If Nigeria agrees and approves, it could be getting two new telecoms satellites that would be paid for by the Exim Bank of China and the China Great Wall constructor. Both firms have pledged to fully finance the acquisition of two telecommunications satellites for the benefit of Nigeria, this was announced by Nigeria’s Minister of Communication, Adebayo Shittu.
The new agreement exempts Nigeria from covering 15% of the original $ 550 million contract cost, China will take a stake in Nigcomsat, the state-owned satellite communications management company that only has a satellite so far.
“This is a very big business opportunity … that’s why they agreed that even without our ability to contribute 15%, they are willing to pay the entire $ 550 million for the purchase of the two new satellites for Nigeria,” said the minister.
No word yet on the percentage that the middle empire will offer. But TechCity gathered that the satellite will be launched after a production period of two years from the signing of the contract which should be done before the end of this month.
“The first thing is that we want to make a profit, we want to capture the local market and we also want to conquer the African market,“ Shittu added.
