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Facebook Launches Africa’s First SME Council in Nigeria

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Mark Zuckerberg
  • Facebook Launches Africa’s First SME Council in Nigeria

As part of ongoing commitment to help support small and medium sized enterprises (SMEs) throughout Africa, Facebook has launched its Nigerian SME Council, the first on the continent, designed to boost SME development in Nigeria and the rest of Africa.

Through the Nigerian SME Council, Facebook plans to reach out to other African counties to develop their SME ecosystem.

The Nigerian SME Council brings together Facebook Africa’s SME team and Nigerian business owners from a range of industries, in a partnership designed to provide better digital tools for business and customer growth.

The SME Council is made up of a combination 15 vibrant start-ups and established SMEs from a range of industries, and each business brings with them a wealth of unique experiences in understanding and embracing digital and mobile strategies, as well as reaching the Nigerian customer, making them ideally positioned to offer support to other companies who need it.

Speaking at the launch, Facebook’s SMB Sales Manager for Europe, Middle East and Africa (EMEA), Abi Williams, said: “Small businesses form the backbone of most of the thriving economies in the world, driving sustainable growth and creating jobs, and those in Nigeria are no different. Facebook is strategically positioned to help SME’s grow their businesses, and with a vibrant SME sector, Nigeria is a natural choice in launching our very first SME Council on the African continent. With 35 million people in other countries connected to a Nigerian business on Facebook, the global market has never been closer for Nigerian SMEs.”

Most of the SMEs Council members present at the launch, testified how Facebook as a social media platform, has helped in growing their businesses and giving their businesses unprecedented exposures.

One of the SMEs Council members cum Head of Innovation and Marketing at GIG Group, Mr. Ifeanyi Azubike, said that the launch of the Council would boost SME growth through funding and other relevant assistance. According to him, “It is difficult for government to support SME funding because there is no pull of money anywhere that was set aside by government for SME development. The SME Council is therefore a good initiative that will boost the growth of SME ecosystem in Nigeria and the rest of Africa. For example, we have over 9 million Nigerians that visit Facebook on a daily basis and majority of the 9 million Nigerians are SMEs that need financial support and mentorship, which I think the SME Council will be of immense help to address their challenges.”

The Nigerian SME Council is made up of 15 small-to-medium sized business owners in varying sectors and locations across Nigeria, including Lagos, Abuja, Enugu and Kano. The Council joins 10 SME Councils across the globe, including North America, Ireland, UK, Germany, France, Italy, Sweden, Poland, India and Brazil.! and the Council members are expected to meet a minimum of twice a year with Facebook and Instagram teams to discuss successes and challenges, business ideas and solutions.

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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Nigeria to Expand Internet Access with 90,000km of Fibre Optic Cable

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In a bid to bridge the digital divide and enhance internet accessibility across Nigeria, the Federal Government has approved an initiative to expand the country’s internet infrastructure by laying an additional 90,000 kilometers of fiber optic cable.

The announcement was made by the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, who said the project will bolster national connectivity and optimize the utilization of existing submarine cables landed in Nigeria.

Tijani explained that the project will increase Nigeria’s fiber optic cable capacity from the current 35,000 kilometers to 125,000 kilometers.

This expansion positions Nigeria to become the third-largest terrestrial fiber optic backbone in Africa, trailing behind South Africa and Egypt.

The project will be overseen by a special purpose vehicle (SPV), a separate legal entity established to manage the implementation, finances, and operations of the fiber optics initiative.

Drawing inspiration from successful public-private partnership models like the Nigeria Inter-Bank Settlement System Plc (NIBSS) and Nigeria LNG Limited (NLNG), the SPV will ensure efficient governance and operations.

According to Tijani, the extensive fiber optic coverage will enable Nigeria to leverage the benefits of its eight submarine cables more effectively, thereby driving increased utilization of data capacity beyond the current 10 percent usage rate.

Moreover, the enhanced connectivity will facilitate the connection of over 200,000 educational, healthcare, and social institutions across the country, promoting inclusivity and broadening access to internet services.

The minister said the project aims to address the digital exclusion of approximately 50 percent of the 33 million Nigerians currently without internet access.

By expanding internet connectivity, the initiative is poised to contribute significantly to the country’s economic growth, with projected GDP growth of up to 1.5 percent per capita over the next four years.

Last week, a report by the Groupe Special Mobile Association revealed that 71 percent of Nigerians lack regular access to mobile internet.

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Biden Set to Quadruple Tariffs on Chinese Electric Vehicles in Defense of American Workers

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Electric car

President Joe Biden is preparing to quadruple tariffs on Chinese electric vehicles (EVs) as part of a broader strategy aimed at safeguarding American workers and industries.

The decision, expected to be announced imminently, reflects the Biden administration’s commitment to confronting perceived unfair trade practices and protecting domestic interests.

According to sources familiar with the matter, speaking on condition of anonymity due to the sensitivity of ongoing negotiations, the Biden administration will unveil measures to significantly increase tariffs on Chinese EVs and other key sectors.

The total tariff on Chinese electric vehicles is set to soar from 27.5% to 102.5%, marking a substantial escalation in trade barriers.

The impending tariff hike comes after nearly two years of review and deliberation, during which the Biden administration scrutinized the economic implications and strategic importance of various industries.

The decision to quadruple tariffs underscores the administration’s determination to address what it perceives as unfair trade practices that undermine American competitiveness and jeopardize vital sectors.

President Biden and his advisors have meticulously crafted the tariff measures, balancing the imperative to protect American industries with the need to avoid disruptions to the supply chain.

While specific details of the tariff adjustments remain undisclosed, the overarching objective is clear: to shield American workers from unfair competition and bolster domestic manufacturing capabilities.

The 2024 presidential race looms large over the flagship announcement, as Biden seeks to differentiate his approach to trade policy from that of his predecessor, Donald Trump.

While Biden is poised to largely renew Trump’s original tariffs, he aims to strike a delicate balance, eschewing widespread hikes that could trigger retaliatory measures and exacerbate global economic tensions.

The decision to quadruple tariffs on Chinese electric vehicles is not without its critics and potential repercussions.

Some industry observers warn of potential disruptions to supply chains and increased costs for consumers, while others question the effectiveness of tariffs as a tool for achieving broader economic objectives.

Nevertheless, the Biden administration remains steadfast in its commitment to protecting American interests and promoting fair and reciprocal trade practices.

By quadrupling tariffs on Chinese electric vehicles, President Biden sends a clear message that the United States will vigorously defend its industries against perceived threats and ensure a level playing field for domestic businesses.

As the announcement of the tariff escalation draws near, stakeholders across industries are closely monitoring developments and assessing the potential implications for their operations. With tensions between the United States and China showing no signs of abating, the Biden administration’s tariff measures are likely to further shape the dynamics of global trade and economic relations in the coming months.

Only time will tell how China will respond to the Biden administration’s tariff escalation and whether it will impact broader efforts to foster constructive dialogue and cooperation between the world’s two largest economies. For now, the stage is set for a renewed intensification of trade tensions, with the fate of American workers and industries hanging in the balance.

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ChatGPT Integration Set to Redefine iPhone User Interaction

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ChatGPT

Apple Inc. is reportedly finalizing an agreement with OpenAI to integrate the startup’s ChatGPT technology into its upcoming iOS 18 operating system.

This strategic partnership signals Apple’s deepening commitment to infusing artificial intelligence (AI) features into its flagship devices, promising a significant evolution in user experience.

According to sources familiar with the matter, who requested anonymity due to the confidentiality of ongoing negotiations, Apple and OpenAI have been ironing out the terms of the pact, aiming to seamlessly integrate ChatGPT capabilities directly into the iOS ecosystem.

ChatGPT, renowned for its advanced natural language processing and conversational abilities, stands poised to revolutionize how iPhone users interact with their devices.

The inclusion of ChatGPT in iOS 18 heralds a new era of intuitive and personalized interactions for Apple device users.

Leveraging the power of AI, ChatGPT enables natural language understanding, enabling users to engage in more fluid and contextually relevant conversations with their iPhones.

From answering queries and providing recommendations to offering assistance with tasks and even engaging in casual conversation, ChatGPT’s integration promises to elevate the iPhone’s functionality to unprecedented levels.

Apple’s move to integrate ChatGPT into its operating system comes amid a broader industry trend towards embedding AI-driven features into consumer electronics.

With competition intensifying in the AI space, Apple aims to fortify its position by leveraging cutting-edge technologies to enhance user experiences across its product ecosystem.

The impending announcement of ChatGPT integration underscores Apple’s strategic focus on AI innovation, a vision championed by CEO Tim Cook.

Cook, who has previously acknowledged using OpenAI’s ChatGPT, has emphasized the company’s commitment to deploying AI features thoughtfully and responsibly.

The forthcoming Worldwide Developers Conference (WWDC), slated for next month, is expected to serve as the stage for Apple’s grand unveiling of its latest AI-driven initiatives.

With rumors swirling about a flurry of new AI features poised to debut at the event, anticipation is mounting among tech enthusiasts eager to witness the next evolution of iPhone capabilities.

While the partnership between Apple and OpenAI represents a significant step forward in AI integration, challenges and concerns remain.

Chief among them are privacy considerations and ensuring that AI technologies are deployed in a manner that prioritizes user consent and data security.

As Apple prepares to usher in a new era of iPhone user interaction powered by ChatGPT, the tech world eagerly awaits the transformative impact of this landmark integration.

With the convergence of cutting-edge AI and Apple’s signature hardware-software integration, the stage is set for a revolution in how we engage with our devices.

Only time will tell how ChatGPT’s integration will redefine the iPhone experience, but one thing is certain: the future of smartphone interaction has never looked more promising.

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