Nigerian Stock Exchange

Figures from MTN Group’s 2018 full year investor presentation show the company may have joined the ranks of firms with over N1 trillion in revenue in the country.

Revenue in Nigeria rose from N887 billion in 2017 to N1.03 trillion in 2018 an increase of 17.1% year on year.  

Nigerian operations also accounted for 28.2% of revenue made by the group.

MTN Group FY 2018
Revenue breakdown

The company, which may be listed on the Nigerian Stock Exchange by the second quarter of 2019, would thus be the first trillion Naira firm on the NSE. Dangote Cement had revenue of N901 billion for the 2018 financial year.

Growth was across all segments. Voice revenue rose by 18.7%, while data revenue jumped 40.1%. Data traffic also increased by 56.3% 

Still dominant in Nigeria  

The company also continues to maintain dominance in the Nigerian telecommunications space.

Data from the presentation shows the company has 50.4% of the market space, with 58.1 million subscribers as at the fourth quarter of 2018.

This represents a 11.3% or 5.9 million increase from the 52.2 million subscribers recorded in the corresponding period of 2017. Nigeria thus accounts for about 25% of the group’s 232 million subscribers 

MTN Nigeria had a total of 43.9 million data users, of which 18.6 million were active data users. The company also had an estimated 21.6 million smartphone users on its network. MB per active data was stood at 1177.  

Average revenue per user stood at N1534.73 as at the fourth quarter of 2018, up from the N1483.52 as at the last quarter of 2017.  

Network expansion 

The company rolled out 519 2G sites, 2342 3G sites, and 1338 4G sites last year.  

Good times ahead 

The Group in its annual report  has also forecast double-digit growth in Nigeria in the medium term. 

 We have revised our medium-term (three to five years) guidance on service revenue growth from upper-single-digit in constant currency terms to double-digit growth, driven by double-digit growth from MTN Nigeria and mid-single-digit growth from MTN South Africa

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.