The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijjani, says that the Nigerian Government has received investors’ interest in its proposed $2 billion fund for laying fibre infrastructure across the country.
The minister disclosed this in a recent statement on the sidelines of the ongoing World Economic Forum in Davos, Switzerland.
DAILY POST recalls that in December 2023, Tijani disclosed that Nigeria would require an estimated $2 billion investment to lay fibre optic cables across the country.
Nigeria needs to deploy around 95,000 kilometres of cable in addition to the 35,000 kilometres already deployed to ensure complete country coverage in the next two to three years.
According to him, operators in the industry are unwilling to lay fibre in parts of the country outside major cities due to its unprofitability.
“So we’re working hard to put it (the fund) together, and we are extremely excited about the interest that we are getting. This is about infrastructure, so many people want to participate. And what we’re thinking is that the government is not going to pay for it. Still, the government will guarantee the loan for private companies to actualize it because if it funds it, we have not achieved our objective.
“Not only that, we want to ensure that a significant part of Nigeria is covered in the next two to three years. For those who understand the power of connectivity, you know that due to its economic significance, it will be one of the biggest things I do as a minister once we can achieve it.
“The reason why we’re not there yet as a country is that private companies will tell you that there are parts of Nigeria that if they invested and put fibre optic cable, there are not enough customers there to bring a return on investment,” Tijani stated.