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# MTN Nigeria reports record-breaking revenue growth in 2022
- URL: https://www.techloy.com/mtn-nigeria-record-revenue-2022/
- Published: 2023-02-10T14:40:45.000Z
- Updated: 2023-02-10T14:40:45.000Z
- Author: Acquah Nana Yeboah
- Tags: Business, MTN, Tech in Nigeria

In a groundbreaking moment for the Nigerian public market, MTN Nigeria, the largest telecom company in the country by subscriber base, has reported record-breaking revenue growth in its 2022 financial report.

The company recorded a staggering ₦2.01 trillion in revenue, a 21.6% increase from 2021, and ₦358.88 billion in profits after tax, an 18.3% increase from the previous year.

The company's revenue has grown impressively over the past five years, crossing the ₦1 trillion mark in 2018 and doubling in revenue within the same period, making it the most profitable company in Nigeria according to publicly available financial records.

![](https://storage.ghost.io/c/c1/a6/c1a6d111-d951-41ad-a392-c1e841210b93/content/images/2023/02/MTN-Nigeria-revenue-growth--1---1-.png)

MTN saw growth in all segments of its business. The voice segment, the company's largest revenue source, saw a 5% increase to ₦864 billion, while the data segment saw a remarkable 38% increase to ₦763 billion. This continues the steady growth in data services, which brought in ₦332 billion in 2020 and ₦516 billion in 2021, potentially setting the stage for the segment to cross the ₦1 trillion mark in the near future, especially with the advent of 5G technology.

Roaming services also reported a 14% increase in revenue to ₦159 billion, and value-added services, including airtime lending and mobile money, saw a 16% increase to ₦81 billion. SMS services reported a 31% growth to ₦63 billion.

This revenue growth is largely attributed to MTN's growing subscriber base, with a 9.7% increase to 74.1 million mobile subscribers and a 14.6% increase to 38 million active data users by the end of Q3 2022\. The company's fintech subscriber base also saw a boost, reaching 11.2 million subscribers, with 1.8 million active MoMo wallets just seven months after launching the service.

As Nigeria's largest telecom operator, serving over 33% of the country's population, MTN's financial report further solidifies its position as a market leader.