The Nigerian telecom regulator said investment in sector has now officially exceeded $75.6bn to underscore a pulsating industry despite a mix of challenges including galloping inflation and a shrinking national income in the last few years. The Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, said the investment profile comprises of foreign direct investment (FDI) and local investment. The sector has remained strong despite headwinds, Danbatta disclosed at an interactive session with stakeholders in the communications media ecosystem, in Lagos recently where he provided his scorecards and landmark developments that have shaped the trajectory of…
Author: Elvis Eromosele
The Board of Directors, African Development Bank (AfDB), has approved a loan of 115 million dollars to support a major road rehabilitation project in Abia State, Nigeria. This is contained in a statement issued by the Nigeria Country Department of the bank on Saturday in Abuja. It said the project would see to the rehabilitation of roads, erosion control infrastructure and preparation of solid waste management facilities in the state capital, Umuahia, and the commercial hub, Aba. “Financing for the project estimated at a total cost of 263.80 million dollars, will come through an AfDB loan of 100 million dollars.…
Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Ahmed Tinubu to use his good offices and leadership position to “urgently publish details of spending of about N400bn so far saved as a result of the removal of subsidy on Premium Motor Spirit (PMS) popularly called petrol.” SERAP urged him to “provide details of the plans on how subsequent savings from the removal of subsidy on petrol, including specific projects on which the funds would be spent, and the mechanisms that have been put in place to ensure that any such savings are not embezzled, misappropriated or diverted into…
The Nigeria Communication Commission (NCC) has directed telecommunications companies in Nigeria to deactivate phone lines unused for six consecutive months for Revenue Generating Event (RGE). The commission gave the directive in a customer guideline document titled: “Draft Quality of Service Business Rules,” released to network providers to improve customer experience. The document was made available to journalists on Friday. The document read: “A subscriber line may be deactivated if it has not been used, within six months, for a Revenue Generating Event (RGE), and If the situation persists for another six months the subscriber may lose their number, except for…
The number of National Identification Numbers (NINs) issued by the National Identity Management Commission (NIMC) has reached 101 million. According to the latest data from the NIMC, the issued NINs are now 101,013,279. The data show that in the last six months, the commission added 5,935,362 NINs to the database. The figure stood at 95,077,917 as at January 2023. NIMC informed that of the 101 million issued NIN, males have 57.3 million, which is equivalent to 56.76 per cent, while women have been issued 43.57 million or 43.2 per cent. Further analysis of the June data shows that the highest…
Nigeria’s drive improved financial inclusion has received a boost as PalmPay, Africa-focused fintech platform, hit a record 25 million users, a network of 500,000 mobile money agents and 300,000 merchants in its payments ecosystem. The growth in just four years of its market operation in Nigeria is a testament to the company’s robust strategy centred on offering secure, user-friendly and inclusive financial services, the company said. Sofia Zab, Global CMO, PalmPay, said the company is proud to be a driving force of financial inclusion and cashless payment adoption in the country. She added that its growth validates its approach and…
130 countries representing 98 per cent of the global economy are now exploring digital versions of their currencies, with almost half in advanced development, pilot or launch stages, a closely-followed study has shown. The research by the U.S.-based Atlantic Council think tank published on Wednesday said significant progress over the past six months meant that all G20 countries with the exception of Argentina were now in one of those advanced phases. Eleven countries, including a number in the Caribbean, and Nigeria, have already launched central bank digital currencies (CBDCs) as they are known, while pilot testing in China now reaches…
The International Air Transport Association (IATA) unveiled a series of roadmaps aimed at providing step-by-step detailing of critical actions and dependencies for aviation to achieve net zero carbon emissions by 2050. These roadmaps address aircraft technology, energy infrastructure, operations, finance, and policy considerations leading to net zero. With the adoption of a Long Term Aspirational Goal (LTAG) at ICAO’s 41st Assembly, governments and industry are aligned to reach the same net zero CO2 emissions goal by 2050. As policy initiatives lay the foundation on which many of the needed innovations and actions will rest, these roadmaps will be a critical…
The World Bank has said that the accelerating inflation in Africa’s biggest economy has pushed an additional four million Nigerians into poverty in the first five months of 2023. In its latest Nigeria Development Update report for June 2023, the Bank said the loss of purchasing power from high inflation has increased poverty in the short term, pushing an estimated four million Nigerians into poverty between January 2023 and May 2023. Nigeria’s economic performance weakened in the first part of 2023 amid a challenging global context – which has continued to pose challenges for Nigeria’s economy – and domestic economic…
Oil prices rose on Monday as investors balanced concerns about global demand growth against upcoming supply disruptions that could be exacerbated by political instability in Russia. Brent crude futures rose by 33 cents or 0.5 per cent to settle at $74.18 a barrel, while the US West Texas Intermediate (WTI) futures increased by 21 cents or 0.3 per cent to $69.37 a barrel. Heavily armed Russian mercenaries withdrew from the southern Russian city of Rostov under a deal that halted their rapid advance on Moscow on Saturday. Despite the change of course, the move raised questions about President Vladimir Putin’s…