Tizeti secures debt financing to expand Internet access in Nigeria

Chapel Hill Denhams Nigeria Infrastructure Debt Fund (NIDF or the Fund) has agreed to provide long-term financing to Tizeti Network Limited (Tizeti or the Company) (https://www.Tizeti.com) – West Africa’s pioneering solar-based Internet provider The senior debt facility services will be used to finance the roll-out of Tizetis’ state-of-the-art broadband network in 15 states in Nigeria.

NIDF Executive Director Anshul Rai said, Chapel Hill Denham is keen to partner with Tizeti in expanding its fast and reliable broadband network across Nigeria. The digital economy is a key strategic pillar for Nigeria to accelerate economic and social development, and access to affordable internet services is critical to realizing the true potential of digitization. We will continue to work with all stakeholders to support the accelerated development of digital infrastructure in Nigeria by accessing long-term Naira funding for such projects, thereby realizing the governments vision of reaching 70% broadband penetration by 2025.

“We are delighted to announce the closing of this new debt facility with Nigeria’s largest infrastructure debt fund,” said Tizetis Founder and Chief Executive Officer, Kendall Anani. We see tremendous opportunity for domestic capital in addressing the barriers of digital exclusion in Nigeria and hope this partnership will be one of many. We will use this to build last-mile digital infrastructure that will transfer internet capacity to other states in Nigeria and accelerate sustainable development, value creation, improved connectivity and a network of deeper and wider digital inclusion. This also extends our coverage to 5 states making us the largest internet service provider in Nigeria in terms of coverage.

Tizeti currently serves more than 3 million subscribers in Nigeria (residential, business and hotspot users) through its extensive network of solar base stations in five states. The company will use the debt funds 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. Tizeti currently charges its customers from N12,500 monthly which is the most competitive price in Nigeria and offers unlimited data usage and streaming.

For many African countries, there is still a large digital divide. This boundary between connected and disconnected translates into clear implications for work, education, family and social life, and access to information. Additionally, the World Bank reports that every 10 percent increase in broadband penetration can lead to 2.8 percent growth in GDP. Partnerships like these therefore play an important role in addressing digital infrastructure deficits in emerging economies, leveraging innovative technology and capabilities to improve development outcomes for millions of people.

Distributed by APO Group on behalf of Tizeti.

About the Nigerian Infrastructure Debt Fund:
The Nigerian Infrastructure Debt Fund is Nigeria’s largest infrastructure fund and the first listed infrastructure fund in Africa to provide long-term Naira-denominated financing for infrastructure projects in Nigeria. NIDF enables project sponsors to avoid volatile currency and credit mismatches between financing and their income/cash flows.

With its current capital of over 92 billion Naira, NIDF has a diverse and growing portfolio of infrastructure loans across a wide range of sectors including power generation, energy infrastructure, transport, telecommunications and social infrastructure (education and health care).

NIDF’s investor base includes the African Development Bank (AfDB), the Nigerian Independent Investment Authority (NSIA) and almost all pension funds operating in Nigeria. By mobilizing domestic capital to finance Nigeria’s infrastructure, NIDF has created a model that can address the infrastructure deficit facing not only Nigeria but countries across Africa. www.ChapelHillDenham.com

About Tizeti:
Tizeti is a fast-growing wireless Internet service provider in Lagos, Nigeria that offers residential and commercial customers unlimited high-speed Wi-Fi Internet access using Broadband Wi-Fi. Its services are available throughout the country. It is also expanding rapidly to other African countries with successful launches in Accra and Tema, Ghana and has expanded to Cote DIvoire.www.Tizeti.com.

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