MTN Nigeria has significantly ramped up its infrastructure spending, dedicating N390.3 billion to capital expenditure in the first quarter of 2026 alone. This massive investment, which excludes lease assets, marks a nearly 93 percent increase compared to the N202.4 billion spent during the same period last year. The aggressive move highlights the telecommunications giant’s commitment to upgrading network capacity and expanding its reach to meet the ever-growing hunger for data and digital financial tools across the country.
According to financial reports analyzed by Zoyols News, the company’s total capital expenditure for the quarter reached N482.7 billion. This surge in spending reflects a deliberate strategy to prioritize user experience and network quality. Chief Executive Officer Karl Toriola noted that a more favorable foreign exchange environment provided the necessary backdrop to accelerate these investments, positioning the company to better capture emerging revenue opportunities in the digital space.
The heavy investment in hardware and cables appears to be paying off in the balance sheets. MTN recorded a stunning 165.9 percent rise in quarterly profit after tax, which climbed to N355.5 billion from N133.7 billion a year ago. Overall group revenue also saw a healthy boost, rising over 41 percent to hit the N1.5 trillion mark. This growth was largely fueled by the data segment, which saw earnings jump by 56.2 percent, and a nearly 78 percent surge in fintech revenue.
Beyond the financial figures, the operator’s reach continues to widen. Zoyols News found that mobile subscriptions have grown to 89.5 million, while the number of people using data services has hit 55 million. Perhaps most impressive is the adoption of the MoMo wallet, which saw subscriptions soar by over 54 percent to reach 3.3 million users. These numbers suggest that more Nigerians are moving their daily activities and financial transactions into the digital realm.
Despite the high costs associated with such a large-scale infrastructure push, the company’s cash flow remained strong, rising by over 55 percent to N326.5 billion. While operating expenses and the cost of sales did see some increases, they were largely overshadowed by the surge in profit before tax, which was further supported by a significant drop in net finance costs.
Ultimately, this infrastructure blitz is about more than just staying ahead of the competition. It is a fundamental effort to strengthen network quality and broaden broadband coverage at a time when smartphone use is becoming the norm. By doubling down on its physical assets now, MTN is laying the groundwork for a future where digital services and high-speed connectivity are central to Nigerian life.
