Nigeria: MTN to Invest N640 Billion in Broadband Expansion

22 June 2021

MTN Nigeria has unveiled plans to invest N640 billion ($1.5 billion) over the next three years to expand broadband access across Nigeria, in line with the federal government's 2020-2025 National Broadband Plan.

The telecoms company said the investment would also support MTN Group's strategy, Ambition 2025: Leading digital solutions for Africa's progress.

MTN made the commitment in a statement it issued yesterday, after a three-day visit by a delegation from MTN Group in South Africa, to Abuja and Lagos, where they met with President Muhammadu Buhari, Vice President Yemi Osinbajo and the Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami, among other key stakeholders.

They also met with the Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta and the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele.

MTN Group President and Chief Executive Officer, Mr. Ralph Mupita, who led the delegation, said:, "Nigeria is one of our most important markets. We have a proud history of partnering with Nigeria and Nigerians to drive faster and more inclusive growth through digital transformation."

The MTN Group President, who was accompanied by MTN Group Chief Financial Officer, Tsholo Molefe; MTN Nigeria Chairman, Dr. Ernest Ndukwe and MTN Nigeria CEO, Mr. Karl Toriola, reiterated MTN's support for Nigeria's plans to secure 90 per cent broadband population coverage by 2025.

He said "it aligns with MTN Group's belief that everyone deserves the benefits of a modern connected life and our work to extend digital and financial inclusion across Africa."

The delegation welcomed Nigeria's plans to auction 500MHz of 5G spectrum; five blocks of 100MHz in the 3500MHz band, which Mupita said would facilitate accelerated broadband access.

He said MTN Group's plans to sell down 14 per cent of MTN Nigeria to Nigerian investors were well advanced, adding that this would happen as soon as conditions were conducive.

"To mark the 20th anniversary of MTN's operations in Nigeria, MTN Nigeria plans to build a new flagship headquarters in Lagos," Mupita said

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