Nigeria’s Minister of Communications, Barrister Adebayo Shittu has facilitated the inflow of fresh $4 billion foreign direct investment (FDI) into the country.
The investment, being made by some Indian entrepreneurs, would be channelled into boosting rural telephony in the country.
The new investment inflow was announced in a statement signed by Mr. Victor Oluwadamilare, the Special Adviser on Media to the Minister of Communications, Barr. Adebayo Shittu on Tuesday in Abuja.
According to the statement, Nigeria’s delegation to the just-concluded World Summit on the Information Society (WSIS) Forum 2017, led by Shittu, in Geneva, Switzerland, struck a business deal to facilitate growth of telecoms industry in Nigeria.
“At a side meeting with the elated business gurus and key investors, a couple of Indian entrepreneurs, convinced of the minister’s olive branch and sincerity of purpose, jumped at the offer to pull resources together in excess of $4 billion, to be invested in Nigeria’s telecom sector with emphasis on rural telephony and grassroots development.
“The two parties are due to meet next month to fine-tune the necessary modalities,” the statement said.