MTN Nigeria To Invest Over N600 Billion In Network Infrastructure

 

“We will also be selling down 14 percent of MTN shares to over two million Nigerian retail investors.”

AGENCY REPORT | AUGUST 24, 2021

MTN Nigeria, the largest network by market share, says it will invest over N600 billion in network infrastructure over the next three years to improve telecommunications services across the country.

Ernest Ndukwe, chairman of MTN Nigeria, disclosed this during the 20th-anniversary celebration of the telecom giant held on Sunday in Lagos.

Ndukwe stressed the firm’s commitment to specifically expand its rural connectivity to reach areas that were underserved across the country.

“We plan to connect approximately 1000 rural communities to our network this year with an additional 2000 communities in 2022,” he said.

“MTN Nigeria will be investing over N600 billion naira in the next three years on national infrastructure networks.

“We are also committed to extending our rural infrastructure networks to areas underserved and served.”

He also expressed optimism about what the future holds for Nigeria’s digital economy and looked forward to building it together with all stakeholders.

Also speaking at the event, Karl Toriola, CEO MTN Nigeria, restated the firm’s planned participation in the restoration and rehabilitation of the Onitsha-Enugu expressway through the federal government’s road infrastructure tax credit (RITC) scheme.

“This is a response to government’s drive towards public-private partnership in the rehabilitation of critical road infrastructure in Nigeria,” he said.

“We’ve initiated plans for the construction of a purpose-built, state-of-the-art head office in Lagos.

“We will also be selling down 14 percent of MTN shares to over two million Nigerian retail investors.”

He expressed appreciation to the government for its vision in liberalizing the telecommunications sector and the robust framework developed by the regulators.

“We firmly believe that Nigeria’s digital journey is only just beginning and that the future is filled with promises,” he added.

“Working together, we can and will build the more prosperous and inclusive future we seek and empower even more Nigerian to do greater things.”

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