FG Seeks $100 Million Broadband Loan From India
The Minister of Communications, Mr Adebayo Shittu, said unveiled 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 per cent 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 – that is solar-based. “
He explained that Indian companies would be the installers of the equipment “because it is their technology that we will use the credit line to acquire”.
Shittu, however, said the timeline for the implementation of the project was yet to be determined.
He further added that the return of the loan would be “ironed out” by the Ministry of Finance and the Ministry of Budget and National Planning.
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