BusinessDay
NigeriaDecides2023

MTN set to receive €100m from EIB for high-speed network expansion  

MTN Nigeria is set to receive the sum of EUR 100 million from the European Investment Bank (EIB) to back its high-speed network expansion plans in the country.

The EIB, in a press statement issued on Thursday, said that “the investment will aid the acceleration of 4G coverage in Nigeria and expand broadband access in line with MTN’s Ambition 2025 strategy.”

The development finance institution, whose support for digitalization across the African continent has exceeded EUR 2.5 billion in the last five years, sees this investment as a critical step in providing needed infrastructure to Nigeria’s growing telecommunications industry.

Read also: Obaseki lauds MTN support on EdoBEST learning programme

The EIB, impressed with MTN’s successes in Nigeria, stated that this transaction, which is the banks’ single largest financing project for mobile telecom network expansion in Africa, 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,” it stated.

Reacting to this 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.