PRESIDENT Bola Tinubu said that his administration has initiated a project to install fibre optic cables across the country, aimed at enhancing the socio-economic development of Nigeria.
His plans were contained in a speech he delivered at a joint session of the National Assembly in commemoration of Democracy Day on Thursday, June 12.
He said the fibre optic layout is part of other projects being embarked on.
“In addition, we have embarked on an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity.
“This initiative promises not only to enhance the speed and reliability of internet access but also to revolutionise how businesses operate, how students learn, and how communities stay connected,” Tinubu stated.
He maintained that by extending this critical infrastructure, his government is empowering entrepreneurs, enabling digital education, and providing the tools for our youth to compete in a globalised world.
In a most recent report on Internet connectivity, The ICIR pointed out how Nigeria has faced setbacks in its deployment of fibre optic cables and needs a transformation.
The challenges revolve around vandalism, inadequate coordination between road construction and telecom infrastructure, and varying right-of-way (RoW) charges across states.
Among industry experts, these issues impact network outages, increase repair costs, and hinder broadband expansion efforts.
It has also further threatened the digital economy, leading to slower Internet speeds, dropped calls, and unreliable connectivity among others.
For some analysts, the policy initiative could improve financial inclusion for most small businesses that have to sustain their customer base in internet-underserved areas.
“Improving Nigeria’s broadband access will spike inclusive economic growth and ensure financial inclusion in most underserved areas across the country. It’s a good step for the advancement of the economy, especially small and medium enterprises, many of whom transact their businesses in digital platforms,” a development economist, Kingsley Obiakor, said.
Addressing the legislature, Tinubu called on them to join hands with him to put forth innovative legislation that further encourages industrial development and job creation in urban centres while also drafting laws that improve food security and production.
Upon assuming office on May 29, 2023, Tinubu noted that he had introduced reforms to correct structural imbalances that prevented maximum growth.
“We are already seeing results. GDP (gross domestic product) grew by 3.4 per cent in 2024, with Q4 (quarter four) hitting 4.6 per cent, the highest quarter of growth in over a decade,” he said.
He highlighted that inflation has started easing gradually, steadying the price of food staples like rice and
beans.
“Our net foreign reserves have increased fivefold, and the Naira exchange rate has stabilised. Our balance of payments position is positive.
Our sovereign credit rating is improving as we continue to promote oil and non-oil exports. States now do not need to go about borrowing to pay salaries,” he added.
The President also stated that in less than one year that over one hundred thousand Nigerians, including thirty-five thousand civil servants, have benefited from affordable consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP), enabling them to purchase vehicles, light up and improve their homes, and purchase life essentials.
“This July, we will launch a bold new initiative to empower four hundred thousand young Nigerians, including youth corps, with consumer credit.
“Our ‘Nigeria First’ policy will further enhance progress as we consolidate market-driven growth. The improved economic performance is encouraging and validates the soundness of our policy measures. Our medium-term growth target remains an economy growing at a 7 per cent clip with a stronger manufacturing base. We must learn to produce and grow most of our food, and we are on the path to achieving food sovereignty,” he said.