Etisalat Nigeria to raise USD500m for network expansion

12 Apr 2013

Nigerian newspaper THISDAY reports that Etisalat Nigeria will raise USD500 million in debt from local banks as it seeks to expand its network. Speaking at the Reuters Africa Investment Summit, the company’s commercial officer, Wael Ammar, revealed that the investments would help boost Etisalat’s market share in Nigeria. According to TeleGeography’s GlobalComms Database, Etisalat Nigeria claimed a 13.2% share of the country’s wireless subscriber market at the end of 2012, behind Airtel (20.5%), Globacom (21.4%) and market leader MTN (42.1%). Ammar also stated that he expects monthly voice ARPU to decline to around USD5 over the next three to five years, down from between USD6 and USD7 currently, and down from USD10 in 2008. ‘We are investing USD500 million this year to expand our network and services to Nigerian consumers,’ Ammar said, revealing that Etisalat currently has 3,000 cell sites.