MTN Nigeria and Airtel Nigeria have emerged as the country’s most capitalised firms, with N5.56 trillion and N4.49 trillion, respectively, leading eight other companies on the stock exchange’s ten most capitalised companies in June.
According to data released by the exchange yesterday, the combined N10.5trn capital base of the two telecom operators gave the ICT sector an advantage over the industrial goods sector, which parades Dangote and BUA with a combined capital of N7.98trn, and the consumer goods sector, which parades Nestle and BUA with a combined capital of N3.43trn.
According to data, the financial sector received N2.11 trillion, while the oil and gas sector received N823.7 billion and the utility sector received N750 billion.
In the last three years, the ICT sector has outperformed other sectors in terms of its contribution to the country’s GDP.
According to the Nigerian Communications Commission (NCC), the telecommunications industry has received more than $70 billion in investment over the last 22 years.
From $500 million investments in the sector as of 2001, the telecommunications industry has recorded over $70 billion investment till date, the NCC said.
