FiberOne targets 1m subscribers in five years

Nigerian internet service provider FiberOne is aiming to gain one million subscribers within five years, according to its CEO Lanre Ore. The company currently has over 40,000 subscribers and plans to expand its service across Nigeria, targeting underserved areas. Despite the challenges, Ore believes there is significant potential for growth due to the country's young and tech-savvy population and the existing gaps in connectivity.

The ambitious target would represent a 20-fold increase from the company's current customer base. However, achieving this goal will require significant investments in expanding the fibre network, increasing network capacity, and attracting customers beyond existing markets. FiberOne is not disclosing the exact amount of capital needed for the expansion or whether it will seek external financing.

The ISP is also expanding its fibre footprint beyond established markets, with plans to reach 15 states. As Nigeria's internet service provider market becomes increasingly concentrated, FiberOne faces competition from larger operators such as Starlink, MTN, and Airtel. The company is seeking partnerships across Africa to help fund the expansion while maintaining affordable rates.