The Federal Government of Nigeria is set to commence the deployment of 90,000 kilometers of fiber-optic cable across the country within the next six months. This ambitious project aims to significantly enhance Nigeria’s national connectivity backbone, increasing the total network from the current 35,000 kilometers to 125,000 kilometers.

The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, disclosed this development while reviewing the Ministry’s achievements over the past year.

According to Dr. Tijani, the project, which could begin as early as February 2025, is expected to improve connectivity and the quality of telecom services nationwide.

“The Federal Executive Council (FEC) has approved the Special Purpose Vehicle (SPV) that will deliver on this project,” Dr. Tijani stated.

“Our development funding partners, including the World Bank, are finalizing the SPV structure to ensure the aggregation of funding required for the effective deployment of the fiber-optic network. Our target is for this deployment to start within the next six months.”

The project is not only a significant step towards boosting Nigeria’s digital infrastructure but is also expected to drive substantial economic benefits.

Dr. Tijani highlighted that the increased connectivity would create both short and long-term opportunities, fostering a more vibrant digital ecosystem across the country.

“By connecting more communities across the country, we will ensure that many more of our citizens can connect to the benefits of the digital economy,” he added.

The SPV, approved by the FEC earlier in May, is modeled on some of Nigeria’s most successful Public-Private Partnership arrangements, such as the Nigerian Inter-Bank Settlement System (NIBSS) and the Nigeria Liquefied Natural Gas (NLNG).

The project aims to boost internet penetration in Nigeria to over 70% and reduce the cost of internet access by more than 60%.

Additionally, it is projected to include at least 50% of the 33 million Nigerians currently without internet access and contribute up to 1.5% of GDP growth per capital, potentially raising Nigeria’s GDP from $472.6 billion in 2022 to $502 billion within the next four years.

However, industry stakeholders have expressed concerns that the success of this initiative may be hindered by the ongoing Right of Way (RoW) challenges across Nigeria’s 36 states.

They warn that unless the Federal Government secures the cooperation of state governments, who currently control the pace of infrastructure deployment by telecom operators, the project may face significant delays.

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TECHDIGEST – The Vice President of Nigeria, Professor Yemi Osinbajo has said investment in technology is the way of the future.

He stated this on Tuesday while receiving a delegation of the Odu’a Investment Company at the Presidential Villa, Abuja.

While commending the legacy of the conglomerate and the vision that birthed it decades ago, Prof. Osinbajo said, “legacy and history have a powerful pull, but it might be that what the future calls for is even greater and this is why we must be investing in technology.”

Continuing, the VP told the delegation led by the Group Chairman of the conglomerate, Otunba Bimbo Ashiru, that they should “look at technology and see how to change and improve the (business) model.”

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He had earlier commended the model where experts and players are allowed to lead in economic and business matters, saying “if the private sector runs businesses, it is far better because it will bring greater dividends.”

He cited the example of the Nigeria Liquefied Natural Gas Company (NLNG) saying “the NLNG is making a lot of money because the private sector has a controlling share and is making money for the country.”

He advised that “there is a need to push the model of using smart and tested people from the private sector to manage enterprises and businesses that the government has an interest in.”

Earlier in his remarks, Otunba Ashiru said the vision of Odu’a Investment Company now is to become a world-class conglomerate, known for its passion for business with a focus on agriculture and industrialization.

He explained further that the company is exploring international investments and partnerships.

For instance, he disclosed that the Premier Hotel located in Ibadan, Oyo State, one of the well-known businesses of the conglomerate, is now going to be in partnership with an international brand. In the new arrangement, the hotel will be upgraded to a five-star hotel and will increase its rooms from 87 to 120.

Otunba Ashiru informed the VP that Lagos State has recently joined Odu’a Investment Company and has been presented its certification as a shareholder.

The Odu’a Investment Company is owned by the State governments in the Southwest of Nigeria.

Members of the delegation included Mr. Adewale Raji, Group Managing Director; other directors such as `Dr. Tola Kasali, Mr Seni Adio, SAN, and Otunba Adebola Osibogun.

Others were Mr. Babajide Arowosafe, the Managing Director, SWAgCo Ltd and Mr. Victor Ayetoro, Head, Branding and Communications at Odu’a.

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