeria's data services raking in approximately ₦1.7tn in the first six months of 2026, despite the prevailing economic challenges.

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The telecom giant revealed this information in its unaudited financial statements for the six months ended June 30, 2026, which were filed with the Nigerian Exchange Limited on Thursday.

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According to the report, data revenue experienced a significant surge, rising to ₦1.699tn during the six-month period, which represents a 38.3 per cent increase from the ₦1.229tn recorded in the corresponding period of 2025.

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Data remained the largest revenue stream for the company, outpacing voice services, which generated ₦897.14bn, and SMS, which contributed ₦112.68bn during the period.

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Total revenue saw a notable climb to ₦2.99tn, up from ₦2.38tn in the first half of 2025, highlighting the company's growing financial performance.

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MTN's data revenue encompasses income from mobile data, fixed broadband, and data bundles, excluding roaming data, which is categorized under interconnect and roaming revenue.

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Other revenue streams included digital services, which generated ₦58.66bn, value-added services at ₦77.06bn, handset and accessories sales of ₦11.03bn, interconnect and roaming revenue of ₦112.20bn, and other revenue of ₦23.90bn.

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The company experienced a significant expansion of its customer base, adding 4.9 million new subscribers during the period, bringing the total to 92.2 million, while active data users grew by 2.5 million to 55.7 million.

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Karl Toriola, the Chief Executive Officer of MTN Nigeria, commented on the company's performance, stating that it maintained strong commercial momentum despite operating in a challenging environment.

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Toriola noted that the company delivered a strong first-half performance, characterized by sustained commercial momentum, improved profitability, and robust cash generation, adding that demand for its services remained resilient in the face of macroeconomic headwinds.

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The substantial growth in data revenue played a crucial role in the company's improved financial performance, with revenue increasing by 25.63 per cent year-on-year, and operating profit rising by 50.71 per cent to ₦1.26tn.

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MTN reported a significant increase in profit after tax, which climbed to ₦694.54bn from ₦351.66bn in the corresponding period of 2025, while shareholders' funds grew to ₦957.57bn from ₦588.44bn at the end of December 2025.

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The company generated a substantial ₦1.55tn in operating cash flows during the period and expressed confidence in its ability to meet its financial obligations over the next 12 months.

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MTN attributed part of its improved earnings to a more stable foreign exchange environment, as the naira strengthened and remained relatively stable during the first half of the year, closing at about ₦1,380/$ compared with ₦1,530/$ in the corresponding period of 2025.

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The improved exchange rate enabled MTN to record a foreign exchange gain of ₦36.4bn, a significant turnaround from the foreign exchange loss of ₦5.2bn in the same period last year.

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Furthermore, the company successfully eliminated all outstanding foreign currency loans, thereby reducing its exposure to exchange rate volatility.