In a major financial turnaround, Nigeria has climbed the ranks to become Airtel Africa’s second-largest market for revenue earned per subscriber. This surge follows a significant increase in telecom prices that has revitalized the company’s earnings in its biggest African territory.
According to financial results released on Friday for the year ending March 2026, Airtel Nigeria saw its Average Revenue Per User (ARPU) jump by 41.18%. ARPU is a critical health check for telecom companies; it measures whether the money collected from each customer is enough to maintain the network and pay for expensive upgrades.
The Pricing Shift: From Struggle to Growth
For several years, Airtel and other operators in Nigeria struggled with the falling value of the Naira. As the exchange rate slid from ₦471/$ in 2023 to over ₦1,300/$, the “dollar value” of their earnings shrank, making it difficult to buy the foreign equipment needed for network expansion.
However, a 50% tariff hike approved in 2025 changed the landscape. This price adjustment has restored profitability across the industry. For comparison, MTN Nigeria also saw its revenue per user rise significantly to $3.60 during the same period.
Massive Investment and Profit Gains
With more cash flowing in, Airtel Nigeria has aggressively increased its spending on infrastructure.
• Infrastructure Spending: Up by 48.21% to improve network quality.
• Total Revenue: Climbed to $1.59 billion, a 52.92% increase.
• Operating Profit: Surged by nearly 79%.
Data remains the king of the Nigerian market, now providing over 51% of Airtel’s total revenue in the country. Currently, Airtel serves 58.3 million subscribers in Nigeria.
The Mobile Money Gap
While Nigeria is a goldmine for phone calls and data, it is still lagging far behind in Mobile Money (SmartCash PSB).
Despite having nearly 60 million telecom customers, Airtel only has 2.7 million mobile money users in Nigeria. In contrast, East Africa boasts 40.9 million users. Nigeria contributed less than 1% of the $1.36 billion generated by Airtel’s mobile money division last year.
To close this gap, Airtel is planning a major push in Nigeria by offering:
• High Interest Rates: Up to 15% on fixed savings.
• More Agents: Increasing physical locations where people can deposit and withdraw cash.
• Customer Incentives: Rewards for using the platform.
A Strong Year for Airtel Africa
Across the 14 countries where it operates, Airtel Africa had a stellar year. Its total subscriber base grew to 183.5 million, and total profit after tax soared by 147.87%.
The company credited this success to “attractive industry fundamentals” and the necessary price adjustments in Nigeria, which allowed them to keep pace with a changing economy.
