Nigeria agrees $550 million satellite deal with ChinaStaff Writer | January 4, 2018
Nigeria has agreed a $550-million deal to buy two Chinese communications satellites and hopes to sign the contract before the end of the month.
Africa This is a very big business opportunity
"This is a very big business opportunity... which is... why they have agreed that even without our ability to contribute 15 percent they are prepared to pay the entire sum of $550 million for the procurement of the two new satellites for Nigeria," Shittu told reporters in the capital Abuja.
He said the satellite will be launched after a two-year production period starting from when the paperwork is signed.
The minister said the funds were not a loan but the Chinese company will take an equity stake in Nigcomsat, a limited liability company owned the Nigerian government and responsible for managing satellite communications.
Both parties will agree on a percentage share, Shittu said, adding that Nigeria "has nothing to lose because we are not putting anything into it in terms of financial resources." ■