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Telecoms company MTN Nigeria has secured a US$3bn loan facility from a group of 17 local banks and seven foreign lenders to pay for an upgrade of Nigerias mobile network infrastructure

The firm, which has the biggest mobile phone subscriber base in the country, will use the seven-year loan facility to expand and improve its telecommunications network, MTN said.

MTN chief executive officer, Brett Goschen, stated that the new loan signified the start of a new partnership between the telecoms service provider and financial institutions to enhance telecommunications services in Nigeria.

According to Goschen, the loan amount is worth US$1.8bn in extra facilities and US$1.2bn in restructuring of existing local facility.

Goschen stated that MTN has been planning to invest more than US$1.5bn in 2013, having injected US$1.6bn last year into upgrade work, adding that enhanced network quality is the group’s main aim.

“Enhancing our network quality is a key focus of the investment as we lead the delivery of a bold new digital world for our customers,” he added.

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