In a recent data release by the Nigerian Stock Exchange, MTN Nigeria and Airtel Nigeria have emerged as the most capitalized companies in the country. With market capitalizations of N5.56 trillion and N4.49 trillion respectively, these two telecom operators have taken the lead among the top 10 companies on the stock exchange.

The combined capital base of MTN Nigeria and Airtel Nigeria amounts to a staggering N10.5 trillion, giving the Information and Communication Technology (ICT) sector a notable advantage over other sectors. Notably, the industrial goods sector, represented by Dangote and BUA with a combined capital of N7.98 trillion, and the consumer goods sector, represented by Nestle and BUA with N3.43 trillion, were surpassed by the ICT sector.

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The financial sector secured a significant capital allocation of N2.11 trillion, followed by the oil and gas sector with N823.7 billion, and the utility sector with N750 billion. This highlights the substantial investments and growth potential within these sectors.

Over the past three years, the ICT sector has consistently outperformed other sectors in contributing to Nigeria’s Gross Domestic Product (GDP). This trend is further emphasized by the Nigerian Communications Commission (NCC), which reported that the telecommunications industry has attracted investments exceeding $70 billion over the past 22 years. The sector’s remarkable growth, starting from a modest $500 million investment in 2001, signifies its robust development and long-term viability.

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The success of MTN Nigeria and Airtel Nigeria reflects the immense growth and influence of the telecommunications industry in Nigeria’s economy. These companies have not only transformed the way Nigerians communicate but have also become key contributors to the country’s economic development. The remarkable capitalization figures attained by both companies highlight the confidence of investors in the sector.

As Nigeria continues to foster a favorable business environment, it is expected that the ICT sector will continue to thrive, attracting further investments and creating new opportunities. The government’s commitment to supporting this growth by implementing favorable policies and regulations will undoubtedly strengthen the position of the ICT sector in the Nigerian economy.

Source: Daily Trust

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