MTN and Airtel Reign Supreme in Nigeria’s Soaring ₦7.67 Trillion Telecom Market
Nigeria’s telecommunications sector achieved a monumental feat in 2024, firmly establishing its position as an indispensable engine of economic growth. According to the latest figures from the Nigerian Communications Commission (NCC), the industry’s total revenue sky-rocketed to an astounding ₦7.67 trillion ($5.11 billion). This represents a remarkable 44.7% increase from the ₦5.3 trillion ($3.53 billion) reported in 2023, showcasing an incredible surge in market activity. Such robust performance propelled the sector to contribute a substantial 14.4% to Nigeria’s Gross Domestic Product (GDP) during the fourth quarter of the year. Powering this impressive expansion, and standing at the very core of this success story, were the dominant forces of MTN Nigeria and Airtel Africa.
Market Share and Revenue Breakdown of Leading Operators
These two formidable telecom giants, MTN and Airtel, collectively commanded an overwhelming majority of the market, together controlling over 85% of the entire industry. Their combined financial prowess was evident in generating an estimated ₦6.6 trillion ($4.4 billion) in revenue. MTN Nigeria distinguished itself as the undisputed market leader, boasting an enormous subscriber base of 84.6 million, which translated into a dominant 51.4% market share. Its impressive revenue alone reached approximately ₦3.94 trillion ($2.63 billion) for the year. Following closely in the rankings, Airtel Africa secured a significant portion of the market with 56.6 million subscribers, accounting for 34.4% of the total, and successfully generated ₦2.64 trillion ($1.76 billion) in earnings. Beyond these two giants, other notable players included Globacom, which held a 12.2% share of the market, pulling in revenues of ₦0.94 trillion ($630 million), and 9mobile, maintaining a presence with just under 2% of the market and generating ₦0.15 trillion ($100 million).
The stellar performance of Nigeria’s telecom industry in 2024 vividly underscores its dynamism and indispensable contribution to the national economy, particularly within the broader African tech landscape. The overwhelming dominance of MTN and Airtel, which together captured the vast majority of both subscribers and revenue, unmistakably highlights their strategic importance in fueling this unprecedented growth. As these industry leaders continue to innovate and expand their reach across the continent, their pivotal role is set to not only shape the future of telecommunications in Nigeria but also reinforce the nation’s position as a key player in Africa’s digital transformation.
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