• Thursday, April 18, 2024
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MTN commits N640bn to expand broadband access across Nigeria

MTN commits N640bn to expand broadband access across Nigeria

MTN Nigeria plans to invest N640 billion ($1.5 billion) over the next three years to expand broadband access across Africa’s most populous country.

This is in line with the federal government’s 2020-2025 National Broadband Plan and

In support of MTN Group’s strategy tagged, Ambition 2025: Leading digital solutions for Africa’s progress, the Telco giant said the investment was in

Ralph Mupita, MTN Group President and Chief Executive Officer, made the commitment after a three-day visit to Abuja and Lagos, in which he met a number of key stakeholders.

According to Mupita, the investment aligns with MTN Group’s belief that everyone deserves the benefits of a modern connected life, in its bid to extend digital and financial inclusion across Africa.

Read Also: How MTN investment deepens conversation around Covid-19, healthcare delivery in Nigeria

“Nigeria is one of our most important markets. We have a proud history of partnering with Nigeria and Nigerians to drive faster and more inclusive growth through digital transformation,” said Mupita.

The MTN Group President who was accompanied by MTN Group Chief Financial Officer Tsholo Molefe, MTN Nigeria Chairman Ernest Ndukwe and MTN Nigeria CEO Karl Toriola, reiterated MTN’s support for Nigeria’s plans to secure 90 percent broadband population coverage by 2025.

The delegation equally welcomed Nigeria’s plans to auction 500MHz of 5G spectrum: five blocks of 100MHz in the 3500MHz band, which Mupita said would facilitate accelerated broadband access.

Mupita also disclosed that MTN Group plans to sell down 14 percent of MTN Nigeria to Nigerian investors is in an advanced stage and would happen as soon as conditions were conducive.

MTN Group holds a 78,8 percent stake in MTN Nigeria and sought to have the largest retail shareholder base on the Nigerian Stock Exchange, where it has a market capitalisation of N3.4 trillion (US$8.2 billion).

“To mark the 20th anniversary of MTN’s operations in Nigeria, MTN Nigeria plans to build a new flagship headquarters in Lagos,” concluded Mupita.