The Federal Government has received significant support from the World Bank for its ambitious 90,000 km Fiber Fund project aimed at expanding Nigeria’s digital infrastructure.
Bosun Tijani, Minister of Communications and Digital Economy, made the announcement on Wednesday through his X handle after a successful meeting with World Bank officials in Washington DC, USA.
The project, which is expected to begin within the next 18 months, will expand Nigeria's fiber optic network from the current 35,000km to 125,000km, making Nigeria the third longest terrestrial fiber optic network in Africa after Egypt and South Africa. It will become the backbone.
“Spent a great few days with the World Bank in Washington, DC with great support from the 90,000 km #FibreFund project. Ready to move!” Tijani wrote. However, the minister did not provide further details.
The FG also approved a special purpose vehicle to oversee the implementation of the project while the development funding partners are currently finalizing the SPV structure to ensure the necessary funds are raised for the effective deployment of the fiber optic network. did.
The minister told reporters after the Federal Executive Council meeting held at Aso Rock Villa in Abuja in May 2024 that the African Development Bank had pledged $200 million and the World Bank, African Export-Import Bank, , revealed that the U.S. Export Bank has pledged $200 million. -Importing banks also participate as donors.
Earlier this month, at the 79th session of the United Nations General Assembly, Mr. Tijani referred to the project schedule and said: “We are working on laying 90,000 kilometers of fiber optic cables across Nigeria.
“This is a project that will probably take 18 months to raise the $2 billion needed, so it would be naive to expect people to start praising me in the first 12 months. It will take another two to three years.”