- Ericsson Predicts 90% Mobile Internet Penetration in Nigeria, Others
Ericsson has predicted a 90 per cent mobile Internet penetration for Nigeria and other Sub-Saharan African countries in six years.
Ericsson also estimated that LTE would account for seven per cent of subscriptions in Sub-Saharan Africa by the end of this year, in its latest Mobility report.
According to the global company, the driving factors behind this shift include a young and growing population with increasing digital skills, as well as more affordable smartphones.
It predicted 5G subscriptions in significant volumes as from 2022 in Sub-Saharan Africa.
In the Middle East and North Africa, the company said it anticipated commercial 5G deployments with leading communications service providers by 2019, and significant volumes in 2021.
According to the report, 5G is expected to reach more than 40 per cent global population coverage and 1.5 billion subscriptions for enhanced mobile broadband by the end of 2024, making 5G the fastest generation of cellular technology to be rolled out on a global scale.
Commenting on the findings, the Executive Vice -President and Head of Business Area Networks, Fredrik Jejdling, said, “As 5G now hits the market, its coverage build-out and uptake in subscriptions are projected to be faster than for previous generations.
“At the same time, cellular IoT continues to grow strongly. What we are seeing is the start of fundamental changes that will impact not just the consumer market but many industries.”
Analysts at Ericsson forecasted that in Western Europe, 5G would account for some 30 per cent of mobile subscriptions in the region by end of 2024.
“The uptake of NB-IoT and Cat-M1 technologies is driving growth in the number of cellular IoT connections worldwide. Of the 4.1 billion cellular IoT connections forecast for 2024, North East Asia is expected to account for 2.7 billion – a figure reflecting both the ambition and size of the cellular IoT market in this region,” the report added.
“Diverse and evolving requirements across a wide range of use cases are prompting service providers to deploy both NB-IoT and Cat-M1 in their markets.”
The report identified other markets that were expecting significant 5G subscription volumes early as South Korea, Japan and China.
It added, “In Europe, some spectrum auctions have already been held, and others will take place over the next few years. The first commercial 5G subscriptions in the region are expected in 2019.
“On a global level, major 5G network deployments are anticipated from 2020, and by the end of 2024 we project 1.5 billion 5G subscriptions for enhanced mobile broadband. This will account for close to 17 per cent of all mobile subscriptions at that time.
“With global mobile data traffic forecast to increase more than five times between 2018 and 2024, key drivers for 5G deployment include increased network capacity and decreased cost per byte. 5G subscription uptake is expected to be faster than for LTE, which in turn is the mobile communication technology with the fastest subscription uptake so far.”
Gold Hits Eight-Month Low as Global Optimism Grows Amid Rising Demand for Bitcoin
Gold Struggles Ahead of Economic Recovery as Bitcoin, New Gold, Surges
Global haven asset, gold, declined to the lowest in more than eight months on Tuesday as signs of global economic recovery became glaring with rising bond yields.
The price of the precious metal declined to $1,718 per ounce during London trading on Thursday, down from $2,072 it traded in August as more investors continue to cut down on their holdings of the metal.
The previous metal usually performs poorly with rising yields on other assets like bonds, especially given the fact that gold does not provide streams of interest payments. Investors have been jumping on US bonds ahead of President Joe Biden’s $1.9 trillion coronavirus stimulus package, expected to stoke stronger US price growth.
“We see the rising bond yields as a sign of economic optimism, which has also prompted gold investors to sell some of their positions,” said Carsten Menke of Julius Baer.
Another analyst from Commerzbank, Carsten Fritsch, said that “gold’s reputation appears to have been tarnished considerably by the heavy losses of recent weeks, as evidenced by the ongoing outflows from gold ETFs”.
Experts at Investors King believed the growing demand for Bitcoin, now called the new gold, and other cryptocurrencies in recent months by institutional investors is hurting gold attractiveness.
In a recent report, analysts at Citigroup have started projecting mainstream acceptance for the unregulated dominant cryptocurrency, Bitcoin.
The price of Bitcoin has rallied by 60 percent to $52,000 this year alone. While Ethereum has risen by over 660 percent in 2021.
Oil Prices Extend Gains to $64.32 Ahead of OPEC+ Meeting
Oil Prices Rise to $64.32 Amid Expected Output Extension
Oil prices extended gains during the early hours of Thursday trading session amid the possibility that OPEC+ producers might not increase output at a key meeting scheduled for later in the day and the drop in U.S refining.
Brent crude oil, against which Nigeria oil is priced, gained 0.4 percent or 27 cents to $64.32 per barrel as at 7:32 am Nigerian time on Thursday. While the U.S West Texas Intermediate gained 19 cents or 0.3 percent to $61.47 a barrel.
“Prices hinge on Russia’s and Saudi Arabia’s preference to add more crude oil production,” said Stephen Innes, global market strategist at Axi. “Perhaps more interesting is the lack of U.S. shale response to the higher crude oil prices, which is favourable for higher prices.”
The Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, are looking to extend production cuts into April against expected output increase due to the fragile state of the global oil market.
Oil traders and businesses had been expecting the oil cartel to ease production by around 500,000 barrels per day since January 2021 but because of the coronavirus risk and rising global uncertainties, OPEC+ was forced to role-over production cuts until March. Experts now expect that this could be extended to April given the global situation.
“OPEC+ is currently meeting to discuss its current supply agreement. This raised the spectre of a rollover in supply cuts, which also buoyed the market,” ANZ said in a report.
Meanwhile, U.S crude oil inventories rose by more than a record 21 million barrels last week as refining plunged to a record-low amid Texas weather that knocked out power from homes.
Oil Dips Below $62 in New York Though Banks Say Rally Can Extend
Oil Dips Below $62 in New York Though Banks Say Rally Can Extend
Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.
Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.
The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.
Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.
“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.
- West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
- Brent for April settlement fell 8 cents to $65.16
Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.
JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.
News3 weeks ago
Doctors Warn Covid Will Become Endemic and People Need to Learn to Live With it
Bitcoin2 weeks ago
Bitcoin Surges Above $50,000 Per Coin on Tuesday, Sets a New All-Time High
News1 week ago
U.S. COVID-19 Deaths Hit 500,000
Economy2 weeks ago
Petrol Subsidy May Hit N11.2bn Per Week
Economy3 weeks ago
Petrol Landing Cost Rises to N180, Oil Crosses $60
Bitcoin1 week ago
Bitcoin Rebounds To $50,881 Per Coin on Wednesday
Cryptocurrency4 weeks ago
Why CBN Bans Banks from Facilitating Cryptocurrency Exchanges
Banking Sector2 weeks ago
Banks Turning Female Marketers to Sexual Slaves – Senator