EIB Backs MTN Nigeria With €100m For High-Speed Network Expansion

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

This was made known in a corporate disclosure signed by the company secretary, Uto Ukpanah on the Nigerian Exchange (NGX).

The corporate disclosure stated that the investment will aid the acceleration of 4G coverage in Nigeria and expand broadband access in line with MTN’s ambition 2025 strategy.

It noted 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.”

The chief executive officer, MTN Nigeria, Karl Toriola said: “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. The €100 million financing agreed with the EIB will accelerate 4G coverage, enhance network capacity and drive innovation that will benefit our customers.”

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Also, the vice president of EIB, Ambroise Fayolle 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 €100 million backing for MTN Nigeria’s ambitious network expansion programme.”

Ambassador of the European Union to Nigeria and Economic Community of West African States (ECOWAS), Samuela Isopi explained that “digital transformation offers Africa tremendous opportunities, and digitilisation 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.