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The News Beam
Home News Business & Economy

MTN to Invest N640bn to Expand Broadband Access Across Nigeria

June 22, 2021
in Business & Economy, Economy, Finance, News
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MTN to Invest N640bn to Expand Broadband Access Across Nigeria
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MTN Nigeria has announced plans to invest N640 billion (approximately $1.5 billion) over the next three years to expand broadband access across Nigeria.

This the company said in a statement 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 Chief Executive Officer Ralph Mupita after a three-day visit to Abuja and Lagos, in which he met a number of key stakeholders.

These included President Muhammadu Buhari; Vice President Oluyemi Oluleke Osinbajo; Minister of Communications and Digital Economy Dr Isa Ali Pantami; Executive Vice Chairman Prof 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.

He said 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 N3.4 trillion ($8.2 billion).

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

Read Also: MTN Introduces Automated Recharging Service with MTN Auto-Top Up

Tags: BroadbandBroadband accessMTNMTN expands broadband access in NigeriaNigeria
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