Nigeria To Borrow USD500+ Million To Procure Satellites From China For NigComSat
Industry reports have indicated that the Nigerian authorities are finalising plans to take a loan of more than USD 550 Million from the Exim Bank of China. The loan, it is said, is to be used to procure two new Satellites for NigComSat, the Nigerian government-owned satellite services company.
Quoting the Nigerian Minister of Communications, Mr Adebayo Shittu, the report explained that the Chinese bank is stepping in to provide the entire loan amount after the Nigerian government failed to meet an agreed 15% counterpart funding.
It is believed that Exim Bank of China will give the funds to the Satellite manufacturer, China Great Wall Company, who will in turn then sell the equipment to Nigeria. With the new Satellite procurement, NigComSat will be able to extend its footprint to cover the entire African continent, says Mr Shittu.