Fed govt seeks $550m Chinese loan for satellites, others

The Federal Government is making efforts to secure a loan of $550m from the China Import Export Bank, the Minister of Communications, Mr. Adebayo Shittu, has said.

The minister said this at a forum on the proposed ICT University, according to a statement issued by his Chief Press Secretary, Austin Asoluka.

According to the minister, the money will be spent on the acquisition of two new communications satellites for the Nigeria Communications Limited and the completion of project by Galaxy Backbone Limited.

He said that Galaxy Backbone needed about $350m to complete the funding of its project so that the country would be properly covered.

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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.

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