The European Investment Bank (EIB) has accepted to support MTN Nigeria Communications Plc with EUR 100 million in financing for the company’s network expansion program.
MTN Nigeria disclosed this in a document signed by Uro Ukpana, the company’s secretary, and filed with the Nigerian Exchange Group (NGX).
According to MTN, 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 by EIB which will prop up MTN’s capacity across the country, accommodate rising data traffic, and enhance coverage in Lagos and Ogun States is the largest financing the bank has made for mobile telecoms network expansion in Africa. Furthermore, it is in line with MTN Nigeria’s digital transformation and inclusion efforts.
What they are saying
MTN Nigeria’s Chief Executive Officer, Karl Toriola, said, “we are committed to leading digital solutions for Nigeria’s progress. This requires the continious 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.”
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 program.”
”Digital transformation offers Africa tremendous opportunity, and digitization 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,” according to H.E. Samuela Isopi, Ambassador of the European Union to Nigeria and ECOWAS.
The document also revealed that the EIB’s support for digitization across Africa has reached more than EUR 2.5 billion of transformational investment over the last five years.