Etisalat Nigeria to raise US$500 million for network expansion

Etisalat Nigerian has confirmed plans to raise US$500 million in fresh debt financing from local banks to fund network expansion.

Citing the company’s chief commercial officer, Wael Ammar Reuters reported that the network investments are to support Etisalat Nigeria’s plans to add four million customers to its base this year – taking its total to close to 20 million by 2014.

"We are investing US$500 million this year to expand our network and services to Nigerian consumers," Ammar said, adding that Etisalat aims to increase its existing 3,000 cell sites by an undisclosed number.

Mobile penetration in Nigeria stands at approximately 60 per cent.