Nigeria Seeks $550m loan to acquire new satellites

The Nigerian government and the China Export Import Banks have opened negotiations for a $550 million loan to enable it purchase two more satellite for Nigeria Communication Satellite, NIGCOMSAT. 

The Minister of Communications, Barrister Adebayo Shittu revealed this during an interactive meeting with stakeholders on the establishment of the proposed ICT University, ICT Development Bank and the ICT Park and Exhibition Centre in Abuja.

The minister noted that the government was willing to partner with both local and international private sector investors in the funding the five critical areas the Ministry of Communications wants to focus on.

The Minister enumerated the critical areas to include NIGCOMSAT acquisition of two satellites, Galaxy Backbone that needs about $350 million to complete the funding of its  project, the establishment of the ICT University which will provide skill training and manpower to  Nigerian Youths and potential Students from other African Countries, ICT Park and Exhibition Centre and the ICT Development Bank.

Shittu appealed to the Central Bank of Nigeria (CBN) to assist in creating a platform for the smooth take-off of the proposed ICT Development Bank, urging other stakeholders to consider investing in these 5 specific areas.