The turbulent and highly competitive business environment has influenced telecommunications, recently. The purpose of this study, using the survey data from 70 firms in the telecommunication industry in Nigeria, is to examine the relationships among dynamic capabilities, innovation, organizational agility and knowledge management in achieving maximum performance in the telecommunication industry. Out of 430 questionnaires distributed, 341 were returned. Partial Least Square approach of Structural Equation Model (PLS-SEM) was used to examine the research hypothesis. The research results suggest that dynamic capabilities were positively related to both organizational agility and competitive performance. Organizational agility was positively related to competitive performance. Knowledge management was also associated with dynamic capabilities, competitive performance and innovation. Innovation was insignificantly related to competitive performance. The findings from this study should assist telecommunication industries in Nigeria to cope with unwanted changes in the business environment and also help managers make better decisions to improve performance.