Nigeria okays telecoms plan

Nigeria okays telecoms plan

ABUJA, Nigeria (AFP): The Nigerian government on Wednesday approved a US$10 billion development plan for the state-run telecoms company NITEL, casting doubt on its place in the country's slow-moving privatization program.

Communications Minister Mohammed Arzika told reporters NITEL would be asked to provide 625.9 billion naira over four years in internally-generated revenue for investment and find an additional 500 billion naira from investors or banks.

"It is going to be a very massive undertaking," he said.

"NITEL intends to do it in partnership with investors or banks," he said.

The plan would develop NITEL's operations and network nationwide over four years from 2000 to 2004 at a total investment of over one trillion naira (around $10 billion), he said.