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."