NIGERIA – The European Investment Bank (EIB) has agreed to €100 million (US$99.63m) financing with MTN Nigeria Communications Plc (MTN Nigeria) to support the telecommunications company’s network expansion programme.
The investment will aid the acceleration of 4G coverage in Nigeria and expand broadband access in line with MTN’s Ambition 2025 strategy.
Karl Toriola, Chief Executive Officer, MTN Nigeria, said, “We are committed to leading digital solutions for Nigeria’s progress. This requires the continuous upgrade and expansion of our infrastructure to enable us to deliver superior service.
“The €100 million financing agreed with the EIB will accelerate 4G coverage, enhance network capacity and drive innovation that will benefit our customers.”
This transaction represents EIB’s largest financing for mobile telecoms network expansion in Africa and is consistent with MTN Nigeria’s digital transformation and inclusion efforts.
It will improve network capacity across the country to accommodate rising data traffic, and enhance coverage in Lagos and Ogun States.
“Accelerating large scale investment in telecom networks is essential to ensuring reliable access and enabling daily living and economic activity,” said Ambroise Fayolle, EIB Vice President.
“The EIB is committed to unlocking transformational digital investment across Africa and is pleased to provide EUR 100 million backing for MTN Nigeria’s ambitious network expansion programme.”
H.E. Samuela Isopi, Ambassador of the European Union to Nigeria and ECOWAS on his part said that digital transformation offers Africa tremendous opportunities, and digitilisation is one of the priorities of the European Union partnership with Africa.
“This record support for investment in MTN Nigeria by the EIB, the EU Bank, will deliver better services, unlock economic opportunities and improve lives across Nigeria,” he added.
Over the last five years, the EIB’s support for digitalisation across Africa has reached more than EUR 2.5 billion of transformational investment.