MTN Nigeria Receives EUR 100 Million Financing from European Investment Bank for Network Expansion

MTN Nigeria, Africa’s largest telecommunications company, has received financing support of Eur 100 million from the European Investment Bank (EIB) to expand its high-speed network.

The bank disclosed this in an email forwarded to Investors King on Thursday.

According to the email, the new investment will help MTN Nigeria accelerate its 4G coverage in Africa’s largest economy and expand broadband access in line with MTN’s Ambition 2025 strategy.

This is 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.

Commenting on the development, Karl Toriola, Chief Executive Officer, MTN Nigeria, 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 EUR 100 million financing agreed with the EIB will accelerate 4G coverage, enhance network capacity and drive innovation that will benefit our customers.”

“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 EUR 100 million backing for MTN Nigeria’s ambitious network expansion programme,” said Ambroise Fayolle, EIB Vice President.

“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 H.E. Samuela Isopi, Ambassador of the European Union to Nigeria and ECOWAS.

Over the last five years, the EIB’s support for digitalisation across Africa has reached more than EUR 2.5 billion of transformational investment.