What does the growing demand for digital services reveal about the direction of Africa’s largest economies? MTN Nigeria’s latest financial results offer an indication of how increasing internet usage, subscriber growth and network investment are shaping the country’s telecommunications sector.
The company recorded a 55.3 per cent increase in profit after tax to ₦1.165 trillion for the nine months ended 30 September 2026, compared with approximately ₦750.2 billion in the corresponding period of 2025.
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Total revenue rose by 23.6 per cent to ₦4.61 trillion, from ₦3.73 trillion a year earlier, while service revenue increased by 23.7 per cent to approximately ₦4.59 trillion. The results, released on 30 October 2026, reflect stronger performance across its telecommunications operations.
Data services remained a major contributor to the company’s growth. Data revenue increased by 35.8 per cent to ₦2.68 trillion, accounting for approximately 58.5 per cent of service revenue. The company also reported a 12 per cent increase in active data users to 57.2 million.
Its total subscriber base expanded by 10.9 per cent to 94.7 million, indicating continued demand for mobile connectivity in the Nigerian market.
The company’s operating performance also improved. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 36.8 per cent to approximately ₦2.62 trillion, while its EBITDA margin increased by 5.5 percentage points to 56.9 per cent. Operating profit grew by 38.2 per cent to ₦1.99 trillion.
Free cash flow also strengthened, rising by 57.5 per cent to ₦1.2 trillion. This improvement provides an indication of the company’s capacity to generate cash from its operations and support further investment.
Commenting on the performance, MTN Nigeria Chief Executive Officer Karl Toriola said the company delivered a strong third quarter, reversing the temporary slowdown recorded in the second quarter. He noted that service revenue growth accelerated during the period, reaching 21.6 per cent in September.
MTN Nigeria also reported capital expenditure, excluding leases, of ₦864.8 billion, representing a 14.2 per cent increase. Such investment is important for expanding network capacity, improving service quality and supporting the growing volume of internet traffic.
The results highlight the growing importance of digital connectivity to Nigeria’s economic activity. Telecommunications infrastructure increasingly supports financial services, education, commerce, healthcare, entertainment and business operations. As more consumers and enterprises rely on digital platforms, demand for reliable networks and higher data capacity continues to expand.
However, network expansion requires significant investment, while electricity costs, foreign exchange pressures, infrastructure constraints and the affordability of services remain important considerations for telecommunications operators and consumers.
For Nigeria, the growth of data services presents opportunities beyond the telecommunications industry. Stronger digital infrastructure can support entrepreneurship, improve access to services and strengthen the foundations for a more competitive digital economy.
The next phase of growth will depend on the ability of operators to sustain investment while making connectivity more accessible and reliable. MTN Nigeria’s performance demonstrates the commercial potential of rising digital demand, but the wider economic benefit will be measured by how effectively that connectivity supports productivity, innovation and inclusive participation.
