MTN Nigeria and Airtel Nigeria have emerged as the most capitalised companies in the country with N5.56 trillion and N4.49trn to lead eight other companies on the stock exchange’s 10 most capitalised companies in June. 

In a data released by the exchange yesterday, the two telecom operators’ combined N10.5trn capital base gave the ICT sector an edge over the industrial goods sector which parades Dangote and BUA with a combined capital of N7.98trn, and the consumer goods sector which has Nestle and BUA with N3.43trn. 

Data shows that the financial sector got N2.11trn while oil and gas had N823.7billion and utility sector N750bn. 

In the last three years, the ICT sector has been leading other sectors in their contribution to the country’s Gross Domestic Product (GDP). 

Nigerian Communications Commission (NCC) had said the telecommunication industry has recorded over $70 billion in investment in the past 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.

Daily Trust