FG targets $1.2bn private funding for fibre project

The Federal Government of Nigeria is targeting $1.2 billion in private capital for its ambitious 90,000-kilometre nationwide fibre network project, known as Project BRIDGE. With physical deployment set to commence in October, a newly incorporated company, Bridge Open Access (Bridge OA), will spearhead the implementation. To date, $800 million of the estimated $2 billion project cost has been secured through sovereign financing commitments from international institutions such as the World Bank, European Bank for Reconstruction and Development, and the African Development Bank.

The remaining $1.2 billion will be raised through private sector investment, which is not a mandatory requirement but forms the larger portion of the project's capital envelope. The project aims to expand the national network from the current 35,000km to approximately 125,000km, closing the country's digital divide by providing affordable, high-speed broadband to underserved communities.