MTN secures EUR 100 million funding from EIB to expand 4G coverage in 2 states

This project is in line with MTN’s ambition 2025 strategy which aims to build the largest and most valuable platform business with a focus on Africa by expanding access to broadband technology.

In a statement signed by MTN’s company secretary, Uto Ukpanah, the EUR 100 million funding represents the largest financing by the EIB for telecommunication network expansion in Africa and hopes to target about 74 million customers as beneficiaries.

MTN also announced it will use the funds to deepen connectivity, and also improve network capacity across the country as it onboards more users on its network.

According to the Chief Executive Officer of MTN Nigeria, Karl Toriola, the company will continue upgrading and expanding its assets and also, remain committed to leading digital solutions for the country's progress.

MTN’s decision to deepen network connection in Nigeria comes amid the FG’s drive to ensure the achievement of the same purpose by targeting a 70% internet penetration by 2025.

The National Broadband Plan (2020-2025) initiated by the FG was developed to prioritize the achievement of 70 percent internet penetration across the country and the MTN initiated a project a few months ago to further this project.

While launching the Home Broadband services earlier in August, the General Manager, Fixed Broadband at MTN Nigeria, Onyinye Ikenna-Emeka emphasized the need for the private and public sectors to effectively make tactical collaborations to ensure the smooth actualization of the project.

Speaking further, the EIB Vice president, Ambroise Fayolle added that the bank was committed to opening up any investment across Africa that showed prospects of unlocking digital transformations.