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Why Nigeria Needs More Tech Entrepreneurs

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Geoffrey Ellis Photo

The growing rate of internet users in Africa has mandate its proper implementation towards the betterment of African people, while countries like Egypt, South Africa, Morocco, Kenya, etc. are taking advantage of internet opportunities, Nigeria with over 70 million (internetwordstats.com) internet users is yet to fully utilize its population and growing market to its advantage.

There are two main reasons why Nigeria is a key factor in actualizing African entrepreneurial dream: one, Nigeria is the second fastest growing key emerging market in the world (Euromonitor.com) and on track for 7 percent growth rate in 2015 after a successful second quarter report.

Real GDP Growth in Top 5 Fastest Growing Key Emerging Economies in 2014

Euromonitor International from national statistics/Eurostat/OECD/UN/IMF

Source: Euromonitor International from national statistics/Eurostat/OECD/UN/IMF

Two, in a research conducted by British Council, Nigeria tertiary age (18-22 years old) population will lead the world through 2024 and grow from 16.1 million in 2013 to 22.5 million by 2024 which is equivalent to an average growth rate of 3.1 percent, far ahead of projected annual growth rate for Indonesia (1.3 percent), a country forecasted to be the next fastest growing country. Equally, overall tertiary enrolment is projected to double from 2.3 million students in 2013 to 4.8 million by 2024.

However, Nigeria unemployment rate is expected to increase proportionally from 7.5 percent to 24.33 percent by 2020 (http://ieconomics.com). This implies that there would be more unemployed graduates by 2020 if nothing is done now.

According to a research quoted by Facebook CEO, Mark Zuckerberg, for every 10 people who gain access to internet 1 is raised out of poverty. Another research shows that on the average small and medium enterprises (SMEs) employ between 2 to 100 employees. This is an important figure necessary to fill the void in the labour market and subsequently reduce unemployment, increase export revenue and empower the youths.

Sadly Nigerian internet sphere is limited by negative public perception due to series of scams emanating from the region, which has hindered foreign investors from helping the youth with viable startup to access funds. Institutions like Paypal, Amazon, etc offer limited services to Nigerians as a measure to curb possible fraud. So is some financial institutions in U.S and other countries won’t allow Nigerians to trade (forex) or transact on their platforms.

From all indications the internet has created more opportunities now than there was in the past, but the inability of the youth to access pool of resources have forced many to conform to the seemingly blogging business like Linda Ikeji and the likes. Now, the issue is blogging is currently reduced to entertainment or propaganda as a means to generate traffic, statistically it is less likely that the nation can create more jobs and reduce unemployment like Google Inc., Amazon, Bloomberg, etc. that way.

As the most populous black nation that accounted for 23.6 percent of African internet users. Not only that entrepreneurs can create jobs by thinking creatively but also because participation of more talented individuals can help solve vital societal issues and subdue negative perception, and as more start-ups strive to attain global standard using the power of technology, global accessibility becomes better, hence, global attention on the region would increase positively.

In June, Facebook Inc., announced the appointment of Nunu Ntshingila to manage over 120 million Facebook users in Africa, over 6.6 million of this population are Nigerians. This move further affirmed Africa as the next global target for future businesses and failure to emerge with the next phase of African/global entrepreneurs by creating sustainable businesses, would leave vacuum for more foreign businesses to fill at the expense of the people’s interest.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games

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MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

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President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State

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President Buhari

President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.

The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.

Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.

President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.

Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.

“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.

“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.

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Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others 

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Tesla earnings

Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.

Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.

Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.

Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.

Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.

Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.

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