With the objective of adding value to the existing body of literature on the achievement of competitive advantage in the increasingly competitive business environment, this article investigates the impact of market liberalization on the Nigerian telecommunication industry. This dissertation attempts to achieve this through the use of primary and secondary research conducted among both business and domestic consumer of the services rendered by the operators of mobile telecommunication services in Nigeria. From the impact of the information society on International Business, its effect on the business environment and the driving force of the quest of international business to achieve competitive advantage regardless of location and time. The Nigerian telecommunication industry is also seen as an emerging industry which has experienced the process of refining as a result of the increasingly growing nature of the information society. The research therefore intends to investigate the extent of profitability of the industry by assessing consumers of both the foreign operators and domestic operators of Telecommunication services in Nigeria and the extent to which market liberalisation has impacted the telecommunication industry and the economy as a whole. The existence of profitable reforms in the country has fostered economic growth, expanded the industry and still being rich and attracting foreign investors. More so, the drivers of competitive advantage in the sector were considered and this explains the extent of the relationship between reforms, internal and external factors and the achievement of a firm's competitive advantage.