EIB backs MTN Nigeria with €100m for high-speed network expansion
The European Investment Bank (EIB) has agreed to €100 million financing with MTN Nigeria to support the telecommunications company’s network expansion programme. 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 represents EIB’s 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 the country to accommodate rising data traffic, and enhance coverage in Lagos and Ogun States.
Karl Toriola, Chief Executive Officer, MTN Nigeria: ''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.''
Ambroise Fayolle, Vice President, EIB: ''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.''
Over the last five years, the EIB’s support for digitalisation across Africa has reached more than €2.5 billion of transformational investment.