Skip to main content

Communication: Nigeria set to benefit from $100m Indian loan - Minister says

- The federal government says it is working with the Indian government to access 100 million dollars concessional loan

- This is made known by the minister of communication, Barrrister Adebayo Shittu, in an interview

- According to the minister, the 100 million dollars concessional loan will be used to develop the country’s rural broadband connectivity

The federal government says it is working with the Indian government to access 100 million dollars concessional loan to develop the country’s rural broadband connectivity.

The minister of communications, Adebayo Shittu, said this in an interview with newsmen on the sidelines of the Indian Technical and Economic Cooperation (ITEC) Day held in Abuja on Thursday, January 17, NAN reports.

Legit.ng gathers that Shittu said that the loan to be accessed would be part of India’s 10 billion-dollar concessional loans to African countries for the implementation of projects of their national priority.

READ ALSO: NAIJ.com upgrades to Legit.ng: a letter from our Editor-in-Chief Bayo Olupohunda

The minister said that the rural broadband connectivity in India “inspired” his application for the 100 million dollar-loan for the project.

Shittu said: “Nigeria must be prepared to take advantage of the available opportunities, one of which is in securing of credit line for the development of rural backbone infrastructure.

“In India, as expansive as the country is, every area has sufficient broadband connectivity; everybody has access to online connectivity.

“This is the opposite in Nigeria. We have barely exceeded the 30 % connectivity rate.

“However, with this initiative, I believe within the next two months, we will have the opportunity of getting a credit line of 100 million dollars from India to develop rural infrastructure.

“Such that without electricity, telecoms masts can function, as masts to be constructed via the credit line funding will be renewable based – that is solar-based.’’

He explained that Indian companies would be the installers of the equipment “because it is their technology that we will use the credit line to acquire”.

Shittu, however, said the timeline for the implementation of the project was yet to be determined.

He added that repayment of the loan would be “ironed out” by the Ministries of Finance and Budget and National Planning.

PAY ATTENTION: Download our mobile app to enjoy the latest news update

Meanwhile, Legit.ng previously reported that the federal government on Thursday, January 17, said up to five million new jobs would be created in a fresh $1.1bn agricultural loan project with the Brazilian government.

Nigeria-Brazil bilateral project Green Imperative was the reason the federal government was seeking to borrow the funds.

The project was launched at the Presidential Villa by Vice President Yemi Osinbajo.

NAIJ.com (naija.ng) -> Legit.ng We have updated to serve you better

EXCLUSIVE: Be patient with President Buhari, Femi Adesina tells Nigerians | Legit TV

Source: Legit.ng



from Nigeria News today & Breaking Naija news ▷ Read on LEGIT.NG 24/7 http://bit.ly/2CyvrL0
via EDUPEDIA24/7

Comments

Post a Comment

Popular posts from this blog

The beautiful model Christina Evangeline: age, ethnicity, net worth, husband, baby

The art of modelling is more than merely putting on designer clothes and hitting the runway. It requires a lot of effort, self-care, determination, and an energetic spirit. Christina Evangeline, who is very attractive and beautiful, is a model who dedicated all her energy into this esteemed career. Fame and plenty of public attention came with her job, and she continues to show young women that success does not come overnight. It requires hard work and passion! Image: instagram.com, @yoevangeline Source: Instagram Who is Christina Evangeline ? According to the Christina Evangeline biography, she is a model who is best known for being Kenan Thompson’s wife. Christina was born on the 24th of March 1989 in the United States of America. Currently, Christina Evangeline age is 30 years. Her nationality is American, and she identifies herself as a Christian. Christina Evangeline ethnicity is White, and her Zodiac sign is Aries. Christina Evangeline race is Caucasian. Details of her paren...
Post a Comment
Read more

Former Maritime Agency Boss, Buba Galadima, Accuses AMCON Of Witch-hunt After Property Takeover

  A former Director-General of the Nigeria Maritime Agency, Buba Galadima, has accused the Asset Management Corporation of Nigeria of witch-hunt after the agency took possession of his business and assets on Tuesday in Abuja. Galadima, an ardent critic of President Muhammadu Buhari, claimed that he did not borrow money or have unpaid debt with Unity Bank, which lodged a complaint against him and occasioned AMCON’s move on Tuesday. The properties taken over include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory, Abuja and House No. 4, Bangui Street, Wuse 2, also in Abuja.  Reacting to the situation, Galadima said, “This is an attempt to disgrace and break me down. This is injustice and an attempt to humiliate me. "But I am unbreakable and they can never silence me. They sacked me and over 50 people that sleep in the apartment. "We don’t know where to go. We will remain on the streets. We will remain on the streets until God provi...
Post a Comment
Read more

Learn how to clean washing machine in a surprisingly easy way

All machines can break down one day, and your washing machine is no exception. Knowing how to clean washing machine timely and effectively will help you reduce or even avoid additional expenses on servicing. Right now, you will be surprised to discover how easy it is! You do not even need any additional devices to do this except the ones that you already have in your house! Image: pexels.com Source: UGC A washing machine is an essential device in a modern home, but it has its own temper and demands! It reacts to the softness of water and quality of detergents that you use. In separate cases, the frequency and intensiveness of washing cycles can play their part. Now, it is time to discover several simple and cheap methods of cleaning of the essential parts of your little helper, to remove unpleasant odours, mould, and scale. The most important tips: how to clean washing machine How often is it necessary to do this cleaning? What do you think? Specialists insist on once in ...
Post a Comment
Read more