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The European Investment Bank (EIB) has agreed to provide MTN Nigeria Communications Plc (MTN Nigeria) EUR 100 million financing. The fund is to support the telecommunications company’s network expansion programme and aid the acceleration of 4G coverage in Nigeria and expand broadband access in line with MTN’s Ambition 2025 strategy.

According to a statement sent to Financial Nigeria by EIB, this transaction represents EIB’s largest financing for mobile telecoms network expansion in Africa and 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.

“We are committed to leading digital solutions for Nigeria’s progress,” said Karl Toriola, Chief Executive Officer, MTN Nigeria. “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.”

EIB Vice President Ambroise Fayolle said accelerating large scale investment in telecom networks is essential to ensuring reliable access and enabling daily living and economic activity. He added that the EIB is committed to unlocking transformational digital investment across Africa.

According to H.E. Samuela Isopi, Ambassador of the European Union to Nigeria and ECOWAS, digital transformation offers Africa tremendous opportunities, and digitilisation is one of the priorities of the European Union partnership with Africa.

Over the last five years, the EIB’s support for digitalisation across Africa has reached more than EUR 2.5 billion of transformational investment, the statement said.

MTN Nigeria is one of Africa’s largest providers of communications services, connecting over 74 million people in communities across the country with each other and the world. Launched in 2001, MTN Nigeria is part of the MTN Group - a multinational telecommunications group, which operates in 19 countries in Africa and the Middle East.