Solar-based internet service provider, Tizeti, has secured an undisclosed amount of funds to rollout its state-of-the-art broadband network across 15 states in Nigeria.
Recall that the federal government is implementing a National Broadband Plan (NBP 2020-2025) with a target of achieving 70 per cent broadband penetration by 2025.
Tizeti currently serves over three million subscribers in five states. The fund in debt financing, secured from Chapel Hill Denham’s Nigeria Infrastructure Debt Fund (NIDF), will be deployed to build new internet infrastructure and purchase additional equipment to expand its services to Delta, Akwa Ibom, Cross River, Abia, Anambra, Imo, Enugu, Abuja, Kano, and Kaduna.
The chief executive officer of NIDF, Anshul Raisaid, in a press statement, said the digital economy is a key strategic pillar for Nigeria to accelerate its economic and social development, adding that providing access to affordable internet services is crucial to achieving the true potential of digitisation.
While expressing his excitement over Chapel Hill Denham’s partner with Tizeti in the expansion of a fast, reliable broadband network across Nigeria, Raisaid assured that, “We continue to work with all stakeholders to support accelerated development of digital infrastructure in Nigeria by providing access to long-term, Naira-denominated financing for such projects – thus realising the government’s vision of reaching 70 per cent broadband penetration by 2025.”
Tizeti’s founder and chief executive officer, Kendall Ananyi, said: “We are excited to announce the closing of this new debt facility with Nigeria’s largest infrastructure debt fund. We see tremendous opportunity for domestic capital in addressing digital exclusion barriers in Nigeria and this partnership will hopefully be one of many.
“We will use this to build a last-mile digital infrastructure that will move internet capacity to other Nigerian states and catalyze sustained development, value creation, improved connectivity, and a deeper and wider digital inclusion net. This will also increase our coverage from 5 states and make us the largest internet service provider in Nigeria by coverage”.
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