Sector
Telecoms
Mobile network operators, towers and fixed broadband; tariff repricing and FX-denominated leases dominate the narrative.
5 sub-sectorsBearishRisk: Elevated
Market size
₦12.4T
YoY growth
+6.2%
Forecast (12m)
+9.4%
EBITDA margin
46.0%
Sentiment score
-22
Risk score
58/100
Sector summary
Mobile network operators, towers and fixed broadband; tariff repricing and FX-denominated leases dominate the narrative.
Key drivers
- ●Data consumption growth
- ●Fintech/MoMo adoption
- ●Tariff repricing approval
Top risks
- ●FX lease revaluation
- ●Tariff politics
- ●Tower power cost