KEY POINTS
- MTN Nigeria market valuation reached $11.2 billion.
- Shares climbed 19.45 percent to a 52-week high of $0.53.
- Analysts set $0.70 target, implying further upside.
MTN Nigeria has climbed to the top of the Nigerian Exchange, becoming the most valuable listed company with a market valuation of $11.2 billion following a sharp rally in its shares.
The telecom operator overtook BUA Foods and Dangote Cement, which had previously led the exchange by market capitalisation. The shift reflects renewed investor appetite for telecom and digital infrastructure stocks, sectors seen as positioned for sustained earnings growth.
The valuation milestone comes amid rising confidence in the company’s long-term strategy and balance sheet strength.
MTN Nigeria Market Valuation Surges
Trading data show the company’s shares rose to a 52-week high of $0.53, gaining 19.45 percent in seven trading sessions from $0.44 on February 12, 2026.
Analysts linked the rally to optimism surrounding MTN Nigeria’s planned tower acquisition from IHS Towers. The deal, subject to regulatory approval, would expand the company’s infrastructure ownership and reduce dependence on third-party providers.
Market participants say the move could lower operating costs, strengthen margins and improve cash flow visibility. Investors also appear to be positioning ahead of the company’s 2025 earnings release, expecting results to support the current valuation trajectory.
Analysts See Further Upside
Equity analysts at Cowry Asset Management Limited placed a $0.70 target price on the stock and issued a “buy” recommendation at $0.53. If realised, that projection would lift MTN Nigeria’s market capitalisation above $14.3 billion.
Billionaires Africa says the MTN Nigeria market valuation rise underscores a broader rotation on the exchange toward telecom infrastructure and digital-economy plays, as investors seek companies with scalable assets and recurring revenue streams.
MTN Nigeria’s ascent marks a notable reshuffle at the top of the Nigerian Exchange and signals growing investor confidence in telecom as a long-term growth theme.
