EIB backs MTN Nigeria with €100m for high-speed network expansion
By Business a.m.
…investment to enhance capacity, expand 4G coverage in Lagos, Ogun
The European Investment Bank (EIB) has agreed to a €100-million 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.
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.
Karl Toriola, MTN Nigeria CEO, said the telco was committed to leading digital solutions for Nigeria’s progress and that this requires the continuous upgrade and expansion of the company’s infrastructure to enable it 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 our customers,” Toriola said.
Ambroise Fayolle, EIB vice president, said accelerating large-scale investment in telecom networks “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,” Fayolle said.
Samuela Isopi, EU Ambassador to Nigeria and ECOWAS, stressed that digital transformation offers Africa tremendous opportunities, and that digitilisation is one of the priorities of the EU 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,” she added.
Over the last five years, the EIB’s support for digitalisation across Africa has reached more than €2.5 billion of transformational investment.
EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.
MTN Nigeria is one of Africa’s largest providers of communications services, connecting over 74 million people in communities across the country with each other and the world. Guided by a belief that everybody deserves the benefits of a modern connected life, MTN Nigeria’s leadership position in coverage, capacity and innovation has remained constant since its launch in 2001. MTN Nigeria is part of the MTN Group – a multinational telecommunications group, which operates in 19 countries in Africa and the Middle East.