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Ericsson Predicts 90% Mobile Internet Penetration in Nigeria, Others

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Ericsson
  • 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.”

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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