Abuja, Nigeria – April 26, 2026 – Nigeria has officially opened the bidding process for private investors to participate in Project BRIDGE, a monumental initiative aimed at deploying 90,000 kilometers of fiber optic cables to create a national broadband backbone. The total project cost is estimated at $20 billion, with the government actively seeking private capital to accelerate the expansion of the nation's digital infrastructure.

Project BRIDGE, an acronym for Building Resilient Digital Infrastructure for Growth, is a collaborative effort spearheaded by the Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE), the Nigeria Sovereign Investment Authority (NSIA), and the World Bank. The initiative is designed to bridge Nigeria's digital divide and enhance universal access to Information and Communication Technology (ICT) services across the country. This ambitious plan aligns with the objectives of the Nigeria National Broadband Plan 2020-2025, which targets a total roll-out of 120,000 km of fiber-optic cable.

The project will operate under a structured Public-Private Partnership (PPP) model. A Special Purpose Vehicle (SPV) is being established, in which the Nigerian government will hold a minority stake of between 25% and 49%, while private sector investors will own a controlling interest of at least 51%. This SPV will be the central entity responsible for mobilizing investment and executing the project.

Quest Merchant Bank has been appointed as the Transaction Adviser, tasked with structuring the initiative and managing the process of identifying qualified private investors. Expressions of Interest are now being invited from eligible investors who can demonstrate substantial financial capacity, a commitment to Nigeria's digital economy goals, and adherence to international governance standards.

The World Bank is supporting Project BRIDGE with significant financial backing, having already approved $500 million in financing through its International Development Association (IDA). Additional funding has also been secured from other international partners, including a $100 million investment from the European Bank for Reconstruction and Development (EBRD) and a €22 million grant from the European Union (EU).

Project BRIDGE is poised to have a transformative impact on Nigeria's economy. Expected outcomes include enhanced connectivity and increased internet penetration, substantial improvements in internet speed and reliability, and the creation of an estimated 20,000 direct jobs and over 150,000 indirect jobs. The project is also projected to stimulate innovation and support the growth of Nigeria's digital economy, potentially leading to a GDP per capita growth of up to 1.5%.

The initiative aims to deploy the 90,000 km of fiber-optic cables to extend the national backbone and bring reliable connectivity to millions of households, businesses, schools, and hospitals, particularly in underserved regions. The government anticipates that the project will significantly boost digital inclusion and position Nigeria as a leader in Africa's digital economy.

Preparatory activities and the appointment of a transaction advisory firm are nearing completion, with the SPV expected to be formed soon. The government is working towards commencing groundbreaking activities within the current year, marking a significant step towards achieving its digital transformation agenda.