Nigeria’s Dimension Data raises $2.9m to expand fibre network

Dimension Data Limited, a Nigerian technology infrastructure provider, has raised $2.9 million (₦4.05 billion) through a Series 1 bond, the first tranche of a $14.7 million (₦20 billion) bond programme aimed at expanding its fibre-optic network across Nigeria.

A return investor, Pathway Advisors Limited, acted as lead issuing house and bookrunner on the deal. The transaction closed after clearance from the Securities and Exchange Commission. More issuances are expected as the project continues.

The bond proceeds will fund fibre network expansion, capacity upgrades and service quality improvements, the company said.

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The raise targets a thin layer of Nigeria’s internet infrastructure. According to the Nigerian Communications Commission (NCC), the country had 154.72 million internet subscriptions, but only 156,662 came through fixed wired connections. Mobile GSM networks accounted for nearly all the rest. Even so, mobile networks depend on fibre backhaul to move data between towers. Meanwhile, banks, data centres and enterprise customers need dedicated fibre links that mobile networks cannot provide. 

Demand for local infrastructure is also being shaped by regulation. An order from the Central Bank of Nigeria is expected to push financial institutions to rely more on Nigerian data centres and fibre providers rather than offshore cloud infrastructure, adding to demand for the kind of capacity Dimension Data is building.

Incorporated in 2003, Dimension Data runs a data centre with 47-rack capacity and serves about 8,000 customers in 47 countries. Its clientele includes 70% of the Fortune 100 and sports organizations like the Amaury Sport Organisation (Tour de France).

Last updated: July 28, 2026