Nigeria to receive two new satellites from China worth $550mn

By professo

Nigeria is to procure two new satellites from China at a cost of US$550mn, with China EXIM bank agreeing to pay the full amount.

Initially the agreement understood that China EXIM would be funding 85% of the purchase, totalling $467.5mn, with Nigeria paying the remaining 15%, or $82.5mn.

However, the Minister of Communication, Alhaji Adebayo Shittu, he announced that Nigeria would be unable to meet the obligated cost, which led to a renegotiation of the agreement.

The satellites are being manufactured by China Great Wall Industry Corporation, based in Beijing.

SEE ALSO:

“I’m in the Presidency to see Mr. President and to brief him on three major issues,” reported the Minister.

“One, NICOMSAT, which is one of our agencies where we hope to procure two new satellites from China.”

“Initially the agreement was that they will provide the cost of the two satellite 550 million dollars minus 15 per cent which is the counterpart funding.”

“Because we could not afford this 15 percent, we have renegotiated with the China EXIM Bank and the China Great Walls who are the manufacturers and they have happily agreed to pay the entire $550 million to procure two new satellites.”

Share

Featured Articles

Top 10 largest revenue generating family businesses in MENAT

From the UAE to Turkey, these family firms are the largest by revenue in MENAT and cover everything from energy to entertainment

Top 10 metaverse projects in the UAE, including world firsts

As Accenture predicts the metaverse will fuel a US$1 trilion commerce opportunity by 2025, we round up 10 pioneering metaverse projects in the UAE

PwC’s survey shows Middle East CEOs remain upbeat on growth

CEOs in the Middle East are far more optimistic about regional growth than those in North America and Europe, according to PwC’s annual survey

Opinion: “Why we must tackle the digital skills crisis"

Leadership & Strategy

5 Mins With: Kathryn Kaminsky Vice Chair Trust Solutions PwC

Leadership & Strategy

Survey: The Future of Cloud Security in the Middle East

Technology