Nigeria secures $100 million from European bank to wire 90,000km of fibre across the country

Nigeria has secured a $100 million in funding from the European Bank for Reconstruction and Development to build out fibre optic infrastructure across the country.

Communications Minister Bosun Tijani announced the investment today, following a two-week tour across six European countries to secure funding for Project BRIDGE, the government’s plan to lay 90,000 kilometres of fibre optic cable nationwide.

The EBRD funding adds to a $500 million facility already approved by the World Bank Group, bringing total secured financing to $600 million.

The European Union also signed off on a €22 million grant specifically for Project BRIDGE, part of a larger €45 million Digital Economy Package that includes €18 million for digital public services and €5 million for the 3 Million Technical Talent (3MTT) programme.

What project BRIDGE actually is

Project BRIDGE is Nigeria’s most ambitious connectivity project, a nationwide push to lay fibre optic cables that will bring high-speed internet to areas currently without reliable broadband.

The 90,000km of planned infrastructure would reach cities, towns, and rural communities that mobile networks alone haven’t been able to serve adequately.

Right now, most Nigerians access the internet through mobile data, which is expensive and often unreliable. Broadband penetration remains low, especially outside major cities. Fibre infrastructure changes that provide the backbone that mobile networks, ISPs, and other providers can plug into to offer faster, cheaper internet.

This project aims to fix the infrastructure problem that is slowing down Nigeria’s digital economy. Reliable internet is essential for startups, remote workers, students, and businesses. However, many areas of Nigeria do not have the necessary cables to provide this internet access.

Why foreign banks are funding Nigeria’s internet

The EBRD and World Bank investments signal confidence in the country’s digital economy potential despite broader economic challenges. These aren’t grants; they’re loans structured as infrastructure financing, meaning Nigeria will pay them back over time as the project generates returns.

For the development banks, the bet is that better internet infrastructure drives economic activity, creates jobs, and enables services like digital payments, e-government, and online education.

Also read: Nigeria moves to link electricity and internet access in new digital inclusion push

Nigeria’s tech industry has shown it can create world-class companies like Paystack, Flutterwave, and Andela. However, these achievements are mainly in Lagos and Abuja, where the infrastructure is better.

The €22 million EU grant is actual free money, not a loan, specifically earmarked for Project BRIDGE. The additional €18 million for digital public services will help government agencies digitise, while the €5 million for 3MTT supports training programmes aimed at building Nigeria’s tech talent pipeline.

In two weeks, Minister Tijani visited six European countries to raise funds and gain support. This diplomatic effort aimed to secure commitments before Nigeria finalised its budget for the year.

The fact that several organisations agreed to participate indicates that the Minister successfully argued that Nigeria’s digital infrastructure challenges can be resolved and that investing in this area is financially worthwhile.

The timeline and execution details haven’t been fully disclosed yet, but with $600 million secured and more potentially coming, the funding side is taking shape.

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