Nigeria Seeks $600 million Loan For Two New Satellites

Barring availability of funds, the Federal Government may launch two new satellites in the orbit before the end of 2018.

Already, government is seeking $600 million loan for the project. Minister of Communications Technology, Adebayo Shittu, who disclosed this after an inspection of facilities at the Nigerian Communications Satellite (NIGCOMSAT) Limited in Abuja stated
that two foreign companies, including the Chinese Exim Bank are willing to assist the country fund these new projects, adding that once government secures the fund before the next two years, “we will have these satellites in orbit.”

He said: “To have an extra satellite, you will be talking of about $300 million, we are looking for that. Certainly if we can get enough funding for two satellites, I will prefer that. Two foreign companies including the China Exim Bank are willing to assist us fund this new projects.”

Shittu lamented that due to paucity of funds and because government over the years has not provided attention for Nigeria’s ICT industrial revolution, the country is still at the level it is, stressing that one satellite is not enough for Nigeria.