Abuja, April 15, 2024 – The Federal Executive Council (FEC) has approved the establishment of a Special Purpose Vehicle (SPV) to raise funds to deliver 90,000-kilometres of fibre optic cables across the country.
The 90,000 kilometre cable will complement the existing 25,00 kilometres already laid across the country to achieve 125,00 kilometres of fibre optic cable stretch in the country.
Bosun Tijani, the Minister of Communications and Digital Economy, disclosed this to journalists in Abuja on Tuesday after the FEC meeting.
He said the ministry had been doing some spadework on the esablishment of the SPV with partners within and outside the government.
Tijani said the project would make Nigeria the third largest terrestrial fibre optic backbone in Africa, after Egypt and South Africa.
He said the FEC also approved the establishment of the Nigerian Startup House in San-Francisco to position Nigeria as a significant player in global telecommunication industry.
The minister said the House would also help to to increase internet penetration to over 70 percent, while reducing the cost of the the internet by 60 percent.
He said an existing Nigerian property of the federal government in San Franscisco could be converted to the Nigerian Startup House. (GBN)
