The Federal Government is targeting about $1.2 billion in private sector investment for its planned 90,000km nationwide fibre optic network under Project BRIDGE.
The project, with an estimated total cost of $2 billion, has already secured $800 million in sovereign financing from development partners. The package includes a $500 million facility from the World Bank approved in October 2025, a $200 million loan from the African Development Bank (AfDB) approved in April 2026, and $100 million from the European Bank for Reconstruction and Development (EBRD) approved in February 2026.
The European Union has also provided a €22 million grant, plus a $2.6 million project preparation grant from the Multilateral Cooperation Center for Development Finance.
According to records reviewed by Punch, the remaining $1.2 billion will be raised through a public-private partnership structure and is not a precondition for commencement. Physical deployment is scheduled to begin in October.
Strategic Communications Adviser to the Minister of Communications, Innovation and Digital Economy, Osibo Imhoitsike, confirmed the sovereign funding and said the government has received a significant private sector investment offer.
“The government has received a significant private sector investment offer as part of the PPP structure, and that process is currently being concluded,” he said.
To drive implementation, the government incorporated Bridge Open Access Ltd in August as the special purpose vehicle. Bridge Open Access will finance, build and operate the network as a wholesale open access provider, selling fibre capacity to mobile network operators, ISPs, banks and cloud companies.
Under the structure, private investors are expected to hold 51% to 75% equity in Bridge Open Access, while the Federal Government, through the Ministry of Finance Incorporated (MOFI), will retain 25% to 49%.
Once completed, the project will expand Nigeria’s fibre backbone from about 35,000km to around 125,000km and connect all 774 local government areas. The government has shortened the rollout timeline from five years to three years.
Telecoms consultant Ejike Onyeaso said operators are looking forward to the project as it will reduce costs of fibre deployment, especially in hinterlands and underserved communities.
Leave a comment