Airtel Africa’s profit after tax grew to $586 million in the nine months ended December 31, 2025, up from $248 million in the corresponding period of 2024.

According to the company’s nine-month financial results released on Friday, the higher profit after tax in the current period was driven by higher operating profit and derivative and foreign exchange gains of $99 million, as compared to $153 million in derivative and foreign exchange losses in the prior period.

It disclosed that the group’s revenues in reported currency increased by 28.3 percent to $4,667 million, with constant currency growth of 24.6 percent. Reported currency revenue growth at a premium to constant currency growth reflects currency appreciation in key markets. In Q3’26, constant currency revenue growth improved to 24.7 percent from 24.2 percent in the previous quarter (Q2’26).

“Constant currency revenue growth was supported by tariff adjustments driving a 50.6 percent growth in Nigeria and a strong performance in Francophone Africa, which saw revenues accelerate to 17.0 percent in the nine months.”

In Nigeria, revenue grew by 50.4 percent in constant currency, largely driven by continued strength in the demand for data services, further supported by the tariff adjustments. The constant currency revenue growth was driven by ARPU growth of 39.6 percent and customer base growth of 7.8 percent.

“In reported currency, revenue grew by 52.1 percent to $1,123 million, with Q3’26 revenue growth accelerating to 70.9 percent compared to constant currency growth of 52.9 percent.

“Significantly higher reported currency growth during the quarter compared to constant currency growth was due to the appreciation in Nigerian naira from a weighted average NGN/USD rate of 1,627 in Q3’25 to NGN/USD 1,456 in the current quarter,” it disclosed.

Insights from Airtel’s financials revealed that voice revenue in Nigeria grew by 35.8 percent in constant currency, driven by voice ARPU growth of 26.0 percent, reflecting the tariff adjustments earlier in the year.

Data revenue also grew by 65.4 percent in constant currency as a function of both data customer and data ARPU growth of 8.0 percent and 49.7 percent, respectively. Data usage per customer increased by 26.2 percent to 10.7 GB per month (from 8.4 GB in the prior period), with smartphone penetration increasing 4.6 percent to reach 54.1 percent. Smartphone data usage per customer reached 13.4 GB per month compared to 11.2 GB per month in the prior period.

Sunil Taldar, chief executive officer, said these results highlight the strength of our strategy, with strong operating and financial trends across the business.

He added that “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 a penetration of 48.1 percent, 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 percent, underpinning constant currency EBITDA growth of 31 percent, and we remain focused on driving further incremental margin improvements.

“Our strategic priorities remain clear: to continue investing in best-in-class connectivity, accelerate financial inclusion through our mobile money platform, and deliver an exceptional 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,” he added.

Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation, WTO, has urged Nigeria to move decisively beyond importing technology to manufacturing it locally, warning that sustained dependence on foreign technology weakens the country’s industrial base and constrains job creation in the digital economy.

Speaking at Ahmadu Bello University, ABU, Zaria, Okonjo-Iweala said the current disruption of the global order, driven by technology, geopolitics and climate pressures, presents both serious risks and unprecedented opportunities for Nigeria and Africa, if they are prepared to act strategically.

“It is always a pleasure to come home to Nigeria, but it is particularly special to be here at one of the country’s most important seats of learning,” she said, stressing that universities such as ABU must remain central to Africa’s technological, industrial and economic transformation.

Tracing Nigeria’s post-independence journey, Okonjo-Iweala recalled that at independence in 1960, the country had only one degree-awarding institution, making the rapid expansion of universities a critical pillar of nation-building.

She noted that institutions such as ABU laid the foundation for Nigeria’s scientific, technological and entrepreneurial capacity.

Founded in 1962 as the University of Northern Nigeria, ABU has evolved into a multidisciplinary institution producing graduates across engineering, medicine, sciences, ICT, public administration and the humanities.

“Research conducted here has advanced the frontier of knowledge and offered practical solutions to real-world problems, from animal feed innovations during dry seasons to wind power generation in rural areas,” she said.

Turning to global trends, the WTO chief identified technology, particularly the internet and artificial intelligence, AI, as one of the most disruptive forces reshaping trade, production and employment worldwide.

“The technological shift we are experiencing has made it easier to communicate, produce and trade, but not everyone has shared equally in the gains,” she said, warning that automation and AI could deepen inequality if not properly managed.

She stressed that multilateral institutions and global trade rules must evolve to respond to emerging technologies such as AI and quantum computing.

“We need a new kind of multilateralism, one that is nimble, responsive and capable of addressing new global opportunities,” she said.

Okonjo-Iweala said Africa stands to benefit from what the WTO now describes as “re-globalisation”, the diversification of global supply chains away from over-dependence on a few countries.

She identified opportunities in labour-intensive manufacturing, critical minerals processing, renewable energy technology, pharmaceuticals, agro-processing and electric vehicle, EV, supply chains.

“Africa has the capacity to process its critical minerals all the way to EV battery manufacturing,” she said, pointing to Nigeria’s emerging lithium processing investments and vast renewable energy potential.

Reinforcing her call for local technology production, she said Nigeria must stop importing technologies it can manufacture domestically.

“Instead of importing solar panels, we should be manufacturing them here. That is how we create jobs, build resilience and grow our economy,” she said.

Okonjo-Iweala warned that Nigeria’s projected economic growth of 4.4 percent remains insufficient once population growth is factored in, calling for sustained growth of 6 to 7 per cent driven by productivity, technology and value addition.

She said achieving this would require strong digital infrastructure, skills development and innovation-friendly policies, alongside full implementation of the African Continental Free Trade Agreement, AfCFTA.

“Technology-enabled trade and deeper regional integration could increase intra-African trade by up to 45 per cent and lift millions of people out of poverty,” she said.

With Africa projected to account for about 25 per cent of the global working-age population by 2050, Okonjo-Iweala described Nigeria’s young population as one of its greatest technology assets.

“On an ageing planet, Africa’s youth represent the world’s future talent pool,” she said, urging universities, policymakers and the private sector to better align education, innovation and industrial strategy.

She, therefore, called for stronger collaboration between academia, industry and government to ensure Nigeria does not miss the opportunities created by global technological disruption.

“This country has what it takes. What we need is urgency, coordination and the courage to invest in our people and our ideas,” Okonjo-Iweala said.

Fitch Ratings has downgraded African Export-Import Bank’s (Afreximbank) Long-Term Issuer Default Rating (IDR) to ‘BB+’ from ‘BBB-’.

Fitch also downgraded Afreximbank’s Short-Term IDR to ‘B’, from ‘F3’, and the long-term ratings on the bank’s global medium-term note programme and debt issuance to ‘BB+’, from ‘BBB-’.

The global rating institution subsequently withdrew the bank’s ratings.

In a statement posted on its website, Fitch explained that the downgrade “reflects our revision of Afreximbank’s policy importance risk to ‘medium’ from ‘low’ following the announcement of an agreement on Ghana’s debt to Afreximbank in the context of Ghana’s broader restructuring”.

It said, “This has led us to revise our assessment of Afreximbank’s business profile to ‘high risk’ from ‘medium risk’, which resulted in an overall business environment notching of -3 (-2 previously).”

Essentially, a BB+ /Stable rating from Fitch is considered non-investment grade, also known as high-yield or “junk”.

The statement added, “Fitch has chosen to withdraw the ratings for commercial reasons. Fitch will no longer provide ratings or analytical coverage for the bank.”

In arriving at its decision, Fitch stated, “Afreximbank and Ghana announced in December 2025 that they had reached an agreement in principle with respect to Afreximbank’s $750 million sovereign loan to Ghana.

“The IMF stated that the deal is in line with the comparability of treatment under Ghana’s official creditor committee. We view this as evidence that Afreximbank did not benefit from its preferred creditor status (PCS).”

It said, “While we had not previously given any uplift in our solvency assessment for PCS, the de-facto preferential treatment in a broader sense that Afreximbank, along with most other multilateral development banks, benefit from was previously factored into our assessment of the bank’s policy importance.

“The bank’s inclusion in Ghana’s restructuring underlines its weakening policy importance, in our view.”

The rating institution also said, “Our latest assessment of Afreximbank’s ‘high’ business profile risk underpins the ‘high risk’ quality of governance assessment, and ‘high’ strategy risk.

“The ‘high risk’ business environment assessment reflects the bank’s exposure to a ‘high risk’ operating environment with weak credit quality, low income per capita and high political risk in the countries of operation.”

It explained that the ratings were driven by the bank’s Standalone Credit Profile (SCP) of ‘bb+’, reflecting the lower of the solvency (bbb+) and liquidity (a) assessments and its ‘high risk’ business environment.

The statement added that the solvency assessment balanced the bank’s ‘strong’ capitalisation and ‘moderate’ risk profile.

Fitch stated, “Afreximbank’s ‘bbb+’ solvency assessment reflects both ‘strong’ capitalisation and ‘moderate’ solvency risks. Our assessment of capitalisation is underpinned by a ‘moderate’ usable capital to risk-weighted assets (21 per cent at end-2024) ratio, a ‘strong’ equity to assets and guarantees ratio (19 per cent) and ‘excellent’ internal capital generation.

“The ‘moderate’ solvency risks assessment reflects ‘high’ credit risk, ‘weak’ risk management policies, ‘low’ concentration risk and ‘very low’ equity risk.

“Afreximbank’s ‘a’ liquidity assessment reflects the ‘strong’ quality of treasury assets, measured by the share of treasury assets rated ‘AA-’ to ‘AAA’ (50 per cent at end-2024 and we expect it to remain above the ‘strong’ threshold of 40 per cent), and a ‘moderate’ liquidity buffer (defined as liquid assets-to-short-term debt, at 95 per cent at end-2024).

“The bank’s liquidity profile is enhanced by its access to capital markets and diversified funding sources, including credit lines ($2.1 billion, of which $0.6 billion was committed at end-2024) and collateral deposits. The short duration of the loan portfolio also contains liquidity needs.”

Fitch also stated that it “assesses shareholders’ capacity to support Afreximbank at ‘bb-’, based on the average rating of key shareholders (ARKS) accounting for more than 50 per cent of the bank’s capital.

“The sovereign upgrades of Egypt and Nigeria, Afreximbank’s two largest shareholders, in April 2025 improved the ARKS to ‘B+’ from ‘B’.

“Credit risk mitigants on callable capital (covering 40 per cent of $4.3 billion) enhance the support capacity by one notch to ‘bb-’.

“The support assessment also reflects the ‘strong’ propensity of shareholders to support the bank, which has been consistently demonstrated by ongoing capital injections and dividend reinvestments.”