MTN Nigeria Communications Plc is set to receive €100 million credit facility from the European Investment Bank (EIB) to speed up its network expansion programme.
According to a corporate disclosure by the company, the investment will aid the acceleration of 4G coverage in Nigeria and expand broadband access in line with MTN’s ambition 2025 strategy.
The statement further explained that the transaction represents EIB’s largest financing for mobile telecoms network expansion in Africa. It will help improve network capacity across the country to accommodate rising data traffic, and enhance coverage in Lagos and Ogun states.While commenting on the deal, MTN Nigeria’s Chief Executive Officer Karl Toriola said, “We are committed to the leading digital solutions for Nigeria’s progress. This requires the continuous upgrade and expansions of our infrastructure to enable us 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.”
The Vice President of EIB Ambroise Fayolle, said, “Accelerating large scale investment in telecom network is essential to ensuring reliable access and enabling daily living and economic activity.