Government targets $86m Revenue from Space Satellite

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Government targets $86m Revenue from Space Satellite

Mr. Adebayo Shittu, Minister of Communications, said that the Federal Government has repositioned the Nigerian Communications Satellite Limited (NIGCOMSAT) for global competitiveness to enable it generate an annual revenue of $86 million into government coffers.

Government targets $86m Revenue from Space Satellite

The Minister made the disclosure during the inauguration of three Executive Directors of NIGCOMSAT in his office.

A statement from Pauline Sule, Director of Public Affairs in the Ministry, quoted the Minister as saying that ever since the launch of NIGCOMSAT 1R in 2011, several efforts have been made to optimizing the value of the satellite limited success.

“Of note, however has been the recent initiative to introduce Direct-To-Home Television Broadband and Global Positioning Services in the first robust attempt to COMMERCIALIZE NIGCOMSAT 1R and appropriately position the Company in global $86 million annual revenue industry”, the Minister added.

According to him, the Nigerian Communications Satellite Limited (NIGCOMSAT) is now a competitive commercial service provider, and is capable of managing government investment in communications satellite through commercialization of the services of the satellite.

Shittu congratulated the Managing Director, newly appointed Executive Directors and the entire management staff of NIGCOMSAT for putting all hands on deck and cooperate with one another to ensure the successful commercialization of NIGCOMSAT.

He expressed optimism that NIGCOMSAT would be self-funding as well as a source of major revenue generation to the Federal Government.

Abimbola Alale, Managing Director NIGCOMSAT, represented by Mr Shehu Malami Bello congratulated and welcomed the newly appointed Executive Director’s, and expressed readiness to work with them.

And she said that the newly appointed Executive Director’s which are Mr Kazeem Kola Raji, Alhaji Mohammad Lema Abubakar and Barr. Samson Osagie would resume work immediately.

Source

Government targets $86m Revenue from Space Satellite
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