FG approaches China for $550m to buy satellites, others

By Adedeji Fakorede

Federal government has approached the China Import Export Bank, for a loan of $550million to acquire two new communications satellites for the Nigeria Communications Satellites Limited and the completion of project by Galaxy Backbone Limited.

Mr. Adebayo Shittu, minister of Communications, who stated this, also said that Galaxy Backbone needed about $350m to complete the funding of its project so that the country would be properly covered.

Austin Asoluka, chief Press Secretary, said that minister said this at a forum on the proposed ICT University.

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The minister said the third area the money was needed was the proposed ICT University, which would provide skill training and manpower to Nigerian youths and potential students from other African countries.

He said other critical areas that needed financing were the ICT Park and Exhibition Centre and the establishment of the ICT Development Bank.

Shittu challenged the Central Bank of Nigeria to assist in creating a platform for the smooth take-off of the proposed ICT Development Bank, urging other stakeholders to consider investing in specific areas of the industry.