Connectivity

Nigeria and China Sign $550 Million Satellite Deal

By Photo of Kendall Russell
The "Golden Plaza" in Ikoyi, Lagos. Photo: Wikimedia.
The "Golden Plaza" in Ikoyi, Lagos. Photo: Wikimedia.

Sensing market opportunities in Africa, China Exim Bank and manufacturer China Great Wall have agreed to pay $550 million to procure two new satellites for Nigeria. The contract comes after Nigeria renegotiated an earlier deal which required it to front 15 percent of the satellites’ cost — now, the country isn’t paying anything for it.

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