European Investment Bank Backs MTN Nigeria with €100 Million for High Speed Network Expansion

By October 28, 2022 NEWS

MTN Nigeria Communications Plc is set to receive €100 million credit facility from the European Investment Bank (EIB) to speed up its network expansion programme.

According to a corporate disclosure by the company, the investment will aid the acceleration of 4G coverage in Nigeria and expand broadband access in line with MTN’s ambition 2025 strategy.

The statement further explained that the transaction represents EIB’s largest financing for mobile telecoms network expansion in Africa. It will help improve network capacity across the country to accommodate rising data traffic, and enhance coverage in Lagos and Ogun States.

While commenting on the deal, MTN Nigeria’s Chief Executive Officer Karl Toriola said, “We are committed to the 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 our customers.”

The Vice President of EIB Ambroise Fayolle, said, “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.”

H.E. Samuela Isopi, the Ambassador of the European Union to Nigeria and Ecowas said: “Digital transformation offers Africa tremendous opportunities and digitalisation is one of the priorities of the EuropeanUnion 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.”

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