Nigeria: Nigcomsat-1 Market Projected a N128 Trillion by 2010

Mergers, Acquisitions and Financial Results

The Nigeria Communication Satellite (NigComSat-1) has been projected to reap benefits from the telecom market worth N128.2 trillion ($1.2 trillion) by the 2010.

President Musa Yar'Adua made this observation over the weekend in Abuja at the ceremony marking the switching on of the satellite to paying customers and delivery of its in-orbit to NIGCOMSAT Limited

"Nigeria will start generating income from the space industry, which was hitherto restricted to the techno-logically developed countries. The project has trans-formed Nigeria from a consumer of bandwidth to a provider" said Yar 'Adua.

Yar'Adua who was represented by the Secretary to the Government of the Federation (SGF) Babagana Kingibe, said with the successful launch of NigComSat-1, Nigeria had signalled its determination to be a significant player in today's fast globalizing knowledge and techno-logy-driven world.

He said "NigComSat Limited as an important component of the nation's leveraging on the federal government's commitment to projecting and promoting the private sector as the engine of the nation's economic growth".

Yar'Adua said that "NigComSat-1, which is the first Pan African communications satellite is a testament to this determination and the nation's recognition of the critical role of information and communication technology (ICT) in the achievement of the national development goals".

According to him, the hugely profitable business opportunities that abound in the country can only be optimized through effective Public-Private-Partnership (PPP).

Throwing his weight behind the ability of the project to turn around the economy, he said, "NigComSat ltd is thus an important component of our leveraging on the federal government's commitment to projecting and promoting the private sector as the engine of Nigeria's economic growth".

  "Our faith in PPP is demonstrated by our commitment to the liberalization of the economy, enactment of enabling laws to facilitate investment, creation of relevant institutions and platforms to facilitate and fast-track investments processes, formulation of an investor-friendly monetary policy, and several other incentives aimed at facilitating the diversification of our economic base," he said.

(Source: Daily Trust)