MTN while announcing this disclosed that the financing will benefit over 74 million Nigerians.
“The investment will aid the acceleration of 4G coverage in Nigeria and expand broadband access in line with MTN’s ambition 2025 strategy,” the telecom firm said.
The deal announced is the largest funding that the EIB has released for mobile network expansion in Africa.
The Chief Executive Officer of MTN, Karl Toriola said the financing will be channeled towards accelerating 4G coverage, enhance network capacity and drive innovation for the benefit of customers.
“Accelerating large scale investment in telecom networks is essential to ensuring reliable access and enabling daily living and economic activity,” Ambroise Fayolle, the Vice President of EIB said.
The Ambassador of the EU to Nigeria and ECOWAS, Samuel Isopi said the deal would unlock the tremendous opportunities in the continent.
He added, “This support for investment in MTN Nigeria by the EIB, the EU Bank, will deliver better services, unlock economic opportunities and improve lives across Nigeria.”