Nigeria Secures $550M From China to Fund Two Satellites for Nigcomsat
5 January 2018
Abuja — The Minister of Communications, Mr. Adebayo Shittu, wednesday in Abuja disclosed that Nigeria had secured the commitment of China for the provision of $550 million towards the purchase of two additional satellites for subsequent launch into the space in the next two years.
Shittu, who made this disclosure in the State House after a meeting with President Muhammadu Buhari, said both the China Exim Bank and China Great Walls, the manufacturers, had agreed to fund the project 100 per cent following Nigeria's inability to fulfill the initial agreement it reached with China to provide 15 per cent of the $550 million.
According to him, Nigeria's satellite communications have hitherto been ineffective because the federal government-owned satellite company, NigComSat, has only one satellite which he said could not guarantee the confidence of prospective customers.
The trend, he said, compelled companies operating in Nigeria to purchase satellite communications data abroad, adding that after the formal signing of agreement for the take-off of the project which he said would take-off on January 27, the manufacturing of the satellites will commence. Read the full article on This Day here.