The Nigerian Communications Commission and a consortium of infrastructural companies say they will raise N265bn for the development of broadband infrastructures across the country in the next four years.
Executive Vice Chairman of the NCC, Prof Umar Danbatta, who said this on Thursday, disclosed that the commission would raise N65bn subject to the approval of the Federal Executive Council as counterpart funding.
The infrastructural companies would raise the balance of N200bn.
Danbatta spoke during a courtesy call by the Ambassador of Sweden to Nigeria, Mr Carl Grans, at the NCC headquarters in Abuja.
According to him, the Public Private Partnership project was in line with the State Accelerated Broadband Initiative.
The initiative was designed to address infrastructural deficits in the telecommunications sector.
The project is to cut across the 36 states, the Federal Capital Territory and the 774 local government councils in the country.
Payment would be made to the infrastructure companies handling the projects upon attainment of milestones set for the individual companies, Danbatta explained.
Noting that the project would lead to the socio-economic transformation of the country, he explained that it was based on the recommendation by the International Telecommunications Union.
He said, “If we can get this done successfully in the next four years, we would have succeeded in transforming the country in multiple ways, especially in managing energy, education, transportation and the environment and meeting some of the Sustainable Development Goals.
“And because broadband is so desirable, we hope to see the financial inclusion rate increase significantly as well as mobile money services and this would of course transform our society.”
The NCC boss added that Globacom had indicated interest in the adoption of 5G technology in Nigeria.