The Board of the European Bank for Reconstruction and Development (EBRD) has approved a $100 million investment for Nigeria’s Project Bridge, a major national initiative aimed at expanding broadband infrastructure across the country.
The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, disclosed this on Wednesday.
According to Tijani, this new commitment adds to the previously approved $500 million financing from the World Bank Group, significantly strengthening the financial base for the large-scale connectivity programme.
Europe Tour gains
Tijani said the latest funding followed a series of engagements during the final leg of the Project BRIDGE Investment Tour across Europe.
“As we conclude the final leg of our Project BRIDGE Investment Tour in Europe this week, following several extremely positive engagements, I am pleased to confirm the formal approval by the Board of the European Bank for Reconstruction and Development to proceed with a $100 million investment in Project BRIDGE,” the Minister stated in a post on his X handle.
“Earlier this week, we also announced the signing of the European Union Digital Economy Package of €45 million which includes a € 22 million grant towards Project BRIDGE, as well as €18 million for Digital Public Services and €5 million to support our 3MTT Nigeria Programme,” Tijani added.
- According to Tijani, the approvals reflect growing international confidence in Nigeria’s digital infrastructure agenda and the government’s push to bridge the country’s connectivity gap.
- He described the outcome as “deeply reassuring,” highlighting that the partnerships secured would help accelerate the rollout of infrastructure needed to connect millions of Nigerians and support the growth of the digital economy.
The project
The Federal Executive Council (FEC) had in May 2024 approved the establishment of a special purpose vehicle (SPV) to facilitate the deployment of 90,000 kilometers of fibre cable across the country.
The project, which was later dubbed Project Bridge, is expected to internet internet penetration in Nigeria to over 70% and reduce the cost of access to the internet by over 60%.
Through the project, Tijani said Nigeria would achieve the inclusion of at least 50% of the 33 million Nigerians currently excluded from access to the internet.
It is also expected to deliver up to 1.5% of GDP growth per capita raising GDP from $472.6 billion (2022) to $502 billion over the next 4 years.
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