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Zuckerberg Pledges Support for Nigerian Tech Startups, SMEs

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Mark Zuckerberg

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.

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.

Markets

Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd

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Oil

The OML30 operated by Heritage Energy Operational Services Limited in Delta State has been shut down by the host communities for failing to meet its obligations to the 112 host communities.

The host communities, led by its Management Committee/President Generals, had accused the company of gross indifference and failure in its obligations to the host communities despite several meetings and calls to ensure a peaceful resolution.

The station with a production capacity of 80,000 barrels per day and eight flow stations operates within the Ughelli area of Delta State.

The host communities specifically accused HEOSL of failure to pay the GMOU fund for the last two years despite mediation by the Delta State Government on May 18, 2020.

Also, the host communities accused HEOSL of ‘total stoppage of scholarship award and payment to host communities since 2016’.

The Chairman, Dr Harrison Oboghor and Secretary, Mr Ibuje Joseph that led the OML30 host communities explained to journalists on Monday that the host communities had resolved not to backpedal until all their demands were met.

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Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins

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Oil Prices Recover from 4 Percent Decline as Joe Biden Wins

Crude oil prices rose with other financial markets on Monday following a 4 percent decline on Friday.

This was after Joe Biden, the former Vice-President and now the President-elect won the race to the White House.

Global benchmark oil, Brent crude oil, gained $1.06 or 2.7 percent to $40.51 per barrel on Monday while the U.S West Texas Intermediate crude oil gained $1.07 or 2.9 percent to $38.21 per barrel.

On Friday, Brent crude oil declined by 4 percent as global uncertainty surged amid unclear US election and a series of negative comments from President Trump. However, on Saturday when it became clear that Joe Biden has won, global financial markets rebounded in anticipation of additional stimulus given Biden’s position on economic growth and recovery.

Trading this morning has a risk-on flavor, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”

The president-elect and his team are now working on mitigating the risk of COVID-19, grow the world’s largest economy by protecting small businesses and the middle class that is the backbone of the American economy.

There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.

“Either you’re crimping energy demand or consumption behavior.”

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Nigeria, Other OPEC Members Oil Revenue to Hit 18 Year Low in 2020

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Revenue of OPEC Members to Drop to 18 Year Low in 2020

The United States Energy Information Administration (EIA) has predicted that the oil revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC) will decline to 18-year low in 2020.

EIA said their combined oil export revenue will plunge to its lowest level since 2002. It proceeded to put a value to the projection by saying members of the oil cartel would earn around $323 billion in net oil export in 2020.

If realised, this forecast revenue would be the lowest in 18 years. Lower crude oil prices and lower export volumes drive this expected decrease in export revenues,” it said.

The oil expert based its projection on weak global oil demand and low oil prices because of COVID-19.

It said this coupled with production cuts by OPEC members in recent months will impact net revenue of the cartel in 2020.

It said, “OPEC earned an estimated $595bn in net oil export revenues in 2019, less than half of the estimated record high of $1.2tn, which was earned in 2012.

“Continued declines in revenue in 2020 could be detrimental to member countries’ fiscal budgets, which rely heavily on revenues from oil sales to import goods, fund social programmes, and support public services.”

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