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Research Shows Nigeria’s Internet Affordability Remains Poor

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Nigeria Internet Users

Nigeria has one of the most expensive broadband in Africa, says a research conducted by online car marketplace, Carmudi.com.ng. The study, which showed Nigeria with deep internet penetration of up to 200 per cent, noted that the country still lags behind when it comes to affordable internet as broadband gulps up to 30 per cent of household income.

According to Vanguard report, “Carmudi Nigeria’s research showed an increase in 2013 when Nigeria’s internet penetration grew by 200 per cent overtaking South Africa’s 60 per cent to become the country with the largest number of internet users in Africa. South Africa’s internet penetration became the second highest for all African countries and in third and fourth places is Morocco with 55 per cent and Egypt, 44 per cent. This is well above the figure of 16 per cent for Africa as a whole, and is comparable with 31 per cent for developing countries worldwide.”

On the real cost of broadband access across surveyed countries, the report also noted that, “A survey on price range of internet service distributed by Carmudi across African countries showed that unlimited fast and reliable internet in Togo cost as low as N5000 for a month while the same quality of internet in Ghana cost less than N100 daily. In February 2015, a Rwanda 4G internet provider slashed its tariff by 70 per cent automatically becoming the cheapest internet service in Africa.” The report further noted that Nigeria ranks seven when its internet tariff is gauged on a scale of one to ten in the affordability index, making it more expensive than most African countries.

Recall that in 2013, Nigeria ranked 142 out of 169, on affordability rating for fixed internet broadband and it seems not much has changed.

Speaking on the report, Managing Director of Carmudi Nigeria, Amy Muoneke, said: “There are now more than 35 mobile network operators in Africa busily extending their base station networks to improve coverage and it is our hope that in the near future, broadband in Nigeria will become more affordable so as to contribute more revenue to the country’s GDP and also the ever growing e-commerce industry.”

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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Akinwumi Adesina Lauds Dangote Commitment to Africa’s Growth After Visiting Dangote Refinery

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Dangote and Akinwumi

The President of the African Development Bank Group, AKinwumi Adesina has lauded Aliko Dangote’s dedication to Africa’s growth.

Akinwumi, who was on a visit to Dangote Refinery with his wife, said the $16 billion investment is the largest single-train refinery in the world. He described the petrochemical industrial site as a game-changer for Nigeria and the entire Africa.

“I was delighted to visit Dangote’s incredible world-class refinery and petrochemical plant with my wife Grace, with @AlikoDangote and @realFemiOtedola. The power of vision. Whenever the two billionaires get together they do great things! Nigeria is proud of them,” Mr. Akinwumi stated via his official Twitter handle @akin_adesina.

Dangote, Otedola and Akinwumi and his wife, Grace

Dangote, Otedola and Akinwumi and his wife, Grace

“I was very impressed with Dangote’s refinery and petrochemical industrial zone. A $16 billion investment. The largest single-train refinery in the world. It shows Africa’s power to industrialise. A game-changer for Nigeria & Africa. Well done @AlikoDangote! I am proud of you.”

On Monday, Investors King reported that Dangote Refinery has perfected plans to start processing as much as  540,000 barrels of oil per day in the third quarter of 2022.

The refinery has a processing capacity of 650,000 barrels per day. However, it is kick-starting operations with 540,000 barrels per day while the Refinery is expected to generate 400MW, an equivalent of Ibadan Electric Distribution Company (IBEDC).

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FG Has Empowered 4million Businesses With N150bn in Five Years– Osinbajo

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Business Solution - Investors King

The Federal Government of Nigeria, in the last five years, has disbursed N150 billion to boost four million businesses across the country.

The business empowerment was done through the federal government schemes set up for micro, small and medium enterprises (MSMEs), Vice-president Yemi Osinbajo says.

Osinbajo stated this on Monday, in a statement issued by his Spokesperson, Laolu Akande while delivering his keynote speech at the Bank of Industry (BOI) ‘Aid for Productivity Report’ launch. 

He noted that the support for the MSMEs sector amounts to 50% of Nigeria’s GDP and 76% of the country’s labour force.

The vice-president pointed out that the sector attained success due to the diligence and commitment of Nigerians which he described as ‘the Nigerian can-do spirit and the entrepreneurial DNA we carry.’

Impressed with the results derived, Osinbajo commended the youths who took advantage of the MSMEs schemes to grow their business.

“This is a shining case study of what President Muhammadu Buhari strongly believes– that Nigerians will solve Nigeria’s problems.

“This is an example of what we can achieve when we unleash the best of our people, especially our young, on the toughest of our challenges and give them the free-hand to deliver results. 

“What might also not be obvious is the sheer scale of impact that has been achieved with these programmes, as over four million Micro, Small and Medium Enterprises have been direct beneficiaries of the over N150 billion deployed in the past five years,” he said.

Disclosing the statistics of the beneficiaries, Osinbajo said 57% of the businesses are owned by Nigerians below 35 years, and 60% of the beneficiaries are women. 

He added that the team of Nigerian professionals solidly backing the work are youths with an average age of 28 years. 

Osinbajo, who had earlier visited Kaduna and conversed with a Tradermoni scheme beneficiary during its launch in the state, expressed satisfaction on the impact of the scheme.

He said the beneficiary, Jafar Abubakar who sells ginger and garlic was one of the 5,000 traders who got ₦10,000 to improve his business.

“This is perhaps for me one of the most satisfying things about the way our social intervention schemes are deployed. That there is a platform that can process applications from potential beneficiaries, payout credits or other benefits, and maintain auditable records seamlessly. It is those people and infrastructure that make this happen that we are celebrating today.”

The vice president hinted that the idea was birthed 6 years ago with the aim of building systems that will serve the population fairly and justly, bringing credibility to government programmes. 

He, however, mentioned that one of the hindrances encountered was directly reaching the people, to capture and digitize their bio-data as well as get their benefits across to them directly in a transparent way.

Osinbajo lauded the infrastructure and transparency behind the BOI Growth schemes.

He also commended Toyin Adeniji, executive director of BOI and Uzoma Nwagba, the chief operating officer; the co-authors of the ‘Aid for Productivity’ report presented at the launch.

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SEC Gives Dangote Cement Waiver to File AFS Within 60 Days of Year-End

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Dangote Cement - Investors King

Dangote Cement Plc has received approval from the Securities and Exchange Commission (SEC) not to file its fourth-quarter unaudited returns within thirty days of its period end.

The company disclosed in a statement signed by Edward Imoedemhe, Deputy Company Secretary.

However, the company must file its annual audited financial statements within sixty days of its year-end.

Dangote Cement, therefore, announced that it will file its Audited Financial Statements for the period ended December 31, 2021, on or before February 28, 2022.

The statement reads “Dangote Cement Plc (“DCP”) hereby announces that further to its request for a waiver, the Securities and Exchange Commission has granted approval for DCP not to file its Fourth Quarter Unaudited Returns within thirty days of its period end, but to file its Annual Audited Financial Statements within sixty days of its year end.

“In view of this, DCP will file its Audited Financial Statements for the year ended December 31 2021, on or before February 28 2022.”

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