Nigeria Begins Financial Advisory Process for 90,000km Fibre Rollout

Nigeria has kicked off the financial advisory process for a large-scale fibre-optic expansion under the $2 billion Building Resilient Digital Infrastructure for Growth (BRIDGE) Project, backed by the World Bank.

The initiative aims to deploy 90,000 kilometres of fibre across the country to improve broadband access, particularly in underserved areas. As part of the agreement with the World Bank—which has approved $500 million in financing—the Federal Government is required to appoint a financial and transaction advisory firm to structure and manage the project’s funding.

A spokesperson for the Ministry of Communications, Innovation, and Digital Economy said the initial selection process for the advisory firm is nearing completion. The firm will advise a special purpose vehicle (SPV), or project company, that will be established to oversee the nationwide fibre rollout across Nigeria’s 774 local government areas.

According to a financing agreement released by the World Bank and dated January 20, 2026, the Federal Government will hold a 49% minority stake in the project company, while private investors will retain majority ownership and operational control. The spokesperson noted that the SPV has not yet been formed and will be constituted once the transaction advisory process is concluded. Deployment is expected to begin after the company is established, with groundwork targeted for later this year.

The financing agreement, signed with the International Development Association (IDA), formally secures the $500 million concessional credit and outlines the governance structure, funding conditions, and deployment milestones for the project. It also defines the government’s minority shareholding and ensures private-sector-led management of the fibre network.

Approved by the World Bank Group’s Board of Directors on October 8, 2025, the BRIDGE Project is designed to expand access to high-quality broadband and support wholesale, open-access services for licensed telecommunications operators. The project is expected to connect up to 33 million Nigerians who are currently offline.

Implementation will be phased, with funding released in milestone-based tranches. The first phase, covering 30,000 kilometres of fibre, is scheduled to roll out in early 2026 following preparatory work and key procurements, including the appointment of the transaction advisory firm. Subsequent phases will extend coverage nationwide, while maintaining the government’s equity stake at no more than 49%.

The government will channel its participation through the Ministry of Finance Incorporated (MOFI), its investment arm, which will represent federal interests and exercise voting rights in line with the project company’s governance framework. The agreement was signed on December 30, 2025.

The $500 million IDA financing is concessional, carrying a maximum commitment charge of 0.5% per year on undisbursed funds. Repayment is scheduled to begin in October 2030, with semi-annual instalments over a 20-year period.

Funding will be disbursed in five tranches, starting with an initial $150 million for equity capitalisation. Further disbursements will depend on meeting deployment milestones of 5,000 km, 20,000 km, and 40,000 km, leading up to the launch of wholesale open-access services.

Oversight of the project will be led by the Federal Ministry of Communications, Innovation, and Digital Economy, while financial management will be handled by the Federal Project Financial Management Department. A Project Implementation Unit will coordinate daily operations, supported by a project management company responsible for procurement, monitoring, evaluation, and compliance with environmental and social safeguards.

The BRIDGE Project also includes environmental and social safeguards, requiring the implementation of an Environmental and Social Commitment Plan covering risk management, community engagement, grievance redress, and gender-based violence prevention. Regular reporting to the IDA will monitor compliance.

In addition, the project will provide technical assistance to strengthen government capacity to deploy climate-resilient broadband infrastructure, with the aim of supporting digital inclusion, public services, and long-term economic growth.