With almost 117m subscribers generating US $9bn in revenue this year, subscriber numbers forecast to increase to 150m by 2016*, and a need for three times the current 24,252** towers, Nigeria is one of the most attractive growth telecoms markets not just in Africa, but in the whole world. (Sources: *Business Monitor International, **GSMA)
The independent towerco business model made its African debut in Nigeria in 2005-6, and independent towercos own a little over 13% of the towers in the country. The most mature portfolio of independent towers in Nigeria, indeed in Africa, is Helios Towers Nigeria’s (HTN) 800 green field sites, which boast a tenancy ratio of 2.6.
