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Nigeria’s Mobile subscribers grew by three million in first quarter – Ericsson

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Mobile internet in Nigeria
  • Nigeria’s Mobile subscribers grew by three million in first quarter

Nigeria grew its mobile subscriptions by three million in the first quarter of 2017, the 12th Ericsson Mobility Report has shown.

The Managing Director, Ericsson Nigeria, Mr Rutger Reman, while presenting the report in Lagos on Thursday, said that globally, there were 107 million new mobile subscriptions added in the quarter.

Reman said that Africa added nine million mobile subscriptions, of which Nigeria accounted for three million in the first quarter.

Africa has a total of 985 million mobile subscriptions in the quarter.

He said that the global mobile subscriptions were growing at four per cent year-on-year, reaching a total of 7.6 billion in the first quarter.

He said that with the three million new subscriptions, Nigeria was among the top five countries by net additions in the first quarter.

According to him, India grew the most in terms of net additions, during the quarter with 43 million subscriptions.

“This was followed by China with new 24 million subscriptions, Indonesia added 10 million, Pakistan with five million, while Nigeria had additional three million mobile subscriptions.

“The strong subscription growth in India was mainly due to an attractive Long Term Evolution (LTE) welcome offer by one operator with free voice and data.

“The number of mobile subscriptions exceeds the population in many countries, which is largely due to inactive subscriptions, multiple device ownership or optimisation of subscriptions for different types of calls.

“As a result, the number of subscribers is lower than the number of subscriptions. Today there are around 5.2 billion subscribers globally compared to 7.6 billion subscriptions,” he said.

Reman said that the mobile subscription which stood at 7.5 billion in 2016 was expected to reach nine billion in the year 2022.

Mr Niklas Heuveldop, the Chief Strategy Officer and Head of Technology and Emerging Business, Ericsson, said that the number of mobile subscriptions would continue to grow across the regions, fueled by a strong uptake in mobile broadband.

Heuveldop said that the mobile broadband subscriptions were expected to reach 8.3 billion in 2022.

He said that mobile broadband subscriptions were growing by around 25 per cent year-on-year, increasing by approximately 240 million in first quarter 2017 alone.

According to him, the total number of mobile broadband subscriptions is now around 4.6 billion.

“2.6 billion new mobile broadband subscribers will be added through 2022, averaging to more than one million each day.

“Mobile broadband will account for more than 90 percent of subscriptions by 2022 as it is anticipated that by the end of 2022, there will be nine billion mobile subscriptions.

“Mobile broadband subscriptions will reach 8.3 billion, thereby accounting for more than 90 percent of all mobile subscriptions,” he said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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