Tizeti Secures Debt Financing from NIDF to Expand Internet Access in Nigeria
Tizeti Network Limited, West Africa's pioneer solar-based internet service provider, has secured long-term financing from Nigeria Infrastructure Debt Fund (NIDF) to expand its broadband network across 15 states in Nigeria. The debt facility provided by NIDF will support Tizeti's rollout of a state-of-the-art broadband network, aiming to address digital exclusion barriers and improve connectivity in Nigeria. The partnership between Tizeti and NIDF aligns with the Nigerian government's vision of achieving 70% broadband penetration by 2025. Tizeti plans to utilize the funding to build last-mile digital infrastructure, expand its services, and become the largest internet service provider in Nigeria by coverage.
Driving Digital Inclusion in Nigeria
Tizeti's Chief Executive Officer, Kendall Ananyi, expressed excitement about the partnership with NIDF, highlighting the opportunity for domestic capital to address digital exclusion barriers in Nigeria. By leveraging the debt financing, Tizeti aims to build the necessary internet infrastructure to bridge the digital divide, catalyzing development, value creation, and improved connectivity across the country.
Expanding Internet Infrastructure
Currently serving over 3 million subscribers in Nigeria, Tizeti plans to leverage the debt funding to expand its network and purchase additional equipment. The company's wide network of solar-powered base stations in five states has enabled it to provide competitive pricing and unlimited data to its customers. With the new funding, Tizeti aims to extend its services to more Nigerian states, ensuring broader access to affordable and reliable internet connectivity.
Nigeria Infrastructure Debt Fund
NIDF, Nigeria's largest listed infrastructure fund, provides long-term, Naira-denominated financing for infrastructure projects in the country. With a diverse portfolio of infrastructure loans in sectors such as power generation, energy infrastructure, transportation, telecom, and social infrastructure, NIDF mobilizes domestic capital to bridge the infrastructure deficit in Nigeria. The fund's investor base includes the African Development Bank, Nigeria Sovereign Investment Authority, and various pension funds operating in Nigeria.
In conclusion, the debt financing secured by Tizeti from NIDF represents a significant step towards expanding internet access in Nigeria. By leveraging this funding, Tizeti aims to build the necessary infrastructure to provide reliable and affordable internet services to more areas in the country, contributing to digital inclusion and socioeconomic development.
Implications of Tizeti's Debt Financing for New Businesses
The recent securing of long-term financing by Tizeti Network Limited from the Nigeria Infrastructure Debt Fund (NIDF) to expand its broadband network across Nigeria has significant implications for new businesses, particularly those in the tech and digital sectors. This strategic move not only highlights the potential of leveraging debt financing for expansion but also underscores the importance of partnerships in driving growth and digital inclusion.
Embracing Debt Financing for Expansion
Tizeti's decision to utilize the funding from NIDF to build last-mile digital infrastructure and expand its services serves as a powerful example for new businesses. It demonstrates how debt financing can be effectively used to fuel expansion, improve services, and increase market coverage.
Driving Digital Inclusion
The partnership between Tizeti and NIDF also emphasizes the role businesses can play in addressing digital exclusion barriers. New businesses, especially those in the digital space, can take a cue from this and explore how they can contribute to bridging the digital divide and fostering socioeconomic development.
Recognizing the Power of Partnerships
Finally, the collaboration between Tizeti and NIDF highlights the value of strategic partnerships in achieving business objectives. New businesses should consider how they can form alliances with other entities to access resources, share risks, and achieve mutual goals.
In conclusion, Tizeti's debt financing deal with NIDF provides valuable insights for new businesses on leveraging debt financing, driving digital inclusion, and harnessing the power of partnerships for business growth and development.
.svg)
