The Federal Government of Nigeria has secured a $100 million loan from the Indian government in its quest to attain the much needed universal Internet coverage and broadband expansion.
The loan which was arranged by the EXIM Bank of India followed a close collaboration between the India High Commission in Nigeria and the Federal Ministry of Communications under the leadership of Mr Adebayo Shittu.
The facility is expected to accelerate the deployment of solar-based mobile telephone sites in no fewer than 1,000 locations across rural areas across the country once the deal is officially sealed.
A document released by the Ministry on Sunday said the grant was for the financing of the nation’s rural broadband network and deployment of robust masts to complement alternative power sources.
The plan is said to be hinged on the Federal Government’s determination to extend telephone services to local communities at a relatively affordable cost while ensuring that the inefficiencies experienced in urban areas were minimized.
Last week, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta called for fresh investments in the sector.
He noted that although the current portfolio of $68 billion investment in Nigeria was huge, it was not adequate for one of the fastest-growing telecommunications markets in the world.