9 August 2017

Nigeria: Govt Seeks U.S.$328 Million ICT Fund From China

The Federal Executive Council yesterday approved a memo for the national ICT infrastructural backbone project popularly called NIPTI 2, domiciled within the galaxy backbone.

The Minister of Communications, Adebayo Shittu, disclosed this while addressing State House correspondents after the FEC meeting presided over by Acting President Yemi Osinbajo.

The minister said the project would gulp $238 million to be provided by the Chinese nexim bank.

He said: "NIPTI 2 is the concluding component of it to ensure the entire country is fully covered by fibre optics connectivity. Connecting the whole of the country's by way of the federal government ministries, agencies and departments.

"The China nexim bank has graciously supported Nigeria, they funded phase one and they are funding this phase 2. by this approval the ministry of finance will enter into negotiations for the full implementation of the funding proposal with us. Essentially the funding will cost $328 million . Approximately N100 billion.

"When concluded, it will not only cover federal ministries, departments, gencies and all of that but there will be enough for commercialisation to the private sector particularly GSM companies and other ICT industries . So we hope that Nigeria will be making a lot of money from this particular facility when completed."

Nigeria

Ghost Companies Lift U.S.$3.5 Billion Crude Oil

Some indigenous companies not registered by the Corporate Affairs Commission (CAC) have lifted Nigerian crude oil grades… Read more »

Copyright © 2017 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 900 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.