Telecommunications giant MTN Nigeria has secured €100-million backing from the European Investment Bank (EIB) in the largest EIB financing deal for high-speed telecommunications expansion in Africa.
The financing will support the telecommunications company’s high-speed network expansion programme, accelerating fourth-generation (4G) coverage in Nigeria and expand broadband access in line with MTN Group’s Ambition 2025 strategy.
It will improve network capacity across the country to accommodate rising data traffic and enhance coverage in the Lagos and Ogun states, with over 74-million customers to benefit from transformed digital communications.
“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,” says MTN Nigeria CEO Karl Toriola.
“Accelerating large scale investment in telecommunications 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 €100-million backing for MTN Nigeria’s ambitious network expansion programme,” adds EIB VP Ambroise Fayolle.
Over the last five years, the EIB’s support for digitalisation across Africa surpassed €2.5-billion of transformational investment.