Wetin dey happen my people? Naija dey plan big things for our fiber internet matter o! Federal Government don sign deal with World Bank wey go dash us $500 million wey dem dey call concessional credit.
From this money, dem don allocate $460 million, wey be about 92%, to create one new company wey go deploy 90,000 kilometres of fibre broadband all over Nigeria. Dis one go help the areas wey no dey see better internet connection, especially the villages and remote areas dem.
The World Bank don approve this loan to help Nigeria boost broadband access. Naija no fit continue to dey lag behind for internet matter. We dey talk say, internet na life, and this one go improve our growth for digital sector. E go better for businesses, schools and even for small-small pipo wey wan connect.
But make we clear am, no be say Federal Government go just dey run am anyhow. Dem go form joint venture with private investors, so dem no go hold all the shares. Government go hold maximum of 49%, so na for private sector hand e go dey largely.
The money wey dem wan use no go scatter ground o! Dem go split am into four parts based on certain targets. The first $150 million go land when dem incorporate the company well well and finish all necessary documents. After that, the next $100 million go drop when dem finish 5,000 kilometres of fibre installation. So, na serious work dem dey plan.
After we fit do another 20,000 kilometres, dem go release another $100 million. Finally, the last $110 million go land when dem launch the open-access internet services and dem complete 65,000 kilometres of fibre deployment. We dey watch as dem go manage di funds.
As e be, the project go help federal agencies use di internet well. Dem go also include special check for environmental and social matters wey go protect our communities wey dey affect. So, if you get wahala, dem don create room for grievance so pipo fit speak up.
Repayment for this loan go start from October 2030. Na two-and-a-half percent of di total we go dey pay back every six months till 2050. E no go be small challenge, but Naija go manage am. With this move, we dey prepare ground to become one of di largest digital economies for Africa.
Naija, we dey vibe from broadband wey Oga Bosun Tijani dey spearhead. Dem dey talk am say once dis project complete, e go change our internet story forever. $2 billion expansion dey come too with Project BRIDGE, wey go connect every corner of di country. No be joke o!
So, my people, make we stay tuned as dis journey unfold. Na big tori we get here!
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