MTN Nigeria plans to spend an estimated N600 billion on technical infrastructure over the next three years as it looks to expand its network coverage across the entire country by 2024.
Speaking at the company’s first public Annual General Meeting which held in Lagos, recently, a statement quoted the CEO, MTN Nigeria, Ferdi Moolman, to have said: “Due to the nature of our business, we always have to keep up and innovate new technology which is capital intensive, our target is to have coverage across the country and a minimum of 4G network service across all locations.
“Cash collateralised Letters of Credit, Forwards contracts, and favourable credit rating with major partners and vendors will make funding relatively easy for us, but we will also be cautious in our approach to limit foreign currency exposure.”
The statement pointed out that presently, the company’s 4G network covers approximately 40 per cent of its coverage locations which translates to about 65 million data customers.
It noted that a significant amount of investment would be made to not just extend the 4G network, but to also cover more rural locations in Nigeria.
The telco expressed excitement about the possibilities that the transition to digital platforms presents it as growth in voice revenue was also expected to remain healthy.
“We closed the year with 132 cities covered by 4G and became the first mobile network operator in West Africa to demonstrate the capability of 5G technology,” said Moolman. “We are excited about its potential for our customers and the country’s national development plans.”
“We maintained our leadership position in network net promoter score (NPS) as we continue to invest to improve service quality and drive expansion and innovation.
“This investment in infrastructure will enable the company to accelerate its 4G network expansion, deepen population coverage, and support the federal government’s broadband initiatives,” it added.