MTN Nigeria, Airtel Africa Control 86% of Telecom Industry
Based on the latest data from the regulator, MTN Nigeria and Airtel Africa control more than 86% of the Nigerian telecom industry. The two telecom giants have 86.12% of the market share in the industry as of July, and analysts are anticipating improvements in their respective subscriber bases.
In the stock market, MTN Nigeria Plc and Airtel Africa combined market value closed steady at N17.816 trillion. Data from the Nigerian Exchange showed that the market value of Airtel Africa Plc’s 3.758 billion shares outstanding closed at N8.683 trillion on Friday at unit price of N2310.50.
Also, the market value of MTN Nigeria Plc 20.995 billion shares outstanding in the local bourse settled at N9.138 trillion at a unit price of N435. Analysts said Nigerian telecom industry reduced as per recent data obtained from the National Communications Commission (NCC).
Telecoms sector recorded a contraction in July as active telephony subscribers fell by 1.4% month on month to 169.33 million from 171.73 million in June, largely reflecting the correction of reporting discrepancies by a major operator, Cordros Capital Limited said in a note.
The total number of internet subscribers also weakened, declining by 2.1% m/m to 138.22 million from 141.17 million in June. On a year-on-year basis, average telephony and internet subscriptions dropped by 20.4% and 11.3% respectively, underscoring the combined impact of SIM disconnections linked to NIN compliance and ongoing adjustments for reporting accuracy.
Market dynamics remain concentrated, with MTN maintaining its dominant position at 52.7% share with 89.14 million subscribers, well ahead of Airtel Nigeria at 33.4% – with 56.52 million subscribers.
Globacom retained a modest 12.3% share (20.74 million), while 9mobile continued to lag significantly, holding just 1.6% (2.73 million).
Overall, the latest data highlight structural pressures weighing on sector growth, as regulatory compliance measures and data corrections continue to suppress headline subscriber counts despite resilient underlying demand.
Analysts at Cordros Capital Limited anticipate that the ongoing SIM reactivation initiatives and reduced regulatory pressures will support a recovery in the subscriber base, with MTN Nigeria and Airtel Nigeria likely to lead the rebound, given their strong market presence and extensive distribution networks. Nonetheless, we expect the subscriber Geregu Power Targets N12.12 billion Profit in Q4-2025
