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MTN Nigeria receives €100 million from EIB to Expand its High-speed Network
MTN Nigeria receives €100 million from EIB, the investment would help accelerate 4G coverage in Nigeria and increase broadband access…
The European Investment Bank (EIB) will provide MTN Nigeria Communications Plc with a €100 million credit facility to help accelerate its network expansion program.
MTN Nigeria receives €100 million from EIB, the investment would help accelerate 4G coverage in Nigeria and increase broadband access, in accordance with MTN’s ambitious 2025 plan, the company claims in a corporate report.
The transaction, according to the announcement, is the largest funding provided by the EIB for the growth of mobile telecom networks in Africa. MTN Nigeria receives €100 million from EIB in addition to increasing coverage in Lagos and Ogun States, which will help increase network capacity nationwide to handle growing data traffic.
READ MORE: How To Stay Connected When MTN Network Shuts Down Again.
Karl Toriola, the CEO of MTN Nigeria, spoke about the agreement and said, “We are committed to the 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 financings agreed with the EIB will accelerate 4G coverage, enhance network capacity and drive innovation that will benefit our customers.”
The Vice President of EIB Ambroise Fayolle, said, “Accelerating large-scale investment in the telecom network 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.”
The EU’s ambassador to Nigeria and Ecowas, H.E. Samuela Isopi, stated: “Digital transformation offers Africa tremendous opportunities and digitalization is one of the priorities of the EuropeanUnion 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.”