18th January 2017
Improved telecoms infrastructure helps strengthen country’s digital future
EAIF bond issue will support Nigeria’s economy and services
PIDG company the Emerging Africa Infrastructure Fund (EAIF) has invested US$50m in a US$800m bond issued by the Nigerian telecommunications tower business, IHS. EAIF and the International Finance Corporation (IFC) are anchor investors.
IHS will invest at least US$50m of the proceeds of the bond in developing its infrastructure across Nigeria, where urbanisation, population increases and rapidly growing use of smartphones is straining capacity and forcing up demand.
Nigeria is forecast to have 60 million additional mobile phone users by 2020 and by then the population is expected to be 205 million, an increase of 26 million.
Reducing congestion on Nigeria’s telecommunications infrastructure and creating new capacity is essential to facilitating a dynamic private sector, IT and digital economy, as well as the efficiency of public services.
The bond was launched on 12 October 2016.
Read the full announcement on EAIF's website here.