MTN Nigeria data revenue tops Airtel by 2.5 times, but Airtel grows faster

MTN Nigeria earned N1.86 trillion from data between April and September 2026, about 2.5 times the N739.84 billion generated by Airtel’s Nigerian mobile-services business. Airtel grew faster from a smaller base.

Data revenue at Airtel Nigeria rose 33.8% year on year in constant currency. MTN Nigeria’s data revenue grew about 28.3% in naira over the same six months, based on the latest filings on the Nigerian Exchange. MTN runs a January to December financial year. Airtel Africa runs April to March. The April to September window for MTN was derived by subtracting first-quarter results from nine-month figures.

Scale and usage gap

Data accounted for 59.6% of MTN Nigeria’s N3.12 trillion revenue between April and September 2026. At Airtel Nigeria, data made up 54% of N1.37 trillion in mobile-services revenue. Airtel Africa reports in US dollars and operates across several markets. Its Nigerian revenue was converted at the disclosed weighted average rate of N1,360 per dollar. Across all markets, Airtel Africa reported revenue of $3.823 billion for the period, about N5.20 trillion at N1,360 per dollar.

MTN also earned more per subscriber. Its average monthly revenue per user was N5,150 from January to September, against about N3,808 for Airtel Nigeria from April to September.

MTN ended September with 57.2 million active data users, about 74% more than Airtel Nigeria’s 32.9 million. Yet MTN earned about 151% more from data over the six months. MTN’s active data users consumed an average of 15.3 GB a month in the nine months to September, up 16.2% year on year. Airtel Nigeria’s smartphone customers used 16.7 GB a month in the six months to September, up from 12.7 GB.

Growth, capex and valuation

Between April and September, MTN added about N409 billion in data sales year on year, accounting for roughly 93% of its total revenue growth. Airtel can grow faster in percentage terms while the naira gap widens. Airtel’s Nigerian mobile-services business more than doubled capital spending to $177 million in the period.

At October 30 prices, investors paid about N23 for every N1 of profit Airtel Africa earned per share in the 12 months to September, against about N12 for MTN Nigeria. On debt and leases, Airtel was valued at about 6.5 times underlying EBITDA, against about 5.9 times for MTN. The premium was roughly 11%. Investors paid N5.36 for every N1 of equity Airtel recorded, against N21.15 for MTN.

Airtel Africa had rallied 177.53% to N6,300 by the end of October. MTN Nigeria had gained 66.34% to close at N850. MTN’s N26 per share interim dividend was 3.06% of its N850 closing price on October 30. Airtel Africa’s interim dividend of US3.1 cents, equivalent to N41.77 at its announced exchange rate, was 0.66% of its N6,300 closing price. Airtel Africa raised its interim dividend by 9.2%.

“Our priorities are clear: sustain growth, protect margins, scale home broadband and rebuild fintech momentum, while creating sustainable value for all our stakeholders,” MTN Nigeria Chief Executive Officer Karl Toriola said in the company’s nine-month results.

The numbers leave investors weighing MTN’s lead in Nigeria against the faster growth and higher earnings multiple at Airtel Africa. For Nigerian telecom users, the data also points to heavier usage on both networks and continued spending on capacity.