MTN Nigeria says it is planning to invest N640 billion over the next three years to expand broadband infrastructure across Nigeria.
The telecom company in a statement on Monday said that its new expansion plan was in line with the federal government of Nigeria’s 2020-2025 National Broadband Plan.
It added the investment aligned with 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,” the MTN Group President and Chief Executive Officer, Ralph Mupita, was quoted as saying.
Mupita had paid a three-day visit to Abuja and Lagos, during which he met key Nigerian officials including President Muhammadu Buhari, Vice President Yemi Osinbajo and Minister of Communications and Digital Economy, Dr Isa Pantami.
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During the visit, MTN delegation welcomed Nigeria’s plans to auction 500MHz of 5G spectrum: five blocks of 100MHz in the 3500MHz band.
Mupita said the spectrums will facilitate accelerated broadband access.
He said MTN Group’s plans to sell 14 percent of MTN Nigeria to Nigerian investors as soon as conditions were conducive.
MTN Nigeria, in which MTN Group has a 78.8 percent stake, wants to have the largest retail shareholder base on the Nigerian Stock Exchange (NSE), where it has a market capitalisation of N3.4 trillion ($8.2bn).
