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

Meet the COO: Brook Sims of MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best business books to improve leadership strategy

From strategic guides to inspiring CEO memoirs, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better leader

Shoplazza founder and CEO Jeff Li, ex Baidu, on leadership

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

The office shifts to new way of working – workplace special

Leadership & Strategy

Trailblazer: Clorox's DEI leader Shanique Bonelli-Moore

Sustainability

The inspirational CEO story – Dean Forbes of Forterro

Leadership & Strategy