Nigeria: Govt Gets U.S.$550m From China for Satellites’ Procurement

03 Jan 2018: The Chinese Exim Bank has agreed to pay the $550 million Nigeria needs to procure two new satellites, Communications Minister Adebayo Shittu said on Wednesday. The minister disclosed this to State House correspondents after meeting with President Muhammadu Buhari. Shittu said the Chinese bank agreed to this following the federal government's inability to meet up with its 15 percent counterpart funding.