Minister of Communications, Mr Adebayo Shittu on Monday said Nigeria has planned to build and launch two additional satellites to space to improve local communication capacity.
This is coming as the Minister warned that Nigeria must not scare away MTN as lawmakers investigate alleged illegal money transfers just three months after the government fined Africa’s biggest telecoms firm over $1 billion.
Shittu said the new satellites will be build using a $550 million loan from the Export-Import Bank of China, which will cover 85% of the cost while Nigeria will finance the other 15 per cent.
The minister, thereby call on domestic and foreign investors to take part in the funding.
Recall that the minister had during a town hall meeting in Kaduna on the one year anniversary of President Muhammadu Buhari-led administration, said legislation would be made to protect investment, patronage and compel Nigerian institutions to host their information locally.
He said then that Nigeria would launch two additional satellites to space to improve local communication capacity because businesses in Nigeria were skeptical of linking the only satellite Nigeria has because of fear of crash.