MTN Nigeria enters debt market, borrows €100m for 4G network in Lagos, Ogun

MTN Nigeria has borrowed €100 million from the European Investment Bank (EIB) to finance its 4G network operation in Lagos and Ogun State.

The €100 million will be utilised to expand the 4G coverage of the network provider and expand broadband access in line with MTN’s Ambition 2025 strategy. A corporate document shared with the firm’s shareholders on Thursday disclosed.

It will improve network capacity across the country to accommodate rising data traffic, and enhance coverage in Lagos and Ogun States.

According to the Chief Executive Officer, MTN Nigeria, Karl Toriola, “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.

“The EUR 100 million financing agreed with the ElB will accelerate 4G coverage, enhance network capacity and drive innovation that will benefit our customers.”

ElB 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.

Read also:MTN Group halts acquisition plan for Telkom, after Rain offer threatened deal

“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.”

Commenting on the debt financing, Ambassador of the European Union to Nigeria and ECOWAS, H.E. Samuela Isopi, said, “Digital transformation offers Africa tremendous opportunities, and digitilisation is one of the priorities 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.”

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