MTN Nigeria, a subsidiary of cellular network operator MTN, has secured a loan facility of $395 million.
The facility is a medium-term recourse financing facility, which the group says was secured to fund its operations and further network roll-out.
The amount includes a $50 million standby facility provided by the International Finance Corporation.
MTN says the facility consists of a naira-denominated commercial paper facility of the equivalent of $250 million, which is fully subscribed by 15 Nigerian financial institutions and a further $145 million provided by several international institutions.
The naira funding will replace the existing short-term naira equivalent of $170 million commercial paper facility raised in January last year.
MTN said in August that it had achieved strong growth in Nigeria and that there was the possibility of a further impressive performance in that country.
Yvonne Muthien, the group`s director of corporate affairs, said at the time that demand in Nigeria had been "phenomenal", leading the group to increase its network roll-out.
MTN announced recently that it expects adjusted headline earnings per share for the six months to 30 September to be at least 30% higher than those of the prior-year period. Its results are expected to be released in early December.
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