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According to MTN Nigeria Communications (MTNN) Plc, its network development plans would be accelerated by a €100 million loan line from the European Investment Bank (EIB). 

This was disclosed in a corporate declaration posted to the Nigerian Exchange and signed by Uto Ukpanah, the company secretary (NGX). 

According to the corporate report, the investment will support the expansion of internet access and the acceleration of 4G coverage in Nigeria in accordance with MTN’s ambitious 2025 goal. 

It made notice of

“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.”

The chief executive officer, MTN Nigeria, Karl Toriola 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. The €100 million financing agreed with the EIB will accelerate 4G coverage, enhance network capacity and drive innovation that will benefit our customers.”

Additionally, Ambroise Fayolle, vice president of the EIB, stated that increasing large-scale investment in communication networks is crucial to providing dependable access and enabling daily life and economic activities. According to him, the EIB is happy to support MTN Nigeria’s ambitious network expansion initiative with €100 million as part of its commitment to enabling transformational digital investment across Africa.

The Economic Community of West African States (ECOWAS) and Nigerian ambassador to the European Union, Samuela Isopi, stated that digital transformation gives Africa huge prospects, and digitalization is one of the goals of the European Union engagement 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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