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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Digital»MTN to invest US$1.5 billion towards Expanding Broadband Access across Nigeria
    MTN TO INVEST US$1.5 BILLION TO EXPANDING BROADBAND ACCESS ACROSS NIGERIA

    MTN to invest US$1.5 billion towards Expanding Broadband Access across Nigeria

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    By Oluwasegun Olukotun on June 22, 2021 Digital, Information Technology, Investments, Nigeria, Telecoms

    MTN Nigeria plans to invest 640 billion naira (approximately US$1.5 billion) over the next three years to expand broadband access across the continent’s most populous country, 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.

    MTN to launch OpenRAN in Africa

    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 3.4 trillion naira (US$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.

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    Broadband in Nigeria Investment MTN Nigeria
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    Oluwasegun Olukotun

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    2 Comments

    1. Pingback: MTN joins new Global Coalition to Empower 1 Billion Digital Green Champions by 2025 | Innovation Village | Technology, Product Reviews, Business

    2. Pingback: MTN commences the rollout of 5G in Nigeria - Innovation Village | Technology, Product Reviews, Business

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