2023 Profit Analysis of MTN, Airtel, Glo, and 9mobile in Nigeria

Nigeria's telecommunications sector, encompassing radio, television, fixed and mobile telephones, and the Internet, has seen significant growth since its inception in 1886. Major players like MTN Nigeria, Airtel Nigeria, Globacom, and 9mobile have made the industry a crucial part of Nigeria's infrastructure and economy. This dynamic and competitive market offers a wide range of services to a growing population.

Ranked 11th globally for internet users and 7th for the total number of mobile phones, Nigeria boasts the largest market for Information, Communication, and Technology (ICT) in Africa. The sector comprises 82% of overall telecom subscribers on the continent and has contributed approximately 10% to Nigeria's GDP for over a decade​.

Growth and Profitability: Nigeria's telecom companies have seen substantial growth in their yearly profits. For instance, in 2020, the industry experienced a 12% increase in revenue, despite ongoing concerns about service quality. In 2023, telecom operators recorded a remarkable 22.3% revenue growth, with MTN Nigeria and Airtel Nigeria leading the way. The Communication Services market is projected to grow by 6.17% annually from 2024 to 2028, maintaining profitability as a primary focus for these companies​.


Individual Company Insights:

MTN Nigeria: MTN Nigeria, a subsidiary of the South African multinational MTN Group, holds the largest market share in Nigeria. The company offers voice, data, and digital services, with extensive network coverage. In 2020, MTN Nigeria reported revenue of N1 trillion, and in 2023, its operating profit exceeded N700 billion. With a subscriber base of 85.34 million as of mid-2023, MTN remains Nigeria's largest telecom company​.

Airtel Nigeria: Airtel Nigeria, a subsidiary of Airtel Africa PLC, is another leading player in the Nigerian telecom sector. The company offers mobile voice and data services, broadband, and digital television. In 2022, Airtel Nigeria reported voice and data revenues of N488.24 billion ($1.06 billion) and N390.50 billion ($847 million), respectively. By the second quarter of 2023, Airtel's total revenue growth had reached 23%, highlighting its strong market presence​.

Glo (Globacom): Globacom, or Glo, is a Nigerian-owned telecommunications company known for its competitive pricing and extensive network coverage, especially in rural areas. Glo offers voice, data, and internet services, significantly increasing internet penetration in Nigeria. In its first year of operation in 2003, Glo generated over 120 billion Naira in revenues and had one million subscribers. By the last quarter of 2020, Glo's subscriber base had grown to 54 million​.

9mobile: Formerly known as Etisalat Nigeria, 9mobile is a key telecom operator in Nigeria, offering voice, data, and enterprise solutions. Despite financial crises and rebranding challenges, 9mobile remains a significant player. The company employs over 2,000 people and has an estimated annual revenue of $938.7 million, with revenue per employee around $455,000​.

Nigeria's telecommunications companies, including MTN, Airtel, Glo, and 9mobile, generate billions of naira annually. Despite facing regulatory changes, competition, and economic fluctuations, these companies demonstrate resilience and adaptability. They continue to contribute significantly to Nigeria's digital future, driving growth, connectivity, and development.

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