MTN Nigeria Drives Group Performance with Strong First Quarter Results
MTN Group reported robust financial performance for the first quarter of 2026, with service revenue increasing by 21.1%. The Nigerian market emerged as the standout performer, delivering a remarkable 41.7% growth and solidifying its position as MTN’s most profitable market across its 16 African operations.
The exceptional performance in Nigeria follows a successful turnaround year in 2025, where the company achieved a profit after tax of N1.1 trillion driven by service revenue. Q1 2026 saw Nigerian operations generate N355.5 billion in profit, outpacing other key markets like MTN Ghana (35.7% growth) and MTN Côte d’Ivoire (18.3%).
Key Highlights from the Results:
- Revenue Growth: Service revenue up 21.1% group-wide, with Nigeria leading at 41.7%
- Profitability: Nigerian operations generated N355.5 billion in Q1 profit
- Data Usage: Active data users increased by 8.7% to 175.6 million, driving network traffic to 7,826 petabytes (+20.2%) \n* Mobile Money: MoMo monthly active users reached 67.4 million, with transaction values up 32.8% to $163 billion
- EBITDA Margin: Expanded by three percentage points to 47.6%, reflecting operational efficiencies
Competitive Landscape and Future Outlook
While MTN continues to expand its market share, competition in the prepaid services segment remains intense, particularly from operators like Vodacom, Telkom, Rain, and Cell C in South Africa.
The group’s strategic investments in infrastructure—including $580.4 million spent on towers and fiber optic cables during the quarter—are supporting subscriber growth in key markets like Nigeria and Ghana.
Looking ahead, MTN is positioned for further value creation through its acquisition of IHS Towers, which will strengthen its digital infrastructure position across Africa. The company remains vigilant about macroeconomic risks, including geopolitical tensions and their impact on exchange rates and inflation.