MTN Nigeria plans to invest 640 billion naira (approximately $1.5 billion) over the next three years to expand broadband access across the country.
“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.
Nigeria plans to auction 500MHz of 5G spectrum: five blocks of 100MHz in the 3500MHz band, in order to facilitate accelerated broadband access. MTN Nigeria is also keen to participate during the 5G spectrum auction.
MTN’s plans to sell 14 percent of MTN Nigeria to Nigerian investors would happen as soon as conditions were conducive. MTN Nigeria, in which MTN Group has a 78,8 percent 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).