Nigeria to secure $550m loan from NEXIM bank for 2 new satellites ―Shittu

THE Minister of Communications, Barrister Adebayo Shittu has said that Nigeria needs two more satellite to adequately equip NIGCOMSAT to discharge its duties, adding that private sector should intervene as government is making frantic effort to secure a loan of $550 million from China NEXIM.

He disclosed this during an interactive meeting with stakeholders on the establishment of the proposed ICT University of Nigeria, ICT Development Bank and ICT Park and Exhibition Centre, adding that it was the position of government to diversify hence the concern for ICT Ministry industry to partner with both local and international private sectors investors in the funding of Ministry of Communications five (5) critical areas.

The Minister highlighted the critical areas to include NIGCOMSAT acquisition of two satellites, Galaxy Backbone that needs about $350 million to complete the funding of its project so that the country would be properly covered and the proposed ICT University which will provide skill training and manpower to Nigerian Youths and potential Students from other African Countries, urging stakeholders to adopt the campuses and make them smart campuses.

Other critical areas are the ICT Park and Exhibition Centre and the ICT Development Bank which is unique in a sense that it will provide specialized loans in the development of ICT infrastructures.

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

 Tribune.