Nigeria’s telecommunications industry recorded a landmark year in 2024, with total revenue soaring to ₦7.67 trillion ($5.11 billion), marking a 44.7% rise from ₦5.3 trillion ($3.53 billion) in 2023, according to data from the Nigerian Communications Commission (NCC). The sector’s expansion reinforced its status as a vital pillar of the economy, contributing 14.4% to the country’s GDP in the fourth quarter of the year.
At the center of this growth were MTN Nigeria and Airtel Africa, commanding a combined market share exceeding 85% and generating an estimated ₦6.6 trillion ($4.4 billion) in revenue. MTN led with 84.6 million subscribers representing a 51.4% market share and ₦3.94 trillion ($2.63 billion) in revenue. Airtel followed closely with 56.6 million subscribers (34.4%) and ₦2.64 trillion ($1.76 billion). Globacom secured ₦0.94 trillion ($630 million) in revenue with 12.2% of the market, while 9mobile trailed at 2%, earning ₦0.15 trillion ($100 million).
The NCC attributed the surge to the rapid expansion of broadband and mobile data services, driven by growing digital adoption across work, education, entertainment, and commerce. The number of 4G and 5G base stations climbed to 145,141 nationwide, boosting access to high-speed internet and enabling broader participation in Nigeria’s digital economy. Government-led digitization of public services and increased e-governance also added momentum to data consumption.
Despite economic headwinds including inflation, naira depreciation, and high energy costs, operators ramped up capital investment by 159% to ₦2.9 trillion ($1.93 billion), focusing on fiber-optic expansion, 5G deployment, and network modernization. Operating expenses also surged 85% to ₦5.85 trillion ($3.9 billion), yet the NCC’s push for zero right-of-way fees in several states eased rollout challenges.
Beyond traditional telecom offerings, operators diversified into mobile money, streaming, e-learning, and enterprise solutions. MTN strengthened its fintech and broadband ventures, while Airtel leveraged regional infrastructure to deepen customer engagement. Globacom maintained steady performance despite infrastructure constraints, and 9mobile continued restructuring to regain competitiveness.
As the NCC projects continued network expansion in 2025, the telecom industry’s role in powering Nigeria’s economic and digital transformation is set to deepen. MTN and Airtel remain the undisputed forces shaping the nation’s connected future.
