Nigeria To Borrow 36 Billion Naira From India For Internet Connectivity
We brought you a report in 2018 that the federal government wants to take internet connectivity to Nigerian villages.
They didn’t say how they were going to do it at that time. But now, they have disclosed the “how”, and that it is by borrowing $100 million, about 36 billion naira, from India.
The plan is to work with the Indian government to access the $100 million concessional loan to develop Nigeria’s rural broadband connectivity.
The Minister of Communications, Mr Adebayo Shittu, disclosed this plan at the Indian Technical and Economic Cooperation (ITEC) Day held in Abuja on Thursday night.
Shittu said that the loan to be accessed would be part of India’s 10 billion-dollar concessional loans to African countries for the implementation of projects of their national priority.
The minister said that the rural broadband connectivity in India “inspired” his application for the 100 million dollar-loan for the project.
“Nigeria must be prepared take advantage of the available opportunities, one of which is in the securing of credit line for the development of rural backbone infrastructure.
“In India, as expansive as the country is, every area has sufficient broadband connectivity; everybody has access to online connectivity.
“This is the opposite in Nigeria. We have barely exceeded the 30% connectivity rate.
“However, with this initiative, I believe within the next two months, we will have the opportunity of getting a credit line of $100m from India to develop rural infrastructure, such that without electricity, telecoms masts can function, as masts to be constructed via the credit line funding will be renewable based.”
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