The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, has said that Nigeria’s effort to build 90,000 kilometres of fibre across the country has received a massive boost from the World Bank.
The Minister announced this via a post on his X handle on Wednesday.
While Tijani did not specify whether the boost was in the form of financial commitment or other form of support, the Minister had earlier indicated that he was talking to financiers, including the World Bank to raise the $2 billion needed for the project.
“An excellent few days in DC with the World Bank as we received a massive boost for our 90,000km Fibre Fund project. We’re ready to move! Let’s go,” a seemingly elated Tijani posted.
The project’s financing
Earlier, the Minister had disclosed that multiple organizations were finalizing arrangements for the project’s financing.
“The Federal Executive Council (FEC) FEC has approved the SPV that will deliver on this project, and our development funding partners are currently finalizing the SPV structure to ensure the aggregation of funding required for the effective deployment of the fibre-optic network.
“Our target is for this deployment to start within the next 6 months,” the Minister stated in his update on the project last month.
- Emphasising the need for the project, Tijani noted that an improved quantity and quality of connectivity would create opportunities in the short and long term by stimulating a more vibrant digital ecosystem.
- The project is aimed at increasing Nigeria’s backbone network from 35,000km to 125,000km by adding 90,000km of fibre-optic cable to the country’s national connectivity backbone.
- It is expected to enhance connectivity and improve the quality of telecom service in the country.
“By connecting more communities across the country, we will ensure that many more of our citizens can connect to the benefits of the digital economy,” Tijani added.
Backstory
Dr Tijani earlier in May this year announced the approval of the SPV by the FEC, noting that it would be modeled in governance and operations similarly to some of the best Public-Private Partnership setups in Nigeria, such as NIBSS and NLNG.
- According to him, the government would be working with partners and stakeholders from the government and private sector to build the additional fibre optic coverage required to take Nigeria’s connectivity backbone to a minimum of 125,000km.
- He added that that project would also help in increasing internet penetration in Nigeria to over 70% and reduce the cost of access to the internet by over 60%.
- Through the project, Tijani said Nigeria would achieve the inclusion of at least 50% of the 33 million Nigerians currently excluded from access to the internet.
- It is also expected to deliver up to 1.5% of GDP growth per capita raising GDP from $472.6 billion (2022) to $502 billion over the next 4 years.
Meanwhile, stakeholders in the ICT sector have warned that the project may fail unless the government first addresses the current issue of Right of Way challenge across the 36 states of the federation.
