Tizeti secures long term debt financing to expand internet access in 15 States
The Nigeria Infrastructure Debt Fund (“NIDF” or the “Fund”) of Chapel Hill Denham has consented to offer Tizeti Network Limited (“Tizeti” or the “Company”) (https://www.Tizeti.com), the first solar-powered internet service provider in West Africa, long-term finance. Tizeti plans to utilize the senior lending facility to fund the expansion of its cutting-edge broadband network throughout 15 states in Nigeria.
“Chapel Hill Denham is excited to partner Tizeti in the expansion of fast, reliable broadband network across Nigeria,” stated Anshul Rai, the Chief Executive Officer of the Nigerian Defense Force. Nigeria’s digital economy is a critical strategic pillar for accelerating its social and economic growth, and realizing the full potential of digitization requires inexpensive internet service accessibility.
By giving access to long-term, Naira-denominated finance for such projects, we continue to collaborate with all stakeholders to assist the faster development of digital infrastructure in Nigeria and help the government realize its goal of 70% broadband penetration by 2025.
“We are excited to announce the closing of this new debt facility with Nigeria’s largest infrastructure debt fund,” said Kendall Ananyi, the founder and CEO of Tizeti. We believe that there is a great deal of room for local capital to help remove obstacles to digital inclusion in Nigeria, and we hope that this collaboration will be the first of many. Using this, we will construct last-mile digital infrastructure that will enable internet access in other states of Nigeria and serve as a catalyst for long-term growth, value creation, enhanced connectivity, and the building of a more comprehensive and expansive digital inclusion network. Additionally, by expanding our coverage to five states, this will position us as Nigeria’s largest internet service provider in terms of coverage.
With a vast network of solar-powered base stations spread over five states, Tizeti presently provides service to over 3 million users in Nigeria, including companies, residential buildings, and hotspot users. The company intends to use the debt capital to expand its services to Delta, Akwa Ibom, Cross River, Abia, Anambra, Imo, Enugu, Abuja, Kano, and Kaduna by constructing new internet infrastructure and buying extra equipment. Currently, Tizeti offers unlimited data consumption and streaming for a monthly fee that starts at N12,500, the most competitive price in Nigeria.
In many African nations, there is still a significant digital gap. This line separating connected from unconnected has obvious effects on access to information, family and social life, work, and education. Furthermore, according to data from the World Bank, the GDP may expand by 2.8% for every 10% increase in broadband adoption. In order to improve development outcomes for millions of people, partnerships like this one are crucial in overcoming the deficiencies in digital infrastructure found in emerging economies. These partnerships make use of cutting-edge technology and expertise.
