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MTN Nigeria in Debt as it Borrows €100m for 4G Network Operations

MTN Nigeria in Debt as it Borrows €100m for 4G Network Operations

MTN Nigeria has just taken out a €100 million loan from the European Investment Bank -EIB, to finance its 4G network operation in Lagos and Ogun States respectively.

The €100 million will be used 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 stakeholders today disclosed.

This will aid in improving network capacity across Nigeria to accommodate increasing data traffic and enhance coverage in Lagos and Ogun States.

MTN Nigeria’s CEO, Karl Toriola said: 

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“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 financings agreed with the ElB will accelerate 4G coverage, enhance network capacity and drive innovation that will benefit our customers.”

Meanwhile, commenting on the debt financing, the Ambassador of the European Union to Nigeria and ECOWAS, H.E. Samuela Isopi, reported that  “Digital transformation offers Africa tremendous opportunities, and digitalization is one of the priorities of the European Union partnership with Africa.”

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