February 5, 2026/CSL Update

According to the latest data from the Nigerian Communications Commission (NCC), active mobile subscriptions rose by 14.72 million year-on-year (+8.92%) to 179.64 million in 2025, from 164.93 million in 2024. On a month-on-month basis, total subscriptions increased by 2.22 million (+1.25%), from 177.43 million in November 2025 to 179.64 million in December 2025. We expect this upward trajectory in subscriber growth to extend into 2026, as several structural bottlenecks that previously constrained the sector have largely been resolved.

Notably, a significant number of previously deactivated lines are being reactivated following improved compliance with SIM registration and NIN-linkage requirements, while network operators continue to enhance their onboarding and reactivation processes. These factors should underpin a sustained recovery in active mobile subscriptions.

Operator performance in 2025 remained broadly positive, reinforcing evidence of a sector-wide recovery. MTN Nigeria, the largest operator by market share, recorded net subscriber additions of 8.46 million, lifting its customer base to 93.06 million, from 84.61 million in 2024.

Airtel also delivered strong growth, adding 4.27 million subscribers to reach 60.89 million (2024: 56.62 million). Globacom sustained its expansion, increasing its subscriber base by 2.09 million to 22.23 million, compared with 20.55 million in 2024. In contrast, T2 recorded a marginal decline, with subscribers easing to 3.23 million in 2025 from 3.28 million in 2024.

Looking ahead, we expect subscriber growth to gain further momentum in the coming months, supported by the continued reactivation of previously deactivated lines and the resumption of new SIM registrations. Structurally, Nigeria’s telecommunications sector remains well-positioned for sustained long-term expansion, supported by a large, youthful, and increasingly digital population. With significant headroom for penetration, rising smartphone adoption, ongoing 4G and 5G network rollouts, and deepening broadband usage, we maintain a positive outlook for the sector. These dynamics should continue to drive revenue growth, innovation, and investment across the industry over the medium to long term.

Click here to download full report:​ ​​​​CSL Nigeria Daily – 05 February 2026 – Telecoms.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​