The European Investment Bank (EIB) has agreed to give €100 million in financing support to the expansion program of MTN Nigeria Communications Plc (MTN Nigeria)
EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance.
The investment from the bank will aid the acceleration of 5G coverage in Nigeria and expand broadband access in line with MTN’s Ambition 2025 strategy.
MTN is currently rolling out the 5G technology that will deepen digital transformation and the financing support from the EIB will go a long way in ensuring its capability to do that.
EIB Global is designed to foster strong, focused partnerships within Team Europe, alongside fellow development finance institutions, and civil society. 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.
Over 74 million customers are expected to benefit from this investment which will transform digital communication and also 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, said the telecom firm is 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 financings agreed with the EIB will accelerate 4G coverage, enhance network capacity and drive innovation that will benefit our customers.”
As the world increasingly depends on the telecommunication sector to meet increasing obligations, accelerating large-scale investment in telecom networks ha become highly essential to ensuring reliable access and enabling daily living and economic activity.
Ambroise Fayolle, EIB Vice President said the bank has noted the need for huge financial investment in telecom sector to enable operators meet up with the increasing global demand.
“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”, he said.
“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,” said Samuela Isopi, Ambassador of the European Union to Nigeria and ECOWAS.
This latest financing had increased the EIB’s support for digitalisation across Africa over the last five years, reaching more than €2.5 billion of transformational investment.
MTN Nigeria is one of Africa’s largest providers of communications services, connecting over 74 million people in communities across the country with each other and the world.
Guided by a belief that everybody deserves the benefits of a modern connected life, MTN Nigeria’s leadership position in coverage, capacity, and innovation has remained constant since its launch in 2001. MTN Nigeria is part of the MTN Group – a multinational telecommunications group, which operates in 19 countries in Africa and the Middle East.
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