The Federal Government has launched a major push to deepen Nigeria’s digital economy with a call for private sector investors to participate in a $20 billion infrastructure programme under the Building Resilient Digital Infrastructure for Growth initiative otherwise known as Project BRIDGE.

The programme, known as Project BRIDGE, is a joint effort involving the Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE), the Nigeria Sovereign Investment Authority (NSIA), and the World Bank. It is designed to accelerate the deployment of critical digital infrastructure nationwide through a structured public-private partnership (PPP) model.

The Ministry says Project BRIDGE will establish a Special Purpose Vehicle (SPV) “aimed at deploying at least 90,000 km of Fiber Optic cables as Nigeria’s core connectivity Infrastructure and national backbone for universal access to Information and Communication Technology (ICT) across Nigeria, under a Private-Public Partnership (PPP) funding model.” This initiative will complete Nigeria’s intended target of 120,000 km of fibre-optic cable roll-out in Nigeria as identified in the Nigeria National Broadband Plan 2020 – 2025.

Project BRIDGE to complete Nigeria’s intended target of 120,000 km fibre

Under the framework, the government will take a minority stake of between 25% and 49% in a Special Purpose Vehicle (SPV) to be established for the project, while private sector investors will hold a controlling interest of at least 51%. The SPV will serve as the central vehicle for mobilising investment and executing the programme.

Quest Merchant Bank, which has been appointed as Transaction Adviser to structure the initiative and coordinate the process of identifying qualified private investors, is inviting expressions of interest from eligible investors with demonstrable experience in infrastructure financing, development, and operations.

The fibre project is positioned as a strategic intervention to close Nigeria’s digital infrastructure gap, expand broadband access, and strengthen connectivity across key sectors of the economy. The initiative aligns with broader national goals to drive digital inclusion, enhance economic productivity, and support innovation-led growth.

Under the framework, the government will take a minority stake of between 25% and 49% in a Special Purpose Vehicle (SPV) to be established for the project, while private sector investors will hold a controlling interest of at least 51%. The SPV will serve as the central vehicle for mobilising investment and executing the programme.

According to the invitation by the Transaction Adviser, the total project cost is estimated at $20 billion, with the government already securing $800 million in funding support from the World Bank’s International Development Association (IDA). Private investors are expected to contribute at least $10 billion in equity, alongside additional debt financing to fully capitalise the project.

Prospective investors, according to the Transaction Adviser, are required to submit detailed proposals outlining their corporate profile, financial capacity, investment strategy, and track record in delivering large-scale infrastructure projects. Submissions must also include disclosures on litigation status, conflicts of interest, and compliance with anti-corruption regulations in line with World Bank procurement standards.

The selection process will be guided by the World Bank’s procurement regulations for investment project financing, with evaluation criteria focusing on technical expertise, financial strength, and the ability to mobilise funding within defined timelines. Successful applicants will be shortlisted and invited to proceed to the next phase of the transaction process.

Applications are to be submitted electronically to ProjectBRIDGE@questmbl.com, with hard copies delivered to Quest Merchant Bank’s head office in Lagos, according to the announcement.

The announcement also noted that the invitation does not constitute an offer or solicitation for securities, and participation will be subject to applicable regulatory approvals. The initiative, however, signals a significant step in Nigeria’s effort to crowd in private capital for large-scale digital infrastructure development, a critical enabler for the country’s digital transformation ambitions.