World Bank Supports Nigeria’s Ambitious 90,000km Fibre-Optic Initiative

LAGOS, NIGERIA NEWS 247 – The Federal Government of Nigeria has received a substantial endorsement from the World Bank for its ambitious 90,000 km Fibre Fund project, which aims to significantly enhance the country’s digital infrastructure.

This announcement was made by the Minister of Communications and Digital Economy, Bosun Tijani, on Wednesday through his social media account, following a productive meeting with World Bank officials in Washington, D.C.

Set to launch within the next 18 months, this transformative project is expected to expand Nigeria’s current fibre network from 35,000 km to an impressive 125,000 km. If successful, Nigeria will emerge as home to the third-longest terrestrial fibre optic backbone in Africa, trailing only behind Egypt and South Africa.

Tijani expressed his enthusiasm for the initiative, stating, “We had an excellent few days in D.C. with the World Bank as we received a massive boost for our 90,000 km #FibreFund project. We’re ready to move!” While the minister shared this exciting news, he did not provide additional details about the project’s next steps.

To facilitate the successful delivery of the Fibre Fund project, the Federal Government has also approved the establishment of a Special Purpose Vehicle (SPV). Development-funding partners are currently finalizing the SPV’s structure to ensure that adequate funding is aggregated for the effective rollout of the fibre-optic network.

In a statement made earlier this year, Tijani revealed that the African Development Bank has committed $200 million to the project. In addition to this, the World Bank, the African Export-Import Bank, and the U.S. Export-Import Bank are also involved as funding partners, highlighting the project’s broad international support.

During the recent 79th session of the United Nations General Assembly, Tijani provided further insight into the project’s timeline. He remarked, “We are working on laying 90,000 km of fibre optic cable across Nigeria. I’ll be naïve to expect people to start praising me in the first 12 months because this is a project that will probably take 18 months to assemble the $2 billion required. The actual laying of the fibre will take another two to three years.”

This ambitious initiative not only underscores Nigeria’s commitment to advancing its digital landscape but also reflects a significant step towards fostering economic growth and enhancing connectivity across the nation. As the project progresses, it holds the promise of transforming Nigeria into a leading player in the digital economy within Africa and beyond.