More Africa NewsNigeria: MTN obtains 100 million euros from the European Investment Bank to expand its broadband network

October 28, 2022by myles0

The demand for high-speed telecom services continues to accelerate across the African continent. In Nigeria, MTN is requesting support from the European Investment Bank to accelerate investments to better meet this demand and take advantage of growth opportunities.

The telecommunications company MTN Nigeria Communications Plc announced on Wednesday October 26 that it had obtained financing of 100 million euros from the European Investment Bank (EIB). The telecom operator will use these funds in particular to accelerate the coverage of the 4G network and develop access to broadband in Nigeria.

More concretely, MTN Nigeria will use the new EIB investment to improve its network capacity across Nigeria to meet the high demand for broadband connectivity. Some of the money will also be used to improve network coverage, particularly in Lagos and Ogun states.

This initiative is part of the MTN Group’s “Ambition 2025” strategy unveiled in March 2021. The company, which aims to become the main provider of digital services in Africa, is constantly investing in its platforms and in its network infrastructure on its various markets, says Karl Toriola, Managing Director of MTN Nigeria.

As a reminder, Nigeria is MTN Group’s largest market in Africa with approximately 74 million subscribers. The company said it invested USD 1.64 billion there in the financial year 2021. To support its investments in its infrastructure, MTN Nigeria plans to issue bonds worth 200 billion naira.

“  Digital transformation offers immense opportunities for Africa, and digitization is one of the priorities of the European Union’s partnership with Africa. This record support from the EIB, the EU bank, for investment in MTN Nigeria will deliver better services, unlock economic opportunities and improve the lives of Nigerians  ,” said Samuela Isopi, Ambassador of the European Union in Nigeria and ECOWAS.

Source: Agence Ecofin

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