IFC has anchored a $1.2 billion dual tranche bond issuance—its biggest ever mobilization for a single bond deal—for IHS Holding Limited  (“IHS Towers”) to support digital connectivity for millions of people in emerging markets in Africa, Latin America, and the Middle East.

The funds will enable the company to refinance existing debt and support organic growth across its markets.

The financing package, which was supported by an initial commitment from IFC of up to $100 million, will help the company refinance some of its near-term debt and lengthen its debt maturity profile.

IHS Towers, one of the world’s largest independent communications infrastructure providers, builds towers, supports the deployment of mobile network operator equipment, and provides fiber connectivity for its customers.

Estimates indicate that 95 percent of people without internet access reside in low- and middle-income countries, presenting a significant opportunity to expand digital connectivity.

Access to affordable, good-quality internet services is central to economic and social development, driving business growth, local economies, and access to education, healthcare, and financial services.

Dahlia Khalifa, IFC Regional Director, Central Africa and Anglophone West Africa, said, “This investment represents a transformative step toward closing the digital divide and driving sustainable, inclusive growth in emerging markets.

“We are proud to support IHS Towers through this partnership to help foster digital inclusion and empower businesses and individuals with greater access to digital tools that drive innovation, create jobs, and strengthen communities, especially in the most remote areas of the countries covered by this important project.”

IHS Towers will continue in its efforts to integrate solar power and energy-efficient systems to reduce the carbon emissions intensity of its tower operations, ensuring it plays a central role in driving innovation and growth within the telecoms sector.

“We are proud to support innovative solutions that advance digital inclusion while prioritizing sustainability,” said Sarvesh Suri, IFC Regional Industry Director, Infrastructure and Natural Resources in Africa.

“Our collaboration with IHS Towers underscores our shared commitment to driving sustainable development globally, particularly in Sub-Saharan Africa, empowering communities to engage more fully in the digital economy.”

IFC has been a long-standing partner of IHS Towers which operates over 40,000 towers facilitating mobile coverage and connectivity for approximately 750 million people across 10 countries: Cameroon, Côte d’Ivoire, Egypt, Nigeria, Rwanda, South Africa, Zambia, Brazil, Colombia, and Kuwait. Approximately three quarters of IHS’s towers are located in Africa.

By financing mobile network operators, independent tower operators, data centers, and broadband providers, IFC is strengthening the infrastructure needed to expand digital connectivity. This effort actively bolsters Africa’s digital economy while providing reliable and affordable access to millions.

Africa’s startup and career accelerator, ALX, reaffirmed its commitment to addressing some of the world’s most pressing challenges through entrepreneurship by hosting an impactful online pitch session featuring 10 promising startups from its ecosystem.

The event provided a platform for the startups to present their innovative business solutions and models, receiving valuable feedback from a panel of three expert judges.

The highlight of the event was when Grow Kinesis, a groundbreaking health and fitness digital solution, clinched first place position among other impressive solutions such as second-placed Helgg, a micro-mobility company of e-vehicles, and third-placed Uri Creative, a creative marketplace and digital analytical tool.

Joshua Ebinabo, Entrepreneurship Development Manager for ALX in Nigeria, expressed his pleasure at the event and the strides made by participating startups.

“ALX is committed to empowering entrepreneurs with the tools, mentorship, and opportunities they need to transform their ideas into solutions that tackle global challenges.

“With this pitch session, we showcase incredible potential within our ecosystem. Watching these startups grow, innovate, and inspire is a privilege,” he stated.

The session also featured candid feedback from the panel of expert judges, who applauded the ingenuity, creativity, and determination of the participants. The constructive critique will enable the startups to refine their strategies and amplify their impact.

The other participating startups were Afren, a digital platform bridging the gap between clients and freelancers, Browpay, an innovative hybrid of payment and supply solution, Delivit, a last-mile delivery solution, Chao, a fast and reliable food and essentials delivery service, Haidy Food, a wholesale e-commerce platform, Medrack Health, a health-tech and pharmaceutical solutions provider, and Viscio Express, an Agro-Logistics provider and transport solution.

ALX remains steadfast in its dedication to identifying and supporting visionary entrepreneurs. By creating opportunities for startups to thrive, the accelerator is paving the way for sustainable solutions to global challenges, positioning Africa as a hub of transformative innovation.

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms (PCFPTR), says that 90% of Nigerians support the tax reform bills introduced by the Tinubu administration.

OyedeLe said this while speaking at a special town hall meeting organized for the bills which was aired on Channels TV on Monday, December 2. While speaking, Oyedele shared insights from a survey conducted by his team involving over 3,000 participants, both online and offline. According to him, the survey showed that many Nigerians loved the bill and were in support of it.

“Among those who attended in person, the approval rate was 100%. For those who engaged online or watched recorded sessions, approval was at 92%. Even among those who only followed updates without participating directly, approval reached 76%. Overall, support for the reforms exceeds 90%,” Oyedele explained.

He emphasized that the reform bills contain over 200 transformative provisions aimed at unlocking Nigeria’s economic potential and charting a path to prosperity.

“We should not let one or two controversial provisions that can be discussed and resolved derail this process,” he said

In September, President Bola Tinubu submitted Four tax reform bills to the National Assembly based on recommendations from the PCFPTR. These include: The Nigeria Tax Bill 2024; Establishing a fiscal framework for taxation in the country and the Tax Administration Bill which will provide a streamlined legal framework for tax administration and reducing disputes.

Others are the Nigeria Revenue Service Establishment Bill, to replace the Federal Inland Revenue Service Act to create the Nigeria Revenue Service and the Joint Revenue Board Establishment Bill, to create a tax tribunal and a tax ombudsman.

The bills have however been met with stiff criticism from some state governors who argue that the bills will only benefit states like Lagos and Rivers states. Northern governors who are against the bill have called for it to be withdrawn.