FRI, 28 OCT, 2022-theGBJournal| The European Investment Bank (EIB) has agreed to EUR 100 million financing with MTN Nigeria to support its network expansion programme.
MTN says the investment will aid the acceleration of 4G coverage in Nigeria and expand broadband access in line with MTN’s Ambition 2025 strategy.
For EIB, the transaction represents its largest financing for mobile telecoms network expansion in Africa and is consistent with MTN Nigeria’s digital transformation and inclusion efforts. It will improve network capacity across Nigeria to accommodate rising data traffic, and enhance coverage in Lagos and Ogun States.
Karl Toriola, Chief Executive Officer, MTN Nigeria, said the financing agreed with EIB will accelerate 4G coverage, enhance network capacity and drive innovation that will benefit MTN’s customers.
‘’We are committed to leading digital solutions for Nigeria’s progress. This requires the continuous upgrade and expansion of our infrastructure to enable us deliver superior service,’’ he added.
‘’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 EUR100 million backing for MTN Nigeria’s ambitious network expansion programme,’’ said Ambroise Fayolle, EIB Vice President.
Over the last five years, the EIB’s support for digitalization across Africa has reached more than EUR2.5 billion of transformational investment.
‘’Digital transformation offers Africa tremendous opportunities, and digitilisation is one of the priorities of the European Union (EU) partnership with Africa,’’ said H.E Samuela Isapi, Ambassador of the European Union to Nigeria and ECOWAS.
He said 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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