Nigeria’s telecommunications industry delivered a record performance in 2024, with total revenue surging to ₦7.67 trillion ($5.11 billion), a 44.7% increase from ₦5.3 trillion ($3.53 billion) in 2023, according to the Nigerian Communications Commission (NCC). The sector reinforced its position as a major pillar of the economy, contributing 14.4% to Nigeria’s Gross Domestic Product (GDP) in the fourth quarter of the year.
At the centre of this expansion were MTN Nigeria and Airtel Africa, which together controlled over 85% of the market and generated an estimated ₦6.6 trillion ($4.4 billion) in revenue.
MTN led with 84.6 million subscribers, representing a 51.4% market share, and approximately ₦3.94 trillion ($2.63 billion) in revenue. Airtel followed with 56.6 million subscribers (34.4%) and ₦2.64 trillion ($1.76 billion). Globacom held 12.2% of the market with ₦0.94 trillion ($630 million) in earnings, while 9mobile maintained just under 2%, generating ₦0.15 trillion ($100 million).
The NCC attributed the sector’s surge to the expansion of broadband and mobile data services, fueled by rising demand for digital connectivity in work, education, entertainment, and commerce. The number of 4G and 5G base stations climbed significantly—contributing to a total of 145,141 base stations nationwide—allowing more subscribers to migrate to high-speed data packages. This network expansion coincided with broader digital transformation across Nigeria’s economy, spanning fintech, e-commerce, digital banking, and electronic payments. Government efforts to digitise public services and adopt e-governance frameworks also boosted traffic and revenue.
Despite headwinds from high inflation, naira depreciation, and surging operational costs, telecom operators increased capital investments to enhance network capacity. The industry’s capital expenditure (CAPEX) rose by a staggering 159% year-on-year, from ₦1.12 trillion ($747 million) in 2023 to ₦2.9 trillion ($1.93 billion) in 2024. Most of this spending went into fiber-optic expansion, 5G deployment, and network modernisation, aimed at improving service reliability and coverage. The NCC noted that the unification of the foreign exchange rate and rising import costs significantly affected the naira value of telecom equipment, which remains largely imported.
Operating costs (OPEX) climbed 85%, reaching ₦5.85 trillion ($3.9 billion) in 2024. Operators cited energy costs, inflation, and right-of-way (ROW) fees as persistent challenges. Nonetheless, the NCC secured zero ROW fees in several states, easing infrastructure rollout and improving investment conditions.
Beyond traditional voice and data, operators expanded value-added services (VAS) such as mobile money, streaming, e-learning, and e-health, creating new revenue streams. Telecom companies also deepened their presence in enterprise connectivity and cloud computing, responding to businesses’ growing demand for data storage, virtual collaboration, and cybersecurity solutions.
The NCC’s data show that GSM operators accounted for the largest share of revenue at ₦5.33 trillion ($3.55 billion), followed by collocation and infrastructure-sharing services with ₦2.05 trillion ($1.37 billion). Internet service providers generated ₦165.7 billion ($110 million), while value-added services contributed ₦83.1 billion ($55 million).
The NCC’s regulatory interventions helped maintain market confidence and encourage long-term investment. Its enforcement of the SIM-NIN linkage policy, though temporarily reducing subscriber numbers, improved data integrity, consumer security, and overall trust in the ecosystem. MTN and Airtel maintained their dominance through consistent network modernisation, brand strength, and diversification into digital and financial services. MTN accelerated its push into fintech, broadband, and content partnerships, while Airtel capitalised on regional infrastructure and customer engagement strategies to drive growth.
Globacom sustained moderate gains but faced constraints from aging infrastructure, while 9mobile continued its restructuring efforts amid shrinking market share. The NCC projects continued expansion of network infrastructure in 2025, with telecoms expected to play an even greater role in Nigeria’s economic and digital transformation.
