FG approves SPV for 90,000km fibre optic cable
Kunle Sanni
The Federal Government has approved the establishment of a special purpose vehicle (SPV) to facilitate the installation of additional 90,000 kilometers (km) of fibre optic cable in Nigeria, with the aim of providing universal access to the internet.
The Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, addressing State House reporters Tuesday in Abuja said that the project will enhance the national internet backbone and maximize the utilization of eight submarine cables that have already been laid in Nigeria.
The minister also noted that the project is projected to expand Nigeria’s fibre optic cable capacity from 35,000 km to 125,000 km, positioning it as the third-longest terrestrial fibre optic backbone in Africa, after South Africa and Egypt.
“Council approved Special Purpose Vehicle to be created on a PPP basis to develop 90,000 kilometres of fibre optic cable to increase Nigeria’s internet connectivity by 60-70 percent. The SPV intends to copy the NLNG model.
Also speaking, the minister revealed that the Council approved a consultancy service for the reconciliation and expansion of the remittances to NITDA.
He added that the Council approved the request of the Ministry of Communications to convert the property at 324 Jackson Street, San Francisco, USA into a Nigerian Digital Technology Exchange Programme Hub. Property owned by the Nigerian government is valued at close to $7million.
An SPV is a distinct legal entity formed to accomplish a specific objective or project. In this case, the SPV will be responsible for managing the fibre optics project, including its implementation, finances, and operations.
According to the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, the project will enhance the national internet backbone and maximize the utilization of eight submarine cables that have already been laid in Nigeria.
The minister also noted that the project is projected to expand Nigeria’s fibre optic cable capacity from 35,000 kilometers to 125,000 km, positioning it as the third-longest terrestrial fibre optic backbone in Africa, after South Africa and Egypt.
