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Tizeti secures debt financing to drive broadband expansion to 15 states 

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Tizeti founder

Solar-based internet service provider, Tizeti, has secured an undisclosed amount in debt financing from Chapel Hill Denham’s Nigeria Infrastructure Debt Fund (NIDF).  

The debt facility will be used to finance the rollout of Tizeti’s state-of-the-art broadband network across 15 states in Nigeria.

The company, which is currently serving over 3 million subscribers in five states said it would deploy the debt funding to build new internet infrastructure and purchase additional equipment to expand its services to Delta, Akwa Ibom, Cross River, Abia, Anambra, Imo, Enugu, Abuja, Kano, and Kaduna.  

The funding is coming at a time when the federal government is implementing a National Broadband Plan (NBP 2020-2025) with a target of achieving 70% broadband penetration by 2025.

While the race toward realizing this target has been slow as broadband penetration in Nigeria still stood at 45.57% as of August this year, Tizeti’s latest funding is expected to accelerate the achievement of the broadband target. 

Commenting on the financing via a statement released on Tuesday, the Chief Executive Officer of NIDF, Anshul Raisaid, said: 

In his comments, Tizeti’s founder and Chief Executive Officer, Kendall Ananyi, said: 

For many countries in Africa, there is still a huge digital divide.

This boundary between connected and unconnected translates into clear consequences for employment, education, family and social life, and access to information.  

More so, the World Bank reports that every 10% increase in broadband penetration could lead to as much as 2.8% growth in Gross Domestic Product.

Partnerships such as this, therefore, play a significant role in addressing the digital infrastructure deficits in emerging economies, leveraging innovative technology and capabilities, to improve development outcomes for millions of people. 

 

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