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title: EIB agrees multi-million-dollar financing deal with MTN Nigeria - Developing Telecoms
description: In what is described as its largest-ever financing for mobile telecoms network expansion in Africa, the European Investment Bank (EIB) has agreed to €100 million financing (about US$99.5 million) with operator MTN Nigeria to support the telecommunications company’s network expansion programme.
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date: 2022-10-28T13:01:30Z
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In what is described as its largest-ever financing for mobile telecoms network expansion in Africa, the European Investment Bank (EIB) has agreed to €100 million financing (about US$99.5 million) with operator MTN Nigeria to support the telecommunications company’s network expansion programme.

The investment will aid the acceleration of 4G coverage in Nigeria and expand broadband access in line with MTN’s Ambition 2025 strategy which is, MTN says, “anchored in building the largest and most valuable platform business with a clear focus on Africa”.

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

MTN Nigeria, which launched in 2001, is one of Africa’s largest providers of communications services, connecting over 74 million people in communities across the country who, MTN claims, will benefit from transformed digital communications.

Karl Toriola, Chief Executive Officer, MTN Nigeria, 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 EUR 100 million financing agreed with the EIB will accelerate 4G coverage, enhance network capacity and drive innovation that will benefit our customers.”

The EIB says that, over the last five years, its support for digitalisation across Africa has reached more than EUR 2.5 billion (US$2.487 billion) of transformational investment.

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