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Japan Donates $9.7m Solar Power to Nigeria

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Solar energy - Investors King

The Japanese Government, through its agency, Japan International Cooperation Agency, has donated solar power worth $9.7 million to the Federal Government to boost electricity in the country.

The Ambassador of Japan to Nigeria, Mr Sadanobu Kusaoke, disclosed this in Abuja on Tuesday during the inauguration of the project.

Kusaoke stated that Japan considered the power sector as one of the most important areas to enhance Nigeria’s socio-economic development.

He said, “Since from 1970s, Japan has helped to finance power sector to increase the capacity of power in Kainji dam hydro power station.

“This is the 10th project of power sector by the Japan’s government since then and this will not be our last.”

He said the project which entailed the introduction of clean energy by solar electricity was donated by the government of Japan to boost power and water supply at Usman Dam Water Treatment Plant.

He said, “The project is being executed with grant assistance worth Nine Hundred and Eighty Million Japanese YEN (980,000,000 JPY) (equivalent to approximately 9.7 million USD) through JICA.”

According to Kusaoke, stable power supply is crucial to support industry and to improve economy and the lives of people.

The ambassador emphasised the importance of stable power supply to Nigeria’s quest to diversify her economy.

He commended the designer of the project, Toyota Tsusho Corporation, for its design, management and the completion of the project on schedule.

Kusaoke, who explained that the project was capable of generating 1,496MWH, added that this would result in reduction of N31.5 million per year for payment of the electricity bill.

Earlier, Mr Hirotaka Nakamura, Chief Representative of JICA, Nigeria office, said improving core infrastructure including power sector in Nigeria was one of the priority areas of the agency in Nigeria.

According to Nakamura, developing alternative energy resources such as solar, wind and hydropower will boost electricity in the country.

He explained that the project was designed to introduce a demonstration unit of solar electricity generation system with a view to increasing its economic strength on a sustainable basis.

According to the JICA official, with the Japanese assistance, about 1.2 mw of grid connected solar generation will be gained at Usman Dam Water Treatment Plant to supplement electricity supply from the national grid.

He said, “Following successful tests on the installed solar system, the first phase of the project with generation capacity of 975kwp is being commissioned today.

“The second phase will bring additional 207kwp generation to this system hopefully in January 2017.”

Nakamura further stated that the project would contribute to the improvement of quality water supply in the Federal Capital Territory.

He, therefore, appealed to the FCT administration through its water board to handle the project with care and also provide sufficient funds to maintain the generation system.

In his remark, Alhaji Hudu Bello, the Director, FCT Water Board, who expressed gratitude to the government of Japan and its agency JICA, said the project would improve revenue accruable from the water sector in the FCT.

He said, “This is elaborate project that will improve water supply to the residents of Abuja; it will also reduce the rate at which we consume diesel to pump water.”

Bello said the project would reduce the cost of generating electricity and also contribute power to the national grid to improve supply within the nation’s capital.

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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Fintech

Flutterwave, 9PSB Partner to Boost Growth of Inclusive Financial Services in Nigeria

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Flutterwave and 9PSB

Flutterwave, Africa’s leading payments technology company and Nigeria’s very first payment service bank, 9PSB on Monday entered into a partnership agreement that will help facilitate seamless financial services for Nigerians.

In a joint statement issued by both companies, the partnership seeks to create a seamless payment ecosystem by aggregating and simplifying transactions for banking agents, merchants, and consumers.

The partnership will also support the drive for economic growth through empowerment of the SME sector, entrepreneurs in FinTech and other industries, as well as contribute to the transformation of the informal sector to formal.

Speaking at the MoU signing ceremony, held at the 9PSB head office in Lagos, the Chief Executive Officer, 9PSB, Branka Mracajac remarked that the collaboration between 9PSB and Flutterwave represents an important milestone in making banking services accessible to all.

According to her, the partnership supports both companies’ commitment to expand accessibility and serve as last-mile delivery of solutions to the unbanked, under-banked and underserved. She said, “9PSB, being focused on the presence in unserved, rural, and remote areas, has a unique business model that provides Agent Banking as a Service to our partners to drive financial inclusion. Expanding on our promise to deliver relevant products, with this partnership, our existing agents, partners, and customers will have a single point of entry to enjoy various products and services provided by Flutterwave.”

With this partnership, Flutterwave and 9PSB are jointly launching a suite of products to enable other corporate entities, FinTech, technology and other industries to take advantage of the robust end-to-end system available for payments, collections, and transactions for both the banked and financially excluded Nigerians.

Commenting on the choice of 9PSB as its settlement bank, Founder and CEO, Flutterwave, Olugbenga Agboola noted that both companies share the same vision and are committed to one goal of powering seamless financial services. “At Flutterwave, we believe in an ecosystem of shared value that transforms and impacts society. We are showcasing the power of strategic partnership and cross-sectoral collaboration in advancing Nigeria’s financial ecosystem,” he said.

A paper published by the CBN—Financial Inclusion in Nigeria; Issues and Challenges, admits that there is global consensus on the importance of financial inclusion due to its key role in bringing integrity and stability into an economy’s financial system as well as its role in fighting poverty in a sustainable manner. The partnership between 9PSB and Flutterwave keys into various calls for interconnectivity and interoperability amongst stakeholders in the financial sector in accelerating the country’s financial inclusion drive to create prosperity and grow the economy.

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HealthPlus Launches Digital ePharmacy and Access To Doctors

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HealthPlus Limited, the largest and fastest-growing pharmacy chain across West Africa is set to revolutionize the pharmaceutical industry with the launch of Nigeria’s first ever e-Pharmacy. Nigerians can also now access a doctor or pharmacist instantly at a click.

Through the digitization of the Pharmacy and retail services, HealthPlus will now be transformed into a fully automated one-stop shop for Pharmacy Services Telemedicine Services Laboratory Services and, Beauty Consultation Services.

From the fully automated and interactive website, Nigerians can now access all the pharmacy services and consult a doctor right from the comfort of their homes or a click from their mobile phones.

According to Chidi Okoro, Chief Transformation Officer of HealthPlus Nigeria Limited, “we noticed a significant surge in online Pharmacy orders, and many customers organically resort to purchasing medicines online and getting them delivered at home. It is now considered not just the more convenient option, but the safer option as well.”

HealthPlus’ first-ever ePharmacy is in response to this shift and give Nigerians quicker access to the country’s best pharmaceutical care,

HealthPlus’ ePharmacy aims to deliver a user-friendly, all-inclusive online experience, that provides access to professional health care services using any device. HealthPlus ePharmacy is truly a ‘one-stop shop’ experience for health care services including telemedicine and laboratory services in partnership with healthcare providers such as MeCure.

In explaining the specialist nature of the ePharmacy platform, Chief Transformation Officer, Chidi Okoro also remarked that “our intention is to become the leading point of care for medicine use review, prescriptions management and pharmacist consultation services, by providing seamless end to end user experience. We will also be constantly updating our content with helpful information, articles, blogs, newsletters and company announcements.”

Amongst the new features, such as the “Speak To A Pharmacist” chat button on the site, the ePharmacy platform is interactive and gives better access to foster improved communication with our patients and customers. ‘

Afsane Jetha, CEO of Alta Semper Capital LLP, HealthPlus’s private equity investment partner, believes that this is another great stride in improving healthcare delivery in Nigeria by providing access to high-quality yet affordable medical and beauty supplies through a new and innovative platform. “We remain strongly committed to supporting the company strategically and financially in the years to come,” he assured.

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YouTube To Generate Over $280 Million From US Premium Subscribers In 2021

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Youtube - Investors King

YouTube Premium is starting to generate sustainable revenues from its paid ad-free subscription services. It took more than six years since relaunch to see significant growth. 

A recent report projects that with an estimated 23.6 million unique users by the end of 2021, revenues are expected to climb to $282.96 million in the US alone, representing an impressive +18% Year-Over-Year (YoY) growth.

Premium subscriptions are projected to top 25 million unique users by the end of next year, exceeding $300 million in revenues. By the end of 2024, totalling $334.52 million with nearly 28 million sign-ups. The projected revenues are expected to keep a steady growth after 2023.

Video streaming services are gaining popularity, growth accelerated by the COVID-19 pandemic

In addition to promising growth in the US, YouTube Premium services reached 50 million subscribers globally since September, beating an important milestone. YouTube Premium’s recent success can be attributed to both Covid-related, as well as non-Covid-related factors.

The global video streaming market is expected to expand at a 21% growth rate between 2021 and 2028 – highly driven by the increase in smartphone and internet usage. Live-streaming, music streaming, the adoption of cloud-based solutions could all be contributing factors.

The HelpCenter app’s co-founder Ernestas Petkevicius commented on the continuous growth of YouTube Premium:

“YouTube is playing in its own category. I do not see any competition for user-generated content which is now the main driver of tutoring, know-how, and news/comments. YouTube has lots of quality content and an army of creators who rely on the platform as their main source of income. Music services and ad-free mode are only an extra catalyst for revenue growth. YouTube has no competitors when it comes to these services, therefore, the revenue numbers potentially could be much bigger.”

In terms of market shares, 39% of the video streaming market is found to be driven by the US and Canada, which would explain the US-driven revenue growth of 18% Year-over-Year (YoY). What is more, subscription-model accounted for 43% revenue share of the total video streaming services in 2020.

Music streaming is another possible factor for revenue growth from premium sign-ups. Music streaming market in isolation is expected to reach a good 9.8% growth between 2021 and 2027.

And even though video streaming was popular prior to the pandemic, the extreme acceleration in growth has been due to the COVID-19 crisis. As many countries declared nationwide lockdowns, people stayed home more, thus increasing the use of digital services like social media, as well as online video streaming. Consumer engagement on social media video sharing platforms like YouTube grew significantly.

Whether this growth is driven by the all-encompassing features (ad-free videos, YouTube TV, music streaming for $11.99), changes in the consumer behavior, or technological advancements, revenues from YouTube Premium subscriptions in the US are expected to keep growing at a steady rate.

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