MTN Nigeria and Airtel Nigeria have emerged as the top capitalised companies in Nigeria, with N5.56 trillion and N4.49 trillion respectively, leading a group of eight other companies in the stock exchange's list of the ten most capitalised companies in June.
The combined capital base of these two telecom operators, totaling N10.5 trillion, gives the ICT sector an advantage over other sectors.
Dangote and BUA, in the industrial goods sector, hold a combined capital of N7.98 trillion, while Nestle and BUA, in the consumer goods sector, have N3.43 trillion.
The data released by the exchange also reveals that the financial sector received N2.11 trillion, followed by N823.7 billion in the oil and gas sector, and N750 billion in the utility sector.
Over the past three years, the ICT sector has been at the forefront in contributing to the country's Gross Domestic Product (GDP). The Nigerian Communications Commission (NCC) stated that the telecommunications industry has attracted more than $70 billion in investments over the past 22 years.
According to the NCC, the sector has experienced remarkable growth, with investments rising from $500 million in 2001 to over $70 billion to date. This surge in investment reflects the sector's significance and its crucial role in the country's economic development.
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