Digital Expansion Ignites $699M Nigeria Surge for Airtel Africa

Airtel Nigeria's revenue surged 46.5% to $699 million in the first half of 2025, driven by a broader $2.98 billion revenue increase at Airtel Africa Plc, which reported a 25.8% year-on-year growth in constant currency, according to Airtel Africa's earnings results. The parent company, Airtel Africa, attributed the gains to currency appreciation in Nigeria and the Central African franc, alongside strategic initiatives such as tariff adjustments and digital infrastructure expansion, according to an Economic Times report. Profit after tax for Airtel Africa jumped to $376 million in the half-year period, compared to $79 million in the same period in 2024, bolstered by a $90 million gain from naira and CFA franc appreciation, the Economic Times report added.

The Nigerian market, a key growth engine for Airtel Africa, saw strong performance in both voice and data services. Mobile services revenue rose 23% in constant currency, with data revenue overtaking voice as the largest revenue segment at $1.16 billion, according to a Marketscreener report. CEO Sunil Taldar highlighted the rising smartphone penetration (46.8%) across Airtel's markets as a catalyst for demand in data services, noting the company's focus on expanding network capacity to support digital and financial inclusion, as reported by the Economic Times.

To capitalize on this momentum, Airtel Africa increased its capital expenditure guidance for fiscal 2026 to between $875 million and $900 million, up from a prior range of $725 million to $750 million, the Marketscreener report noted. The company deployed $318 million in capex during the first half, including the rollout of 2,350 new network sites and an expansion of its fiber network by 4,000 kilometers, according to the Economic Times. Taldar emphasized that the investment aligns with the region's "unique opportunity" to leverage low smartphone and banking penetration alongside growing digital adoption, the Marketscreener coverage added.

Airtel Money, the mobile financial services arm, also contributed to the growth, with its customer base nearing 50 million and annualized processed value approaching $200 billion. The platform is on track for a listing in H1 2026, further diversifying Airtel's revenue streams. Meanwhile, EBITDA margins improved to 48.5% in the half-year, up from 45.8% in the prior year, reflecting operational efficiencies and higher data service margins.

The company's performance contrasts with broader industry challenges, including bankruptcies at smaller regional airlines and mixed results in satellite and enterprise tech sectors. However, Airtel Africa's focus on infrastructure expansion and digital innovation positions it to capitalize on sub-Saharan Africa's demographic and economic tailwinds.