The Federal Government is seeking about $1.2bn in private capital for its planned 90,000-kilometre nationwide fibre network, as the project moves towards physical deployment in October with a newly incorporated company set up to drive its implementation.

Official records from the government and global financial institutions reviewed by The PUNCH show that $800m of the estimated $2bn cost of the Federal Government’s planned fibre network has so far been covered by sovereign financing commitments, leaving about $1.2bn of the project cost outstanding.

The $800m comprises a $500m World Bank facility approved in October 2025, a $100m loan from the European Bank for Reconstruction and Development approved in February 2026, and a $200m African Development Bank loan approved in April, the records show.

The private capital is not a funding requirement that must be met before implementation can start. Rather, it forms the larger remaining portion of the project’s estimated $2bn capital envelope, which the Minister of Communications, Innovation and Digital Economy, Bosun Tijani, pitched in 2024.

Strategic Communications Adviser to the Minister, Osibo Imhoitsike, told The PUNCH that Project BRIDGE had attracted substantial support from international development finance institutions and private-sector mobilisation through the transaction structure.

He confirmed that the sovereign financing secured to date included $500m from the World Bank, $200m from the African Development Bank and $100m from the European Bank for Reconstruction and Development. The European Union also provided a €22m grant for Project BRIDGE.

“The government has received a significant private sector investment offer as part of the PPP structure, and that process is currently being concluded,” Imhoitsike said.

The minister, Tijani, confirmed in August that physical rollout was expected to begin in October. The October date follows the incorporation of Bridge Open Access, or Bridge OA, in August as the special-purpose vehicle for the project.

“The establishment of the company signalled that the project was moving into its implementation phase, with the industry now expecting the October rollout,” Telecom consultant Ejike Onyeaso told The PUNCH.

“The industry is really looking forward to that because it will help reduce costs for not just mobile network operators but also internet service providers that rely on fibre, particularly in the hinterlands and underserved areas.”

In March 2025, his ministry formally opened an investor consultation process, inviting private-sector players to express interest in the Special Purpose Vehicle for the rollout under a public-private partnership model.

In April 2026, Tijani stated, “We’re now mobilising the private sector to plug the remaining gap,” after noting that over $800m had been raised from the government and World Bank for the project. The project is designed to take the national network from the current 35,000km to roughly 125,000km.

The World Bank said the programme would help close the country’s digital divide by expanding affordable, high-speed broadband to communities that remain unserved or underserved.

“The BRIDGE project puts into action the bold and ambitious vision to unlock the potential of the digital economy in Nigeria, working alongside the private sector,” World Bank Country Director for Nigeria, Mathew Verghis, said.

“Access to fast and reliable internet will help to create more quality jobs for millions of Nigerians across all 774 LGAs in addition to improving the quality of essential services like education and healthcare.”

Documents from the ministry show that investors are expected to hold a majority stake in Bridge OA, with equity ownership ranging from 51 per cent to 75 per cent and operational control of the company. The Federal Government, through the Ministry of Finance Incorporated, or MoFI, is expected to retain between 25 per cent and 49 per cent.

The structure is intended to bring private capital and operating expertise into a project in which the government is providing part of the financing while retaining a minority position.

Bridge OA will handle the financing and construction of the network and operate it as a wholesale open-access infrastructure company rather than a retail internet provider. It is expected to sell fibre capacity on equal and non-discriminatory terms to qualified operators, including telecommunications companies, internet service providers, banks and cloud providers, rather than directly serving end users.

The rollout had previously been targeted for the fourth quarter of 2025 or the first quarter of 2026, but large-scale construction was deferred as the government worked to establish the special-purpose vehicle, onboard private investors and complete the necessary procurement and implementation arrangements.

The project was initially expected to be implemented over about five years, with an initial target of roughly 30,000km in the first year before the pace increased as private capital and construction capacity were brought into the programme. Tijani has since revised the overall delivery period to three years, bringing forward the expected completion of the 90,000km network.

Odumegwu-Ojukwu made the call at a town hall meeting with Nigerians in the Diaspora in New York on Wednesday evening, held on the sidelines of the United Nations General Assembly and attended by Vice President Kashim Shettima.

This was disclosed in a statement issued on Thursday in Abuja and signed by the Special Assistant on Communication and New Media to the minister, Magnus Eze.

According to the statement, the minister said the presence of the Vice President at the engagement underscored the importance the Federal Government attaches to Nigerians living abroad, their welfare, concerns and contributions to national development.

Odumegwu-Ojukwu described the Diaspora as an important pillar of Nigeria’s foreign policy, stressing that Nigerians abroad should be regarded as strategic partners rather than solely as contributors to the country’s economy through remittances.

“Nigerians abroad are more than a source of remittances. You are professionals, entrepreneurs, academics, innovators and important bridges between Nigeria and the international community,” the minister said.

She reaffirmed the Ministry of Foreign Affairs’ commitment to citizens diplomacy, which places the Nigerian citizen at the centre of the country’s diplomatic engagements.

She also directed Nigeria’s embassies, high commissions and consulates to remain accessible and responsive to Nigerians within their respective jurisdictions, particularly when citizens require legitimate consular assistance.

“The welfare of Nigerians abroad must remain a priority. Our missions must listen, engage and assist our citizens within the limits of international law and the laws of host countries,” she stated.

The minister, however, urged Nigerians in the Diaspora to respect the laws of their host countries and conduct themselves in ways that uphold the dignity and good name of Nigeria.

She called for stronger collaboration between the Federal Government and the Nigerian Diaspora in investment, innovation, knowledge transfer, mentorship and international business linkages.

“Your knowledge and international exposure are invaluable assets to our country. We want a stronger partnership with our Diaspora,” Odumegwu-Ojukwu said.

She encouraged Nigerians abroad to mentor young Nigerians, support innovation, establish partnerships with Nigerian institutions and connect Nigerian businesses and entrepreneurs to opportunities in international markets.

The minister described the town hall meeting as an important component of the government’s continuing dialogue with Nigerians abroad, noting that effective Diaspora engagement must be based on trust, openness and sustained communication.

She assured the gathering that the Ministry of Foreign Affairs would continue to work closely with the Nigerians in Diaspora Commission, Nigeria’s diplomatic missions and other relevant institutions to strengthen engagement with Nigerians overseas and advance their legitimate interests.

“Wherever you may reside, Nigeria remains our common heritage. Distance does not diminish citizenship. Where there are challenges, let us work together to address them; where there are opportunities, let us seize them together,” she said.

Odumegwu-Ojukwu further noted that Nigeria’s representation on the international stage extended beyond its diplomats, pointing to the millions of Nigerians whose achievements, professionalism and conduct contribute to the country’s global standing.

“Nigeria is represented internationally not only by its diplomats, but also by millions of Nigerians whose achievements, professionalism and character speak for our nation every day,” she said.

The minister assured Nigerians in the Diaspora that the Federal Government would continue to strengthen mechanisms for engagement, consular support and collaboration while creating opportunities for them to contribute meaningfully to national development.

“You are an important part of Nigeria’s story, and you are indispensable to Nigeria’s future,” the Minister told the gathering.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Nigeria earned N998.50bn from petrol exports, known as motor spirit (ordinary) or Premium Motor Spirit, in the first six months of 2026. Analysts say the Dangote Petroleum Refinery’s ramp-up and the war in Iran turned a commodity that once topped the import bill into one of the country’s leading exports.

The National Bureau of Statistics’ trade statistics report, released in the second quarter of 2026, showed that N621.72bn of earnings came from African trading partners.

In Q2 2026, PMS ranked seventh among Nigeria’s top exports with N546.02bn, a 2.02 per cent share of total exports. Crude oil led with N12.91tn (47.79 per cent), followed by kerosene-type jet fuel at N2.94tn, natural gas at N2.82tn, urea at N2.12tn, other petroleum gases at N1.89tn and gas oil at N1.32tn.

Nigeria’s fuel export story was different a year earlier. PMS did not rank among the top exports in Q1 2025 but featured among the top imports, as Nigeria spent N1.76tn buying the product. It resurfaced on the export list in Q2 2025 with earnings of N85.83bn, meaning Q2 2026 receipts were more than six times higher.

In separate interviews with The PUNCH, experts explained how Dangote Refinery eased the need to import PMS and powered the export drive. Investment research analyst Abeeblahi Rufai said the limited exports in Q1 2025 reflected a lack of surplus product.

Rufai said, “The limited PMS exports in Q1’25 reflected the absence of an exportable refined product surplus. Nigeria remained a heavy importer of petrol, spending N1.76trn on PMS imports in the quarter, which indicates that domestic demand was still absorbing Dangote Refinery’s output.”

He noted that outages and maintenance at the refinery’s Residue Fluid Catalytic Cracking unit also constrained gasoline production. An RFCC unit is an advanced secondary conversion unit in an oil refinery that breaks down extremely heavy, low-value residual oils into high-value products like gasoline, diesel, and liquefied petroleum gas.

The analyst added that domestic supply obligations under the naira-for-crude arrangement and political pressure to prioritise the local market further limited export opportunities.

He explained that the export surge that followed had two causes: the ramp-up of the Dangote Refinery and the impact of the Iran war on global refined-product availability.

According to the analyst, African countries had depended heavily on refined products from suppliers in the Middle East, Asia and Europe. These included the United Arab Emirates through ADNOC, Saudi Arabia through Saudi Aramco, Oman and India, which supplied East African markets such as Kenya and Tanzania.

Rufai said the Dangote Refinery’s proximity to African markets gave it a logistical edge, as shorter shipping distances cut freight and logistics costs.

Explaining how the Iran war catalysed the fuel export surge, he said, “The Iran war of H1’26 was a second catalyst. Disruptions to energy flows via the Middle East, including the closure of the Strait of Hormuz, have constrained supplies to key Asian and European markets, prompting some countries to curb refined-product exports.”

He said sanctions limited Russia’s ability to fill the gap, while Ukrainian attacks on its refining infrastructure reduced the availability of its products. This tightened global refined-product markets and raised demand for supplies from refineries outside the conflict area.

“In this respect, Dangote became an emerging alternative source of PMS to the African markets. Its geographic proximity also lowered the logistics premium compared with supplies from Europe and the Middle East, making Nigerian-origin refined products more attractive to regional buyers,” Rufai said.

Similarly, a Senior Analyst at CardinalStone Securities, Tomiwa Adeniji, said Nigeria’s decades-long reliance on imported fuel, despite being a crude producer, reflected inadequate refining capacity and low utilisation.

She said the country’s refining capacity had moved from about 400,000 barrels per day at roughly one per cent utilisation before the Dangote Refinery began operations to 1.1 million barrels per day at about 62 per cent utilisation.

Adeniji said the refinery began PMS production in September 2024, but low capacity utilisation during its ramp-up constrained availability. “Nigeria has now transitioned to being a net exporter of refined petroleum products,” Adeniji said.

An economist and Chief Executive Officer of Economic Associates, Dr Ayo Teriba, affirmed that the trend followed the refinery’s initial focus on the domestic market.

“Dangote Refinery started with import substitution. So you find that it is now supplying at least more than 50 per cent of local requirements. It is now therefore easing the need to import PMS and in the medium term eliminates importation of PMS,” Teriba said.

He said the refinery then began exporting PMS, diesel and aviation fuel, all of which Nigeria previously imported. “Such that an item that had dominated our import list is now beginning to diminish in our import list and is now emerging as a dominant commodity in our export story,” Teriba said.

Teriba said the energy and petroleum resources refining story was evolving and would not differ across PMS, diesel, aviation fuel and urea.

The surge may expand further as the Federal Government deepens oil exploration to increase supply, which in turn feeds the refineries. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said policies under President Bola Tinubu had increased local participation in Nigeria’s hydrocarbon production. He spoke to journalists in Abuja on Monday.

Lokpobiri said indigenous companies now account for 60 per cent of oil production, against the 80 to 90 per cent once held by international oil companies. “Before now, it used to be 90 per cent IOCs. Right now, we have 60 per cent indigenous companies accounting for the production we have in Nigeria. That means 60 per cent retention of value in the country,” Lokpobiri said.

He said the international oil companies had not left Nigeria but had divested from onshore, swamp and shallow-water assets to focus on deep offshore operations, with Nigerian firms taking over the divested assets.

The minister said active drilling rigs had risen from between 10 and 14 to over 65, and that the country aims to produce at least three million barrels of crude oil per day in the coming years.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM