According to media reports, the European Investment Bank (EIB) has agreed to US$99 million in financing with MTN Nigeria to support the telecommunications company’s network expansion programme.
In a statement released by EIB, the bank confirmed that the investment will aid the telecom to accelerate 4G coverage in Nigeria and expand broadband access in line with MTN’s Ambition 2025 strategy.
An excerpt from the statement read, “This transaction represents EIB’s largest financing for mobile telecoms network expansion in Africa and is in line with MTN Nigeria’s digital transformation and inclusion efforts. It will improve network capacity nationwide to accommodate rising data traffic and enhance coverage in Lagos and Ogun States.”
Karl Toriola, MTN Nigeria CEO, said, “We are committed to leading digital solutions for Nigeria’s progress. This requires the continuous upgrade and expansion of our infrastructure to enable us to deliver superior service.”
EIB Vice President Ambroise Fayolle said, “Accelerating large-scale investment in telecom networks is paramount to ensuring reliable access and enabling daily living and economic activity. The EIB is dedicated to unlocking transformational digital investment across Africa and is pleased to provide US$ 99 million backing for MTN Nigeria’s ambitious network expansion programme.”
Also commenting on the investment, Samuela Isopi, Ambassador of the European Union to Nigeria and ECOWAS, said, “Digital transformation offers Africa enormous opportunities, and digitalisation is one of the prerogatives 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.”
Thus far, EIB has committed over US$2.5 billion in transformational investment across Africa over the last five years.