Connect with us


FG Calls for Policy Framework to Boost Internet Access



Nigeria Internet Users
  • FG Calls for Policy Framework to Boost Internet Access

The federal government, through the Federal Ministry of Communications has called for a policy framework that will enhance access to the internet for all citizens.

The Permanent Secretary, Federal Ministry of Communications, Mr. Musa Istifanus, who made the call during the 2019 Nigeria DigitalSense forum on Internet Governance for Development (IG4d) and Nigeria IPv6 roundtable in Lagos recently, said citizens must not be denied access to the internet because of its many benefits.

The Permanent Secretary, who was represented by the Director, e-Government at the ministry, Olufemi Olufeko, said there was need for an ideal policy framework that would enhance internet access for all citizens.

Addressing the theme, ”Policy Framework for Connecting Nigerians for Improved Internet Governance”, Istifanus said: “Access to ICTs, including Internet, will enable and accelerate development in key areas of life. He said internet should be for everyone, everywhere, and made accessible to all without any restrictions. This is evident in the recent adoption of the UN Sustainable Development Goals (SDGs). Therefore there is need for an ideal policy framework which provides for an enabling rather than a restrictive environment to foster dynamic, efficient and flexible interconnection to networks.

“The framework should encompass three broad areas expansion of Infrastructure, skills development and entrepreneurship, and open up governance structures around the internet to a multi-stakeholder approach.”

He said the policy should focus on expansion in both access infrastructure and content infrastructure, that would seek to promote investment in network and content; promote transparent and affordable licensing procedures; enhance fair price on Right of way; flexible technology; and ensure policies are technology neutral, and flexible enough to encourage new ways of delivering access.

“We need policy principles, skills development and entrepreneurship policy that will focus on human capacity both to run networks and also develop content and service to promote a strong local ecosystem of infrastructure, content and services,” Istifanus said.

He explained that the internet would only be fully adopted, and its benefits universally shared, when there is a compelling local content promotion on all locally developed products.

He equally spoke on the need to develop human capacity and open up governance structure around the internet through a multi-stakeholder approach.

He, however, said government has made efforts to deepen broadband penetration across the country, but frowned at countries who still put restriction to Internet access.

According to him, Nigeria set a five-year National Broadband Plan 2013-2018 with target of a minimum 30 per cent broadband penetration but surpassed its target to achieve 31.48 per cent in December 2018 and has currently reached 33 per cent broadband penetration.

Executive Director, DigitalSense African Media, organiser of the forum, Mrs. Nkem Nweke, said the event was created 10 years ago for Nigerian internet stakeholders to converge annually to raise and address germane issues concerning the ICT sector.

According to her, building an inclusive digital economy and society require development of human and institutional capacities.

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

Continue Reading


Federal Government Set to Seal $3.8bn Brass Methanol Project Deal in May 2024




The Federal Government of Nigeria is on the brink of achieving a significant milestone as it prepares to finalize the Gas Supply and Purchase Agreement (GSPA) for the $3.8 billion Brass Methanol Project.

The agreement to be signed in May 2024 marks a pivotal step in the country’s journey toward industrialization and self-sufficiency in methanol production.

The Brass Methanol Project, located in Bayelsa State, is a flagship industrial endeavor aimed at harnessing Nigeria’s abundant natural gas resources to produce methanol, a vital chemical used in various industrial processes.

With Nigeria currently reliant on imported methanol, this project holds immense promise for reducing dependency on foreign supplies and stimulating economic growth.

Upon completion, the Brass Methanol Project is expected to have a daily production capacity of 10,000 tonnes of methanol, positioning Nigeria as a major player in the global methanol market.

Furthermore, the project is projected to create up to 15,000 jobs during its construction phase, providing a significant boost to employment opportunities in the country.

The successful execution of the GSPA is essential to ensuring uninterrupted gas supply to the Brass Methanol Project.

Key stakeholders, including the Nigerian National Petroleum Company Limited and the Nigerian Content Development & Monitoring Board, are working closely to finalize the agreement and pave the way for the project’s advancement.

Speaking on the significance of the project, Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized President Bola Tinubu’s keen interest in expediting the Brass Methanol Project.

Ekpo reaffirmed the government’s commitment to facilitating the project’s success and harnessing its potential to attract foreign direct investment and drive economic development.

The Brass Methanol Project represents a major stride toward achieving Nigeria’s industrialization goals and unlocking the full potential of its natural resources.

As the country prepares to seal the deal in May 2024, anticipation grows for the transformative impact that this landmark project will have on Nigeria’s economy and industrial landscape.

Continue Reading


IMF Report: Nigeria’s Inflation to Dip to 26.3% in 2024, Growth Expected at 3.3%



IMF global - Investors King

Nigeria’s economic outlook for 2024 appears cautiously optimistic with projections indicating a potential decrease in the country’s inflation rate alongside moderate economic growth.

The IMF’s revised Global Economic Outlook for 2024 highlights key forecasts for Nigeria’s economic landscape and gave insights into both inflationary trends and GDP expansion.

According to the IMF report, Nigeria’s inflation rate is projected to decline to 26.3% by the end of 2024.

This projection aligns with expectations of a gradual easing of inflationary pressures within the country, although challenges such as fuel subsidy removal and exchange rate fluctuations continue to pose significant hurdles to price stability.

In tandem with the inflation forecast, the IMF also predicts a modest economic growth rate of 3.3% for Nigeria in 2024.

This growth projection reflects a cautious optimism regarding the country’s economic recovery and resilience in the face of various internal and external challenges.

Despite the ongoing efforts to stabilize the foreign exchange market and address macroeconomic imbalances, the IMF underscores the need for continued policy reforms and prudent fiscal management to sustain growth momentum.

The IMF report provides valuable insights into Nigeria’s economic trajectory, offering policymakers, investors, and stakeholders a comprehensive understanding of the country’s macroeconomic dynamics.

While the projected decline in inflation and modest growth outlook offer reasons for cautious optimism, it remains essential for Nigerian authorities to remain vigilant and proactive in addressing underlying structural vulnerabilities and promoting inclusive economic development.

As the country navigates through a challenging economic landscape, concerted efforts towards policy coordination, investment promotion, and structural reforms will be crucial in unlocking Nigeria’s full growth potential and fostering long-term prosperity.

Continue Reading


South Africa’s March Inflation Hits Two-Month Low Amid Economic Uncertainty



South Africa's economy - Investors King

South Africa’s inflation rate declined to a two-month low, according to data released by Statistics South Africa.

Consumer prices rose by 5.3% year-on-year, down from 5.6% in February. While this decline may initially suggest a positive trend, analysts caution against premature optimism due to various economic factors at play.

The weakening of the South African rand against the dollar, coupled with drought conditions affecting staple crops like white corn and geopolitical tensions in the Middle East leading to rising oil prices, poses significant challenges.

These factors are expected to keep inflation relatively high and stubborn in the coming months, making policymakers hesitant to adjust borrowing costs.

Lesetja Kganyago, Governor of the South African Reserve Bank, reiterated the bank’s cautious stance on inflation pressures.

Despite the recent easing, inflation has consistently remained above the midpoint of the central bank’s target range of 3-6% since May 2021. Consequently, the bank has maintained the benchmark interest rate at 8.25% for nearly a year, aiming to anchor inflation expectations.

While some traders speculate on potential interest rate hikes, forward-rate agreements indicate a low likelihood of such a move at the upcoming monetary policy committee meeting.

The yield on 10-year bonds also saw a marginal decline following the release of the inflation data.

March’s inflation decline was mainly attributed to lower prices in miscellaneous goods and services, education, health, and housing and utilities.

However, core inflation, which excludes volatile food and energy costs, remained relatively steady at 4.9%.

Overall, South Africa’s inflation trajectory underscores the delicate balance between economic recovery and inflation containment amid ongoing global uncertainties.

Continue Reading