Zuckerberg Pledges Support for Nigerian Tech Startups, SMEs
The founder and Chief Executive Officer of Facebook, Mark Zuckerberg, wednesday assured Nigerian technology startups and the Small and Medium Enterprises (SMEs) in Nigeria of Facebook’s support that will enhance easy access and connectivity to the internet.
Zuckerberg, who made the pledge in Lagos while addressing technology startups on the second day of his visit to Nigeria, said Nigerian, which is the largest African market for Facebook, currently has 18 million people that are connected to Facebook, while the global figure of Facebook account is close to two billion people.
He said supporting SMEs in Nigeria and Africa is key to economic development because SMEs drive economies, and that Facebook has created 16 million free pages on the Facebook platform for SME business globally.
Excited at his visit to Nigeria, Zuckerberg said he specifically visited Nigeria to meet with technology startups and to share in the views about various software apps they have developed to address immediate and long term challenges in the country.
“Nigeria currently has 18 million people on Facebook, that interact and do different kinds of online businesses, among them are SMEs and Facebook is willing to support them to populate their numbers and provide easy access to connectivity and the internet,” Zuckerberg said during the question and answer session he had with startups and software developers in Lagos.
He however challenged the Nigerian government to reduce cost of internet access, and to create more access to internet for her citizens, as well as raise awareness campaign on the benefits of the internet, especially for rural dwellers.
He called for infrastructural development on the African continent and challenged software developers to focus more on local content in building apps that will address specific needs.
Facebook’s Director of Global Product Partnerships, Ime Archibong, who coordinated the developers, said: “When I came to Lagos back in May this year, I was really struck by the energy of the tech scene in Lagos, and by how many of the developers were building relevant apps. As someone with strong links to Nigeria, I have been trying to expose Mark to this ecosystem for a while, and I am very excited for him to be able to come to Nigeria to meet some of Nigeria’s top entrepreneurs and apps developers.”
While stressing the need to develop apps using local contents, Zuckerberg said building content should be a priority for Nigerian apps developers so that there could be variety of apps that could work with different technologies like 2G, 3G, and 4G.
Making some clarifications about Facebook Messenger and WhatsApp, Zuckerberg said both are two different platforms, even though they are related in the area of text messages.
He promised to populate both platforms and make them learning and training platforms.
He said language remained key to communication and that Facebook would continue to extend the language of communication on the Facebook platform. According to him, Facebook is currently working hard to bring additional 10 languages on the Facebook platform.
Speaking on the success of Facebook and its future projection, Zuckerberg said predictions of the future is best articulated by creating and self determination.
Admitting that his visit to Nigeria was unannounced and without government preparation for any kind of reception, Zuckerberg said his visit was primarily based on meeting the technology startups in Nigeria, having heard so much about their zeal for fantastic apps development.
Nine Oil Producing States Pocket N625bn in 2 Years
The federal government has revealed that Nine oil-producing states pocket N625.43 billion as 13 percent oil derivation, subsidy, and SURE-P refunds in just two years.
This was made known in a statement released on Friday by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu.
According to the statement, the states that benefited from the refunds include Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers States. Garba Shehu, however, added that the states still have about N1.1 billion as outstanding benefits due to them. He added that the refund has been accumulated since 1999.
Making reference to the comments made by the Governor of Rivers State, the Presidency noted that the Buhari-led regime will continue to render equal service to all the states regardless of affiliation, Investors King learnt.
Between October 2, 2021, and January 11, 2022, the presidential spokesman disclosed that the states were paid in eight instalments, while the ninth to 12th instalments are still outstanding.
Meanwhile, Garba recalled that data obtained from the Federation Account Department, Office of the Accountant General of the Federation, showed that a total of N477.2 billion was released to the nine states as a refund of the 13 percent derivation fund on withdrawal from Excess Crude Account (ECA), without deducting derivation from 2004 to 2019, leaving an outstanding balance of N287.04 billion.
“Abia State received N4.8 billion with an outstanding sum of N2.8 billion, Akwa-Ibom received N128 billion with an outstanding sum of N77 billion, Bayelsa with N92.2bn, leaving an outstanding of N55 billion”.
“Cross River got a refund N1.3 billion with a balance N792 million, Delta State received N110 billion, leaving a balance of N66.2 billion, Edo State received N11.3 billion, with a balance of N6.8 billion, Imo State, N5.5 billion, with an outstanding sum of N3.3 billion, Ondo State, N19.4 billion with an outstanding sum of N11.7bn while Rivers State was paid 103.6 billion, with an outstanding balance of N62.3 billion” the statement read.
According to the presidential spokesperson, states also got N64.8 billion as a refund of the 13 percent derivation fund on deductions made by Nigeria National Petroleum Company Limited without payment of derivation to Oil Producing states from 1999 to December.
Garba concluded that the president has approved the outstanding payment of N860.59 billion from the refunds which will soon be released to the benefiting states.
Oil prices have rebounded strongly over the last few days – up around 10% from the lows – buoyed by the prospect of a lower price cap on Russian crude
By Craig Erlam, Senior Market Analyst, UK & EMEA, OANDA
We’re seeing green flashing across the board on Thursday, with sentiment buoyed by positive signals on Fed rate hikes and China’s Covid response.
While it could be argued that Jerome Powell’s comments on Wednesday were relatively balanced – slower tightening now but rates high for longer – the last year has proven that anticipating the path of inflation even a short period ahead is incredibly difficult. Knowing what the Fed intends to do next is far more valuable than what it thinks it may do 6-12 months down the line.
And anything that is perceived to reduce to possibility of an interest rate recession is going to be a positive for equity markets. The Fed has every opportunity to tighten more in the months ahead if the data doesn’t play ball. What’s far more difficult is undoing the damage caused by moving too fast now with little to no visibility on how impactful past tightening has been.
The signals coming from China also look very positive. While we shouldn’t expect a dramatic shift in policy from the leadership, particularly before the March Congress, any modest softening in its Covid-zero policy will and should be welcomed. The approach has been extremely damaging to growth and confidence and the protests highlight how public opinion towards it is changing.
We shouldn’t be naive to the fact that a move away from the policy won’t be easy and there’ll be plenty of setbacks. But it’s certainly a step in the right direction that, along with the measures announced to revive the property market, could put the economy on a much better path.
A huge few days for oil markets
Oil prices have rebounded strongly over the last few days – up around 10% from the lows – buoyed by the prospect of a lower price cap on Russian crude, another large production cut from OPEC+ this weekend, and China’s evolving Covid stance. There remains considerable uncertainty surrounding all of the above though which will likely ensure prices remain volatile going into the weekend. That could carry more risk than normal if the OPEC+ meeting does go ahead as planned on Sunday and the EU hasn’t agreed to the price cap level by the close of play Friday. The range of possibilities on these two things alone is huge which will make rumours and speculation over the coming day or two all the more impactful.
Gold testing range highs
Gold bulls were particularly happy with Powell’s comments on Wednesday with the yellow metal rallying strongly to trade at the upper end of its recent range. It faces strong resistance around $1,780 though which was a significant level of support in the first half of the year. With so much data to come over the next day or so, it may not prove particularly resilient if traders are given further hope that rates will rise more slowly and peak lower.
Some relief for cryptos
The risk relief rally is coming at just the right time for bitcoin, helping it to recover from the lows to trade around $17,000. This is around the highs of the last few weeks since it settled after its latest plunge. Whether it will be enough to revive interest in the cryptocurrency, I’m not sure. The FTX fallout is continuing to weigh heavily on the space and the prospect of more contagion or scandals is hard to ignore.
Oil Revenue into Foreign Reserve Dropped From $3bn Monthly in 2014 to Zero in 2022
The official foreign exchange receipt from crude oil sales into Nigeria’s official reserves has dried up steadily from above US$3.0 billion monthly in 2014 to an absolute zero dollar today, the Central Bank of Nigeria (CBN) governor, Godwin Emefiele disclosed.
Speaking at the 57th annual bankers’ dinner organized by the Chartered Institute of bankers of Nigeria (CIBN) in Lagos, the CBN governor noted that there has been a significant loss in foreign reserves due to the naira’s struggle and the rise in demand for forex.
He added that the sharp increase in the number of Nigerians who are seeking education in foreign countries particularly the UK has resulted in an unprecedented demand for foreign exchange.
According to him, the number of student visas issued to Nigerians by the UK alone has increased from an annual average of about 8,000 visas as of 2020 to nearly 66,000 in 2022.
Emefiele also lamented about the level of crude oil theft in Nigeria which has significantly affected the country’s oil production. He noted that crude oil theft has adversely impacted the Country’s foreign exchange reserves.
Investors King had earlier reported that Nigeria has lost its coveted position as Africa’s largest oil producer after oil production dropped below the mark of 1 million barrels per day.
Nigeria currently trails Angola, Libya and Algeria to the fourth position.
Meanwhile, on the Naira-4-Dollar scheme which the CBN introduced to boost migrant remittances into the Nigerian economy, the CBN governor noted that the scheme has largely been successful.
“I am happy to note that, so far, the Naira-for-Dollar scheme has been successful in increasing remittance inflows through our registered International Money Transfer Organisation (IMTOs),” he said.
Emefiele also noted that the introduction of the National Domestic Card Scheme (NDCS) will help to reduce the operating cost incurred by commercial banks while using foreign cards.
It could be recalled that the CBN earlier announced that it planned to introduce Nigeria-made transactional cards to replace well-known cards such as Visa and MasterCard.
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