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Singaporean investors target stakes in telecoms spectrum to grow broadband

More facts have come up on why the Singapore Investment Corporation (SIC) embarked on fact-finding mission to Nigeria. Their interest is in spectrum currently being prepared by the Nigerian Communications Commission (NCC) for auctioning.

It would be recalled that the immediate past secretary-general of the International Telecommunications Union (ITU),Dr. Hamadoun Toure who told Nigerian delegation to the recently concluded ITU Telecom World 2016, Bangkok, Thailand that despite what looks like economic downturn, investments in the fast growing telecommunications sector have been put at $68b as at July, 2016. He said of this figure, $35 billion comes from Foreign Direct Investments (FDIs)

According to Toure, “the country is certainly a preferred destination for telecommunications investors in Africa”.

The team led by Mr. Ang Eng Seng, SIC President, Europe and his Deputy, David Kosson, addressed reporters shortly after their visit to the Office of the Executive Vice Chairman of the Commission, Professor Umar Garba Danbatta, saying they would like to stake their investment in the telecommunication sector.

Seng said Singapore was interested in Nigeria largely for her huge potentials and opportunities driven by her population and land mass within the continent.

The team was on fact finding mission to back local industries and enterprises with the needed finance to enable Singapore participate in ventures that would improve the economic fortunes of Singapore and Nigeria.

The team leader further revealed that they would also stake its investments in oil and gas, solid minerals and telecommunication, especially in telecom infrastructures such as broadband projects, Spectrum and other areas open for international investment.

The Singaporean investors demanded details of the opportunities available from the management of the NCC, disclosing that the team would further engage the management on the matter to enable it set out plans before the end of first quarter of next year.