EIB Supports MTN Nigeria With €100m For High-speed Network Expansion

Posted by Eric Ojo Business News, Latest Headlines Thursday, October 27th, 2022

(AFRICAN EXAMINER) – The European Investment Bank (EIB) has agreed to finance MTN Nigeria Communications Plc (MTN Nigeria) €100 million .

To support the telecommunications company’s network expansion programme.

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.

The company is part of the MTN Group – a multinational telecommunications group, which operates in 19 countries in Africa and the Middle East.

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 the €100 million financing agreed with the EIB will accelerate 4G coverage, enhance network capacity and drive innovation that will benefit their customers.

“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”, he said.

The EUR 100 million financing agreed with the EIB will accelerate 4G coverage, enhance network capacity and drive innovation that will benefit our customers.”
Over the last five years, the EIB’s support for digitalisation across Africa has reached more than €2.5 billion of transformational investment.

EIB Vice President, Ambroise Fayolle noted that accelerating large scale investment in telecom networks is essential to ensuring reliable access and enabling daily living and economic activity.

The EIB, according to him, 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.

Similarly, the Ambassador of the European Union (EU) to Nigeria and ECOWAS, Samuela Isopi said digital transformation offers Africa tremendous opportunities, adding 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”, he stressed.