China’s Industrial Bank to support Nigeria’s telecom project targeting 20 million citizens

Nigeria’s Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, has announced a fresh support cum partnership from China’s Industrial Bank (CIB) for a Nigerian project known as the Nigeria Universal Communication Access Project (NUCAP).

NUCAP seeks to connect about 20 million Nigerians in underserved communities, and the CIB would support this mission by providing adequate telecom infrastructure.

Tijani, who announced the development via an X post, stated that the NUCAP project seeks to deploy 3,700 telecommunications towers.

“I was pleased to welcome the delegation from China Industrial Bank (CIB), led by Peng Shuang, General Manager, Strategic Emerging Industries Business Headquarters, to reaffirm their support and commitment to the Nigeria Universal Communication Access Project (NUCAP), a landmark initiative that will bring connectivity to over 20 million Nigerians in unserved communities through the deployment of 3,700 telecommunications towers across the country,” Tijani Shared on X.

“I am particularly encouraged by the Bank’s commitment to supporting our ambition of delivering a minimum of 1,000 tower sites by the end of this year, helping to bring connectivity, opportunity, and economic inclusion closer to millions of Nigerians.” He added.

NUCAP seeks greater connectivity for Nigerians

Speaking extensively about the NUCAP project, Tijani explained that it is a comprehensive green network of modern telecommunications towers. These towers will bring connectivity to unconnected communities. Many of the unconnected communities and project targets are in rural and riverine areas.

He stated that the CIB’s interest in the project highlights the growing confidence of international players in Nigeria’s vision to connect all parts of the country and drive economic growth through accessibility and inclusion.

The CIB is one of China’s leading commercial joint-stock banks. It boasts total assets exceeding 11 trillion yuan ($1.52 trillion) and consistently ranks among the top 20 global banking institutions.

CIB is widely recognised as China’s pioneer in sustainable finance. It became the nation’s first bank to adopt a global risk management framework. This assesses environmental and social risks in projects.

The NUCAP partnership is the bank’s first investment in Nigeria.

Last updated: June 4, 2026