South Africa-based telecommunications company MTN says it will invest $1 billion in Nigeria's growing mobile phone market over the next year as it faces increased competition in Africa's most populous nation.
MTN spokeswoman Funmi Omogbenigun said on Friday that the investment would go toward building a fibre optic network and improving network capacity in Nigeria. Omogbenigun says “demand still outstrips supply” in Nigeria, home to 150 million people.
MTN's move comes as Bharti Airtel, the world's fifth largest telecommunications company, recently entered the market through the purchase of Kuwait-based Zain. MTN holds a 50 percent market share in Nigeria, but Bharti already has started cutting prices to win over customers. - Sapa-AP
Monday, March 14, 2011
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