The Minister of Communications, Adebayo Shittu, has said that Nigeria would need the sum of $500 million for to acquire two more communications satellite to enable Nigerian Communications Satellite Limited NIGCOMSAT discharge its duties effectively.
The Minister stated this at an interactive meeting with stakeholders during the proposed establishment of the ICT University of Nigeria as well as the ICT Development Bank and its Exhibition Centre in Abuja.
The Minister called on both Local and Foreign investors to fund the project as Nigeria seeks to diversify her Economy.
The Federal Government had planned to launch two extra satellite to complement the NigComSat 1R launched on may 2007.
Recall that the first Nigcomsat -1R program had cost Nigeria $300 million which included the satellite construction, launch and insurance for the first year in orbit.
Nigeria currently has four satellite in orbit, Nigcomsat -1R, NigeriaSat -1, NigeriaSat-2, NigeriaSat-X which was built by a team of Nigerian Engineers and Scientist at Surrey Satellite Ltd in United Kingdom.