Tizeti, a solar-based internet service provider, has recently secured substantial debt financing from Nigeria Infrastructure Debt Fund (NIDF), an investment managed by Chapel Hill Denham. This undisclosed funding will be instrumental in supporting the expansion of Tizeti’s cutting-edge broadband network across 15 different states in Nigeria.
Tizeti, which currently serves more than 3 million subscribers across five states, plans to utilize this debt facility to establish new internet infrastructure and acquire additional equipment. Their goal is to extend their high-quality internet services to even more regions, including Delta, Akwa Ibom, Cross River, Abia, Anambra, Imo, Enugu, Abuja, Kano, and Kaduna. This expansion comes at a crucial time when the Nigerian government is actively pursuing its National Broadband Plan (NBP 2020-2025) with the aim of achieving 70% broadband penetration by 2025.
Despite the government’s efforts, broadband penetration in Nigeria remains at 45.57% as of August this year, making Tizeti’s new funding an essential catalyst for realizing the broadband target. Anshul Raisaid, the CEO of NIDF, expressed his enthusiasm for this partnership, emphasizing the importance of affordable internet access for Nigeria’s digital economy and overall development. He highlighted the commitment to providing long-term, Naira-denominated financing for digital infrastructure projects to align with the government’s vision of increased broadband penetration.
Kendall Ananyi, the Founder and CEO of Tizeti, also welcomed this debt facility, emphasizing the vast potential of domestic capital to address digital exclusion barriers in Nigeria. Tizeti’s ambition is to create a last-mile digital infrastructure that will extend internet access to additional Nigerian states, fostering development, connectivity, and digital inclusion. This expansion will position Tizeti as the largest internet service provider in Nigeria in terms of coverage, moving beyond its current presence in five states.
In many African countries, a significant digital divide persists, impacting employment, education, family life, social interactions, and access to information. The World Bank has highlighted that a 10% increase in broadband penetration can contribute to a 2.8% growth in Gross Domestic Product (GDP). Partnerships like the one between Tizeti and NIDF play a pivotal role in addressing digital infrastructure deficits in emerging economies. They leverage innovative technology and capabilities to improve development outcomes for millions of people, ultimately bridging the digital divide and contributing to economic growth and social development.