Nigerian’s telecoms business MTN Nigeria is set to invest 600 billion naira ($1.5 billion) over the next three years in a boost to broadband services across the country.

The figure, shared by CEO Karl Toriola in an analyst call earlier this week, will be used to bulk up 4G coverage as well as broadband services in rural Nigeria, with over 3,000 rural communities included in the capital commitment.  

“MTN Nigeria continues to invest in improved world-class services and its network, accelerating the expansion of our 4G coverage and providing home broadband. As part of our rural connectivity program, we plan to connect approximately 1,000 rural communities to our network this year with additional 2,000 communities in 2022,” Toriola said.

Nigeria’s current broadband penetration covers just over 60% of the more than 200 million people living in the country.

The national government has set the goal of reaching a broadband penetration of 90% by 2025.

MTN Group, the parent company of MTN Nigeria with a 78.8% stake, has also said it is looking to sell down 14% of MTN Nigeria to Nigerian investors.

Ralph Mupita, CEO and president, MTN Group, said: “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.”

In other news, MTN Nigeria has also announced it has appointed Shoyinka Shodunke and Adia Sowho as chief information officer (CIO) and chief marketing officer (CMO) respectively.

Nigeria’s digital economy has been gaining pace in the last decade, with investments being directed towards the development of digital infrastructure in and out of the capital Lagos.

For example, just last month, West Africa data centre operator Rack Centre completed the doubling of its IT load capacity to 1.5 MW at its Lagos campus, further serving cloud providers, content providers, and enterprise customers with additional 6,500 sq ft of data centre white space.