FG targets $1.2bn private funding for fibre project

The Federal Government aims to secure approximately $1.2 billion in private investment for its planned nationwide fibre network, as construction sets to begin in October. The project, known as Project BRIDGE, requires about $2 billion in capital to expand the national network from 35,000 kilometers to around 125,000 kilometers. While $800 million of the total cost has been covered through sovereign financing commitments, including a $500 million World Bank facility, a $100 million loan from the European Bank for Reconstruction and Development, and a $200 million African Development Bank loan, about $1.2 billion still remains to be raised.

The private capital, not a mandatory condition for commencement, is part of the larger $2 billion capital allocation. The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, previously set a target of $1.2 billion in private funding in 2024. Strategic Communications Adviser to the Minister, Osibo Imhoitsike, confirmed that Project BRIDGE has attracted significant support from international development finance institutions and through a transaction structure that mobilizes private-sector investment. The European Union also provided a €22 million grant for the project.