Vodafone Targets Telecoms Market in Nigeria

Mergers, Acquisitions and Financial Results

The largest mobile telecommunications network company in the world, Vodafone Group, has expressed its desire to enter the Nigerian market. Speaking at a conference in Barcelona, Spain, the Chief Executive Officer of Vodafone, Mr. Vittorio Colao, who described Nigeria as an emerging telecoms market, said the firm was still interested in investing in the country's telecoms sector.

Vodafone's renewed interest is coming as it beat off Nigeria's Globacom's attempt in acquiring the majority shares of Telkom in Vodacom, South Africa. Colao said: "Despite the fact that Vodafone has expanded its operations tremendously across emerging markets in the past two years with acquisitions in Turkey, India, South Africa and Ghana to make up for slower growth in Europe, the Nigeria telecoms sector is a prized and valuable market that we will be glad to operate in."

Commenting on purchases to expand Vodafone's business in established markets, Colao said he was "supportive of potential opportunities" which help create value for shareholders and cut costs.

Former CEO of Vodacom, Alan Knott Criag, has said in an interview with journalists before he retired that company had regretted walking out of the Nigerian telecoms market.

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