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    EIB Backs MTN Nigeria with €100m to Expand 4G Coverage

    Julius AlagbeBy Updated:No Comments2 Mins Read
    EIB Backs MTN Nigeria with €100m to Expand 4G Coverage

    EIB Backs MTN Nigeria with €100m to Expand 4G Coverage

    The European Investment Bank (EIB) has agreed to EUR 100 million in financing with MTN Nigeria Communications Plc (MTN Nigeria) to support the telecommunications company’s network expansion programme.

    In a statement, EIB said the investment will aid the acceleration of 4G coverage in Nigeria and expand broadband access in line with MTN’s Ambition 2025 strategy.

    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.

    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.” READ: EIB Backs African Private Sector Impacted by COVID-19

    “Accelerating large scale investment in telecom networks is essential to ensuring reliable access and enabling daily living and economic activity. 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,” said Ambroise Fayolle, EIB Vice President.

    “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,” said H.E. Samuela Isopi, Ambassador of the European Union to Nigeria and ECOWAS.

    Over the last five years, the EIB’s support for digitalisation across Africa has reached more than EUR 2.5 billion of transformational investment. # EIB Backs MTN Nigeria with €100m to Expand 4G Coverage

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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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