Airtel Networks Limited (Airtel Nigeria), the Nigerian subsidiary of Airtel Africa Plc, has acquired 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz from the Nigerian Communications Commission (NCC).

The deal was for a gross consideration of $316.7 million and will be paid in local currency, the telco said in a statement published on the Nigerian Stock Exchange.

The acquisition of the 5G spectrum will underpin our growth strategy by enabling the launch of high-speed connectivity to enhance customer service and accelerate digitalisation for consumers, enterprises and the public sector.

The key benefits of 5G will include higher speeds, lower latency, significant network capacity, and an improved user experience. 

Furthermore, the deployment of 5G will accelerate the availability and efficiency of fixed wireless access products across the country, contributing towards Airtel Nigeria’s progress in meeting the National Broadband Plan targets. 

Segun Ogunsanya, CEO of Airtel Africa, said: “Nigeria is a market with enormous potential for future growth in mobile services. 

"Investment in new technologies and local infrastructure to enable this growth is a strategic priority for the Group and will ensure we can provide reliable and affordable services to local communities across the country," he added.

(Editing by Seban Scaria seban.scaria@lseg.com)