The European Investment Bank (EIB) has agreed to €100-million financing with MTN Nigeria to support the telecommunications company’s network expansion programme.

According to a statement released by EIB, the investment will aid the acceleration of 4G coverage in Nigeria and expand broadband access in line with MTN’s Ambition 2025 strategy.

“This transaction represents EIB’s largest financing for mobile telecoms network expansion in Africa and is consistent with MTN Nigeria’s digital transformation and inclusion efforts. It will improve network capacity across the country to accommodate rising data traffic, and enhance coverage in Lagos and Ogun States,” reads an excerpt from the statement.

MTN Nigeria CEO Karl Toriola said, “We are committed to leading digital solutions for Nigeria’s progress. This requires the continuous upgrade and expansion of our infrastructure to enable us to deliver superior service.”

Ambroise Fayolle, EIB Vice President, added: “Accelerating large scale investment in telecom networks is essential to ensuring reliable access and enabling daily living and economic activity. The EIB is committed to unlocking transformational digital investment across Africa and is pleased to provide EUR 100 million backing for MTN Nigeria’s ambitious network expansion programme.”

Samuela Isopi, Ambassador of the European Union to Nigeria and ECOWAS, said, “Digital transformation offers Africa tremendous opportunities, and digitilisation is one of the priorities of the European Union partnership with Africa. This record support for investment in MTN Nigeria by the EIB, the EU Bank, will deliver better services, unlock economic opportunities and improve lives across Nigeria.”

According to EIB, over the last five years it has committed over €2.5-billion in transformational investment across Africa.