Nigeria’s Minister of Communications, Innovation, and Digital Economy Announces Rising Revenue for NIGCOMSAT in H1 2024
Key Highlight
- Dr Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, announced that NIGCOMSAT Limited has doubled its total revenue.
- NIGCOMSAT operates under the auspices of the Nigerian Ministry of Communications, Innovation, and Digital Economy, led by Dr Bosun Tijani.
Dr Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, announced that Nigeria Communication Satellite (NIGCOMSAT) Limited has already doubled its total revenue for 2023 in just the first half of 2024.
Despite the company’s revenue for 2023 remaining undisclosed, industry critics have long condemned NIGCOMSAT for its minimal earnings despite receiving substantial government funding annually. In the approved 2024 federal budget, NIGCOMSAT received NGN 5.3 billion, slightly increasing from the NGN 4.5 billion allocated in 2023.
“Nigeria is the only country in West Africa with its satellite. Historically, the satellite had not been used effectively. But this government is now putting it to good use. The revenue that NIGCOMSAT generated from the use of our satellite is already more than what we generated last year. I think we have already doubled what we’ve generated in 2023.”
Dr. Tijani highlighted that businesses are using satellites, a key technological advancement, and that these satellites play a significant role in Project 774. This project, which aims to connect all the 774 local governments in the country to the internet, is a testament to the country’s technological progress. By integrating satellite technology into this nationwide connectivity project, the government enhances digital access and demonstrates the practical benefits of satellite technology for national development.
Dr Tijani’s announcement is a clear indicator of the government’s strategic approach to optimizing technological assets and addressing past inefficiencies. It reflects a broader vision of leveraging innovation to drive economic growth and improve public services.