Entrepreneurship, Innovation and Startups News Hub

MTN Nigeria

MTN Plans to Invest $1.5bn to Expand Broadband Access Across Nigeria

MTN Nigeria plans to invest ₦640 billion (approximately US$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 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 Major General Muhammadu Buhari; Vice President Oluyemi Osinbajo; Minister of Communications, Isa Pantami;  Executive Vice Chairman Prof Umar Danbatta; as well as Central Bank of Nigeria Governor Godwin Emefiele.

Meeting with the Vice President

The MTN Group President – who was accompanied by MTN Nigeria Chairman Ernest Ndukwe, MTN Nigeria CEO Karl Toriola and MTN Group Chief Financial Officer Tsholo Molefe – 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 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 the company 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$8.2 billion).

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

Follow me
Editor, I am also a freelancer, part-time copywriter and I love solitude. Send us an
Musa Suleiman
Follow me
We would like to make you the first to get all our updates!    OK No thanks