Minister of communications, Barrister Adebayo Shittu said Nigeria will spend $550 million on two back-up satellites to put an end to capital flight.
Ministan of communications, Adebayo Shittu
Minister of communications, Adebayo Shittu says the acquisition will put an end to capital flight
Shittu made the comment this past weekend at the 4th regular meeting of the National Council on Communication Technology held in Kaduna.
His words: “If you know the amount of data that goes out in keeping Nigeria’s data in foreign satellites, it runs into billions of dollars. So, if we can do the needful, we need just about $550 million to acquire two new satellites.
“We are already negotiating with the Chinese Nexim Bank, which has assured us that they will provide the money. Of course, the satellites will be built in China.
“Once, that is done, we can beat our chest and say nobody should take Nigerian money outside for purpose of storing data. I am confident that with Federal Government’s approval, we will get what we want.’’
According to the minister, the reason for the proposed procurement of two additional communication satellites for Nigeria was to encourage public and private orgainizations to patronize the Nigerian Communication Satellite (NigComSat) and put an end to the capital flight occasioned by their patronage of foreign satellite.
He lamented that people don’t patronize local satellite because of lack of confidence on the ability to reserve their data, hence their preference for foreign satellites.
He opined that the only solution to the problem of NigComSat was for government to go ahead to procure two additional satellites that would serve as back-up to the existing one in case of any danger or loss of the satellite.
Meanwhile, the federal government is set to realise N20 billion from the sale of two presidential jets.
The estimate is based on the current market value of the jets – Falcon 7X and Hawker 4000. Aviation experts also corroborated the valuation of the aircraft.
Ministan of communications, Adebayo Shittu
Minister of communications, Adebayo Shittu says the acquisition will put an end to capital flight
Shittu made the comment this past weekend at the 4th regular meeting of the National Council on Communication Technology held in Kaduna.
His words: “If you know the amount of data that goes out in keeping Nigeria’s data in foreign satellites, it runs into billions of dollars. So, if we can do the needful, we need just about $550 million to acquire two new satellites.
“We are already negotiating with the Chinese Nexim Bank, which has assured us that they will provide the money. Of course, the satellites will be built in China.
“Once, that is done, we can beat our chest and say nobody should take Nigerian money outside for purpose of storing data. I am confident that with Federal Government’s approval, we will get what we want.’’
According to the minister, the reason for the proposed procurement of two additional communication satellites for Nigeria was to encourage public and private orgainizations to patronize the Nigerian Communication Satellite (NigComSat) and put an end to the capital flight occasioned by their patronage of foreign satellite.
He lamented that people don’t patronize local satellite because of lack of confidence on the ability to reserve their data, hence their preference for foreign satellites.
He opined that the only solution to the problem of NigComSat was for government to go ahead to procure two additional satellites that would serve as back-up to the existing one in case of any danger or loss of the satellite.
Meanwhile, the federal government is set to realise N20 billion from the sale of two presidential jets.
The estimate is based on the current market value of the jets – Falcon 7X and Hawker 4000. Aviation experts also corroborated the valuation of the aircraft.
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