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.