The ₦2.4T data boom: 5 key takeaways from MTN and Airtel Nigeria’s H1 2026 earnings

According to their financial disclosures, market leaders MTN Nigeria and Airtel Nigeria generated about ₦2.4 trillion from data alone in the first six months of 2026, further proof that internet connectivity is the foundational engine of the digital economy. 

Behind this obvious bulk of revenue lies a broader structural transformation. Aside from the continuous data revenue boom, telecom operators and the Nigerian telecoms ecosystem’s performance were supported by foreign exchange stabilisation that has now flipped the losses recorded in 2024 (through the first quarter of 2025) into net profits. 

The story isn’t only about the inflows. Outflows in terms of capital expenditure (Capex) also made the headlines.

Both MTN and Airtel Nigeria reallocated earnings to support network upgrades, deploy new towers, roll out 5G and drive fibre expansion to address the continued surge in high-speed internet demand. 

However, struggles exist for Airtel Nigeria in its mobile money operation, while MTN Nigeria’s fintech revenue slipped, a result attributed to the temporary suspension of airtime and data lending during the second quarter of the year.

Also, fibre cuts and vandalism were the main focus of investment, with part of the funds dedicated to repairs. 

This article spotlights five key takeaways from MTN and Airtel’s H1 2026 results. It reveals where the Nigerian telecom landscape stands and where it is headed next.

1. Data’s strong statement 

The most interesting story of the period under review is the dominance of data growth and revenue across the two telecom giants. Data is life for internet users, and the financial statements of both telcos cemented that claim. 

MTN’s ₦1.7 trillion and Airtel’s ₦691 billion ($507 million) show the complete leapfrog of data over voice revenue. For comparison, both telcos recorded ₦1.42 trillion from voice revenue. 

Also, the industry report provides strong backing. Across the first five months of 2026, Nigerians used roughly 7.168 billion gigabytes (GB). 

Conversely, many Nigerians have expressed discontent with the service providers across social media. Most feel cheated by their internet experience. 

2. Fibre vs 5G battleground 

Airtel and MTN Nigeria are trying to achieve the same aim with separate strategies. The aim: bring the internet to Nigerian doorsteps backed by the 5G network.

The red-labelled brand is using tower upgrades, routers, and potentially leveraging Starlink’s direct-to-cell innovation. The yellow brand is poised on its FibreX to deliver the desired network through Fixed Wireless Access (FWA 5G) and Fibre-to-the-Home (FTTH).

While MTN is aggressively building out terrestrial fibre and 5G capacity, Airtel is blending 5G rollout with satellite partnerships to capture rural and semi-urban coverage.  

The reach of quality network availability is limited, with a strong digital divide.

Nigeria’s 5G coverage is concentrated across three big cities (Lagos, Abuja and Port Harcourt), leaving other states at the lower end. For Nigeria, the crux of its problem sits on this frontier. And its nationwide coverage ambition might not materialise anytime soon.

Also Read: Nigeria’s 5G coverage gap leaves millions of capable devices unconnected, even in its top three cities.

3. FX championing 

The H1 numbers of the Nigerian telecom operators highlight the foreign exchange performance of the country.

It is not that it appreciated below ₦1,000/$ (as predicted by some analysts) but that it experienced stability for the first time in a while. Average FX for the period under review was approximately ₦1,378.59/$ compared to the ₦1,549.83/$ recorded in H1 2025. 

Notably, the result comes after two years of severe FX losses that eroded profits across the sector. In their separate financial statements, both MTN and Airtel attributed their positive revenue turnaround to the exchange rate stability that has aided clear financial prediction and alleviated unexpected losses. 

4. Fintech and XtraTime stumble 

While core connectivity boomed, telecom-led fintech models faced short-term regulatory and credit service distortions. Airtel Nigeria’s continued struggle in its mobile money operation is a familiar story. A less than 1% revenue share (₦10.9 billion in H1 2026) of total earnings shows Airtel Money still has a long ride in Nigeria. 

For MTN Nigeria, it was an interesting conversation point.

MTN’s Fintech revenue dropped by 7.2% to ₦77.17 billion in H1 2026. Q2 made the difference following the temporary suspensions of airtime and data credit services in April. Despite MoMo wallets nearly doubling to 5 million users (about a 32% climb), the service failed to paint the money books green. 

This result isn’t good for a business that’s set to be partially separated from the connectivity operation. In the ongoing plan, MTN Nigeria will hold 40% while the group will possess 60% ownership. While the move sets the motion to intentionally separate connectivity from fintech, only time will tell of its capability to be independent. 

Also Read: MTN Nigeria’s ₦3T revenue hides a fintech business still finding its footing.

5. Capex dragged by vandalism

As outlined during the 50% telecoms tariff hike in H1 2025, MTN and Airtel have seen their expenditure on infrastructure rollout and network upgrade increase. In H1 2026, MTN reportedly spent ₦620.5 billion on capex while Airtel claimed it used ₦287.6 billion ($211 million) for 4G/5G towers deployment and necessary investments. 

Amid these financial numbers lies an unannounced percentage spent on repairing infrastructure whose lives were cut short by avoidable fibre cuts, thefts and vandalism. In the first three months of the year, Nigerian telecom operators recorded 5,934 cases or nearly 500 cases per week. 

The Critical National Information Infrastructure (CNII) framework, which is meant to guide and prosecute vandals, has been toothless. Authorities have hardly successfully sentenced fewer than 10 vandals to imprisonment despite thousands of perpetrators. 

The first half of 2026 showed strong earnings for MTN and Airtel Nigeria. While they made these profits with fewer satisfied subscribers, data revenue will once again define the pace of their financial books for the rest of the year.