FG seeks $328m China ICT fund

Daily Trust - - NEWS - By Isi­aka Wak­ili

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 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. 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, agen­cies 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.”

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