Tech giant MTN is planning to invest a total of about N600 billion on technical infrastructure over the next three years. The move is to help the company to expand its network coverage across the country by 2024. This was made known in Lagos on Friday, 15th May 2020, by Ferdi Moolman, the company’s CEO, while speaking at its’s first public Annual General Meeting.
Moolman said the company needs to keep up with new innovations and technologies which is capital intensive. According to him, MTN is planning to increase its network coverage across the country, with a minimum of 4G LTE in mind. In his words, the MTN boss 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 collateralized 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
Currently, MTN holds about 40% of 4G network coverage across the country which translates to about 65 million data customers. The said amount is targeted at the rural areas in Nigeria. Moolman also noted the company’s success demonstrating its 5G capability. He said;
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.
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.
The investing of the said N600bn on its network infrastructure, will accelerate and boost its 4G network expansion as well as 5G introduction to the country.