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MTN Nigeria has announced plans to invest approximately US$1.5bn over the next three years to expand broadband access across the West African nation

The initiative is in line with the federal government’s 2020-2025 National Broadband Plan and in support of MTN Group’s strategy, Ambition 2025: Leading digital solutions for Africa’s progress.

“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,” said MTN Group president and CEO Ralph Mupita after a three-day visit to Abuja and Lagos, in which he met a number of major stakeholders.

These included President Muhammadu Buhari; vice-president Oluyemi Oluleke Osinbajo; minister of communications and digital economy Dr Isa Ali Pantami;  executive vice-chairman Umar Garba Danbatta; as well as Central Bank of Nigeria Governor Godwin Emefiele.

The MTN Group president – who was accompanied by MTN Group chief financial officer Tsholo Molefe, MTN Nigeria chairman Ernest Ndukwe and MTN Nigeria CEO Karl Toriola – reiterated MTN’s support for Nigeria’s plans to secure 90% broadband population coverage by 2025. This 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.

According to him, MTN Group’s plans to sell down 14% of MTN Nigeria to Nigerian investors were well advanced and this would happen as soon as conditions were conducive. MTN Nigeria, in which MTN Group has a 78,8% stake, sought to have the largest retail shareholder base on the Nigerian Stock Exchange, where it has a market capitalisation of 3.4 trillion naira (US$8.2bn).

“To mark the 20th anniversary of MTN’s operations in Nigeria, MTN Nigeria plans to build a new flagship headquarters in Lagos,” concluded Mupita.

 

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