2 extra $550m satellites needed for NIGCOMSAT

Communications minister Adebayo Shittu says Nigeria needs around $550million to acquire two more communications satellites to adequately equip the Nigerian Communications Satellites Limited [NIGCOMSAT] to discharge its duties. A statement from the ministry Wednesday said the minister disclosed this during an interactive meeting in Abuja with stakeholders on the establishment of the proposed ICT University […]

Communications minister Adebayo Shittu says Nigeria needs around $550million to acquire two more communications satellites to adequately equip the Nigerian Communications Satellites Limited [NIGCOMSAT] to discharge its duties.

A statement from the ministry Wednesday said the minister disclosed this during an interactive meeting in Abuja with stakeholders on the establishment of the proposed ICT University of Nigeria, ICT Development Bank and ICT Park and Exhibition Centre.

He said it was the position of government to diversify hence the concern of the ministry to partner with both local and international private sectors investors in the funding of Ministry of Communications five (5) critical areas.

He added disclosed that the government was making frantic effort to secure a loan of $550 million from China NEXIM to get the satellites.

 Shittu called on 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, because ICT being the greatest enabler, also has great investment opportunities.