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.

This announcement follows the recent three-day working visit to Nigeria by a delegation of C-level MTN Group executives, including MTN Group CEO, Ralph Mupita, and Group CFO Tsholo Molefe.

The executives met with MTN Nigeria Chairman, Dr Ernest Ndukwe (OFR) and MTN Nigeria CEO, Karl Toriola, along with select partners and key stakeholders in the country.

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.

Mupita said: “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.”

The delegation 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 company added.

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.

Mupita added that 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).