MTN ‘to double’ Nigeria’s spending

MTN ‘to double’ Nigeria’s spending
June 16 01:17 2016

MTN Group said in Johannesburg on Wednesday it would more than double its capital spending in Nigeria in the 2016 fiscal year.

The firm said in a presentation posted on its website that it would spend 11.1 billion rand ($726.13 million) to upgrade its network in Nigeria, Reuters reported.

The figure is substantially higher than nearly 5 billion rand spent last year.

MTN’s plan will see the rollout of 3G network population coverage from 67.23 per cent to about 90 per cent, it said in the presentation.

“The aggressive rollout of fibre to six Nigerian cities by the end of 2016 will enable the connections,’’ it added.

The company also said it expected higher revenues in Nigeria supported by reconnecting subscribers and the introduction of new services in May.

The capital spending is coming days after agreeing to pay a heavily reduced penalty for missing a deadline to deactivate more than five million unregistered SIM