By Aduragbemi Omiyale

About $4.7 billion was generated by Airtel Africa Plc in nine-month period ended December 31, 2025, details of the company’s financial statements revealed.

The telco disclosed that in the period under review, mobile services revenue grew by 23.3 per cent in constant currency, as data revenues, the largest contributor to group revenues, increased by 36.5 per cent, with voice revenues growing by 13.5 per cent.

In the same vein, EBITDA grew by 35.9 per cent in reported currency to $2.3 billion, with EBITDA margins expanding further to 48.9 per cent from 46.2 per cent in the prior period.

The third quarter of the fiscal year witnessed a further sequential increase in EBITDA margins to 49.6 per cent, driving EBITDA growth of 31.0 per cent in constant currency and 40.8 per cent in reported currency.

The financial results showed that profit after tax of $586 million improved from $248 million in the prior period. Higher profit after tax in the current period was driven by higher operating profit and derivative and foreign exchange gains of $99 million versus the $153 million derivative and foreign exchange losses in the prior period.

Commenting, the chief executive of Airtel Africa, Mr Sunil Taldar, said, “These results highlight the strength of our strategy, with strong operating and financial trends across the business. During the quarter, we accelerated investment to enhance coverage and data capacity while also expanding our fibre network.

“Coupling this investment with innovative partnerships, strengthens our customer proposition and positions us to capture the considerable growth opportunity across our markets.

“Digitisation, technology innovation and embedding AI in our processes will also optimise the customer experience with increased digital offerings and closer integration of GSM and Airtel Money services allowing us to unlock the strong demand across our markets. Smartphone adoption continues to increase with penetration of 48.1 per cent, and we are seeing solid progress in the development of our home broadband business, reflecting the need for reliable, high-speed connectivity across our markets.

“Our push to enhance financial inclusion across the continent continues to gain momentum with our Mobile Money customer base expanding to 52 million, surpassing the 50 million milestone. Annualised total processed value of over $210 billion in Q3’26 underscores the depth of our merchants, agents and partner ecosystem, and remains a key player in driving improved access to financial services across Africa. We remain on track for the listing of Airtel Money in the first half of 2026.

“Disciplined execution on cost efficiency, alongside accelerating revenue growth has enabled another sequential improvement in our quarterly EBITDA margin to 49.6 per cent, – underpinning constant currency EBITDA growth of 31 per cent – and we remain focussed on driving further incremental margin improvements.

“Our strategic priorities remain clear: to keep investing in best in class connectivity, accelerate financial inclusion through our mobile money platform and deliver a great customer experience. These results reinforce our confidence in the long term potential of our markets and our ability to create value for all our stakeholders.”

By Adedapo Adesanya

According to PricewaterhouseCoopers (PwC), Nigeria’s benchmark interest rate is likely to remain elevated in 2026 even as inflation shows signs of easing.

Speaking at the PwC–BusinessDay Executive Roundtable on Nigeria’s 2026 budget and economic outlook in Lagos on Thursday, the Chief Economist and Head of Strategy at PwC, Mr Olusegun Zaccheaus, said expectations of aggressive interest rate cuts might be premature even with the core factor – inflation – seen cooling.

“Interest rates may remain elevated despite inflation cooling for most of 2025,” Mr Zaccheaus said. “Perhaps not by the 500 basis points some hope for, due to the need to manage liquidity.”

The Central Bank of Nigeria (CBN) had more than doubled its policy rate from 2022 levels in a bid to rein in inflationary pressures, before implementing a 50 basis-point cut in September that brought the monetary policy rate to 27 per cent.

The move followed a sharp moderation in inflation from its late-2024 peak. Inflation slowed to 15.15 per cent in December 2025, while the economy expanded by 3.98 per cent in the third quarter, its strongest quarterly growth in years.

At the last Monetary Policy Committee (MPC) meeting of the CBN in November 2025 voted to keep the interest steady.

The PwC official warned that warned that underlying risks, including exchange-rate volatility, fiscal pressures and global uncertainty, continue to complicate the outlook.

Mr Zaccheaus said that a major challenge for the apex bank will be to control the volume of money circulating in the economy.

He advised that liquidity management remains critical as excess cash can quickly undermine dis-inflation efforts particularly as the 2027 election cycle is around the corner.

He said that Nigeria typically experiences rapid growth in money supply ahead of election cycles, driven by increased government spending and political activity, adding that without careful coordination, such expansions risk fueling inflation and weakening investor confidence.

“The responsibility of the central bank is to ensure liquidity does not grow in a way that has a negative macroeconomic impact,” Mr Zaccheaus said.

He noted that a stable currency environment would support improved capital allocation and investment planning.

“FX stability is crucial,” Mr Zaccheaus said. “It gives investors confidence and allows businesses to plan. But that stability depends on disciplined policy execution.”

By Adedapo Adesanya

The Nigeria Employers’ Consultative Association (NECA) has expressed concern over the renewed enforcement of a ban on the production and sale of alcoholic beverages in sachets and small PET bottles by the National Agency for Food and Drug Administration and Control (NAFDAC).

The group’s director general, Mr Wale-Smatt Oyerinde, warned that the action of the agency could have adverse economic and governance consequences.

NECA is the organisation expressing worry of this issue after the Manufacturers Association of Nigeria (MAN) raised concerns about it earlier this week.

Mr Oyerinde said the enforcement contradicts a directive from the Office of the Secretary to the Government of the Federation dated December 15, 2025, which suspended the ban, as well as a March 14, 2024 resolution of the House of Representatives calling for restraint and broader stakeholder engagement.

The NECA chief said the continued enforcement is already disrupting legitimate businesses, unsettling ongoing investments, and putting thousands of jobs at risk, while weakening confidence in Nigeria’s regulatory environment.

According to Mr Oyerinde, regulation should be based on evidence, proportionality and the rule of law. He noted that the affected products were tested, registered and periodically revalidated under NAFDAC’s regulatory procedures, with alcohol content clearly labelled in line with internationally recognised Alcohol by Volume standards.

He added that underage drinking is primarily an enforcement issue at the retail level rather than a packaging issue, and called for stricter licensing, monitoring, and sanctions for erring retailers rather than a blanket ban on certain product formats.

NECA boss also warned that sachet and small-pack formats reflect affordability realities for many adult consumers, and that eliminating them could push demand into informal, unregulated markets, increasing public health risks and shrinking the formal economy.

He further expressed concern that enforcement efforts are focused on a regulated segment of the beverage industry while more dangerous illicit narcotics and abused pharmaceuticals continue to circulate widely among young people.

On the economic impact, NECA said the wines and spirits value chain supports significant direct and indirect employment across manufacturing, packaging, distribution, transportation, retail and agriculture.

It cautioned that sudden regulatory actions could threaten livelihoods, reduce government revenue and undermine investor confidence.

Addressing environmental concerns, NECA said plastic waste issues should be tackled through improved waste management, recycling systems and extended producer responsibility frameworks, rather than selective product bans.