BY BAMIDELE FAMOOFO
The European Investment Bank has agreed to Euro 100 million financing with MTN Nigeria Communications Plc 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.
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.
Chief Executive Officer, MTN Nigeria, Karl Toriola, 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 EUR 100 million financing agreed with the EIB will accelerate 4G coverage, enhance network capacity and drive innovation that will benefit o9ur customers.”
“Accelerating large scale investment in telecom network is essential to ensuring reliable access and enabling daily living and economic activity. 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,” said Ambroise Fayolle, EIB Vice President.
Ambassador of the European Union to Nigeria and Ecowas, Samuela Isopi, noted 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.”
Over the last five years, the EIB’s support for digitalization across Africa has reached more than EUR 2.5 billion of transformational investment.