Nigeria’s Tizeti obtained debt financing to establish broadband network spanning fifteen states

In order to build out its cutting-edge broadband network throughout 15 states in the West African nation of Nigeria, Tizeti, a solar-powered internet service provider, has obtained long-term debt financing.

Using wide-area Wi-Fi, Tizeti, a wireless internet service provider based in Lagos, offers residential and business clients unlimited high-speed Wi-Fi internet access. In addition to offering its services across the country, the company is fast growing throughout Africa, having launched successfully in Ghana and Ivory Coast.

To finance the rollout of its cutting-edge broadband network across 15 states in Nigeria, Tizeti has secured long-term debt financing from Chapel Hill Denham’s Nigeria Infrastructure Debt Fund (NIDF). The company’s founder and CEO, Kendall Ananyi, expressed his excitement about working with Nigeria’s largest infrastructure debt fund.

“We see tremendous opportunity for domestic capital in addressing digital exclusion barriers in Nigeria and this partnership will hopefully be one of many. We will use this to build a last-mile digital infrastructure that will move internet capacity to other Nigerian states and catalyse sustained development, value creation, improved connectivity, and a deeper and wider digital inclusion net. This will also increase our coverage from five states and make us the largest internet service provider in Nigeria by coverage,” Ananyi said.

Through its extensive network of solar-powered base stations spread across five states, Tizeti currently provides service to over three million users in Nigeria, including residential buildings, commercial establishments, and hotspot users. The company intends to use the debt funding 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.

Chapel Hill Denham is thrilled to work with Tizeti to expand a fast and dependable broadband network throughout Nigeria, according to Anshul Rai, CEO of NIDF.

“Digital economy is a key strategic pillar for Nigeria to accelerate its economic and social development, and providing access to affordable internet services is crucial to achieving the true potential of digitisation. We continue to work with all stakeholders to support accelerated development of digital infrastructure in Nigeria by providing access to long-term, Naira-denominated financing for such projects – thus realising the government’s vision of reaching 70 percent broadband penetration by 2025,” he said.