When CDC invested in MTN Nigeria through African Capital Alliance (ACA) in 2001, the company was a start-up, and the Nigerian mobile telephony market was underdeveloped with a total telephone penetration rate of less than 0.5%. At the time, there were only about 400,000 mobile phone subscribers in Nigeria. During ACA’s investment in MTN, the number of mobile phone subscribers in Nigeria exploded to an estimated 56 million users today. MTN accounts for 20 million of these new subscribers.

Between 2001 and 2008, MTN Nigeria invested US$1.8bn in mobile telephony infrastructure throughout Nigeria. Nigeria’s teledensity (the number of telephone lines per 100 people) increased from 0.7 to 41 during this time.*

MTN Nigeria now provides mobile telephony services to 223 Nigerian cities and towns as well as to more than 10,000 villages and communities across the country, with a 40% total market share.

MTN directly employs 1,900 people, and has created an estimated 20,000 indirect jobs across support sectors including communication towers maintenance and the sale of handsets and accessories.

1 US$23m was invested by African Capital Alliance. CDC investment in African Capital Alliance’s first fund, Capital Alliance Private Equity Mauritius Fund is US$5m; total fund size is US$15m. CDC’s investment in Capital Alliance Private Equity Fund II is US$17m; total fund size is US$100m.
2 From year end 2008 unless otherwise stated.
* According to the Nigerian Communication Commission: