The Federal Government will soon transform the Nigerian Communications Satellite Limited (NIGCOMSAT) into a competitive commercial entity in order to get its own share in the $86billion annual global revenue of the satellite industry.
Daily Trust had reported that Nigeria loses N720bn annually due to low patronage of the country’s satellites.
But the Minister of Communications, Adebayo Shittu, said in a statement yesterday that efforts were being made to make the satellite agency a competitive service provider which would manage government investment in communications satellite through commercialization.
Shittu disclosed these in Abuja when he inaugurated the new Executive Directors for NIGCOMSAT, according to the statement.
The Minister said ever since the launch of NIGCOMSAT 1R in 2011, several efforts have been made to optimizing the value of the satellite limited success.
