How MTN Nigeria Makes Trillions in Naira and Where the Money Goes

MTN Nigeria is proving once again why it sits at the top of the country’s telecom industry. In just the first six months of 2025, the company reported earnings of N2.38 trillion, a sharp rise from N1.54 trillion during the same period last year. 

At this pace, MTN is on track to cross N5 trillion in annual revenue for the first time in its history. But how exactly does MTN rake in this much money, and what happens to it afterward?

How data became the real goldmine

Not long ago, voice calls were the backbone of the telecom business. That is no longer the case. Today, data is MTN’s main engine of growth, and the numbers tell the story clearly.

• Data services alone brought in N1.22 trillion in H1 2025, which accounts for 52% of MTN’s total turnover.
  
• Back in 2019, data made up less than 19% of the company’s revenue, while voice calls contributed more than 60%.
  

The shift is driven by Nigerians’ increasing appetite for internet usage social media, streaming, online gaming, and smart devices. Simply put, every time someone streams a video, scrolls Instagram, or makes a WhatsApp call, MTN earns a piece of the pie.

MTN’s other streams of income

Although data now dominates, MTN is more than a one-trick company. Its revenue comes from three main business arms:

• Consumer business: This covers everyday Nigerians, from students to professionals, and brings in the lion’s share—N1.94 trillion (82%).
  
• Enterprise business: Services to corporates and SMEs contribute N337.2 billion (14%).
  
• Wholesale business: Bulk services to resellers add another N93.5 billion (4%).
  

MTN also still makes money from voice calls, SMS, roaming, handsets, and value-added services. Together, these areas generated about N1.16 trillion in H1 2025, making up the other 48% of the revenue pie.

The Competition Gap

With 89.2 million subscribers and 52% market share, MTN enjoys a clear lead over its rivals:

• Airtel: 59 million users (34% share)
  
• Globacom: 20.6 million users (12% share)
  
• 9mobile: below 3 million users (2% share)
  

This dominance gives MTN a natural edge. Every new product or tariff change reaches more Nigerians than any rival can dream of. Plus, its wide subscriber base allows it to spread costs more efficiently, boosting profits further.

How MTN generates so much cash

Revenue is one thing, but MTN also runs a highly cash-rich operation. In the first half of 2025, it generated N955.7 billion in net cash from operations.

Where the money came from:

• High data consumption
  
• Strong billing and collections
  
• Over 77 million paying subscribers
  
• Added income from borrowings and interest

Where the money goes

MTN doesn’t just keep this cash in the bank. It spends and distributes it in several ways:

• Reinvestment: N382.5 billion went into network upgrades and new equipment.
  
• Debt repayment: N192.8 billion used to pay back loans.
  
• Lease and finance costs: N419.7 billion combined.
  
• Taxes: N21.5 billion to the government.
  

Even after these outflows, MTN still had N257.6 billion in cash on hand by mid-year.

Sharing the wealth

MTN’s operations don’t just benefit the company; they also fuel Nigeria’s wider economy. In H1 2025, the company generated N1.41 trillion in value added, a 66% jump from last year. Here’s how it was shared:

• Employees: N54.7 billion in salaries, pensions, and benefits
  
• Government: N207.4 billion in taxes and levies
  
• Lenders: N279.7 billion in interest and lease payments
  
• Shareholders: N414.9 billion in retained profit
  

This spread shows how MTN functions as an economic powerhouse, feeding multiple parts of Nigeria’s financial system.