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Business Metrics Plans Policy Forum to Curtail $2.6bn Telecom Capital Flights

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Business Metrics, an online Business and tech-focused newspaper, has introduced Policy Implementation Assisted Forum (PIAFo), a new dialogue platform for stakeholders to drive various policies in the country towards effective implementation.

According to the convener of the forum, PIAFo is designed in series and targeted at addressing policy implementation failure which is a major challenge in the administration of affairs across the various sectors that have direct bearing on the socio-economic well being of the country.

The methodology deployed by PIAFo to achieve its goal derives from a multi-stakeholder engagement and dialogue whereby a policy is dissected and all parties from private to public sectors, who have a role to play in execution, are firstly identified and then brought together at the forum to digest the policy and how they key into it.

The first series of the forum, tagged PIAFo-001 is focused on National Policy for Promotion of Indigenous Content in the Nigerian Telecommunications Sectors, one of the latest policies in the Nigerian telecom industry launched recently by President Muhammadu Buhari.

The PIAFo-001, a virtual event, is slated for Thursday August 5, 2021 by 10:00 a.m. with the theme: National Policy for Promotion of Indigenous Content in the Nigerian Telecommunications Sector.

To lay a solid foundation for the dialogue, the Honourable Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami, is expected to give a keynote address at the forum, while the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Professor Umar Garba Danbatta; the Director General of Nigerian Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi; and the Director General of the National Office for Technology Acquisition and Promotion,  Dr. DanAzumi Mohammed Ibrahim, will be giving regulatory insights on the implementation of the policy.

Similarly, the novel event is also expected to see participation of Association of Telecommunications Companies of Nigeria (ATCON), the Association of Licensed Telecoms Operators of Nigeria (ALTON), the Nigeria Internet Registration Association (NiRA) and the Institute of Software Practitioners Organisation of Nigeria (iSPON), whose chiefs and members would be addressing the forum.

In his remarks, Omobayo Azeez, the Managing Editor of Business Metrics and Chairman, Organising Committee, PIAFo-001, assures that participations of stakeholders across the concerned sector has been secured to chart a way for the effective implementation of the policy which seeks to stem $2.6 billion annual capital flights in telecoms industry by promoting alternative solutions that come with ease of doing business.

According to him, the forthcoming forum combines the criticality of the telecoms sector as an enabler of the economy and that of promotion of local contents which is an economic catalyst to bridge policy implementation vacuum in Nigeria.

Azeez said, “The general impression expressed by people on a daily basis that Nigeria is good at policy pronouncement but often fails in implementation is about to become a thing of the past. PIAFo is dedicated to stimulating implementation and tracking progress with measurable metrics.

“The policy execution failure that has been experienced over the years is ascribed to many factors such as poor awareness, shallow stakeholders’ engagements, lack of monitoring and poor periodic assessment to track progress.

“To change this narrative, PIAFo is equipped with strategic objectives to serve as a brainstorming platform for policy assimilation; to identify demands of government policies from individual stakeholders involved; to coordinate multi-stakeholder efforts towards achieving policy objectives; to ensure effective policy implementation and to assess implementation level of policies over time.”

To achieve an all-encompassing treatment of the policy, a nexus of topics derived from the theme of the forum would be discussed by managing directors and chief executive officers of MTN Nigeria, Pan African Towers, Globacom Nigeria, VDT Communications, Airtel Nigeria, MainOne Cables, IHS Nigeria Limited and Broadbase Communications Ltd.

Meanwhile, the objectives of the indigenous content promotion policy in focus are to create a framework for supporting indigenous telecom businesses to become world class service providers; to ensure compliance with existing regulatory guidelines for indigenous content; to highlight and promote indigenous capacities in the telecommunications sector; and to foster collaboration between global Original Equipment Manufacturers (OEMs) engaged in the manufacturing of telecommunications equipment and indigenous players.

Others are to ensure strategic partnerships with relevant regulatory agencies to create joint efforts to promote indigenous content; to enable the indigenous telecom industry to contribute significantly towards the overall development of the telecom industry; and to encourage and incentivise the participation of indigenous telecom institutions in relevant Standards Development Organisations.

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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Computer Village Traders Demand Refunds as Lagos State Cancels Katangowa Project

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Traders at the renowned Computer Village in Lagos find themselves in a state of uncertainty following the abrupt termination of the multibillion-naira Katangowa project by the Lagos State Government.

The project, which was aimed at relocating the bustling tech market from its current site in Ikeja to the Agbado/Oke-Odo area of the state, has left traders in a state of limbo.

Despite the cancellation of the project reportedly occurring two years ago, traders claim they were not informed by either the government or the developers, Bridgeways Limited.

This lack of communication has left them in a precarious position, particularly concerning the substantial upfront payments made by some traders to the developers.

Chairman of the Computer Village Market Board, Chief Adebowale Soyebo, expressed dismay at the lack of communication from the authorities regarding the project’s termination.

He explained that neither the government nor the contractors had officially informed them of the decision, leaving traders in the dark about the fate of their investments.

Traders who had made payments to Bridgeways Limited now seek clarity on the refund process. The absence of official communication has compounded their concerns, with many uncertain about the fate of their investments.

While acknowledging the payments made by traders, Lagos State Governor’s Adviser on e-GIS and Urban Development, Dr. Olajide Babatunde, assured that the government would facilitate refunds.

He, however, said there is a need for proper identification and verification to ensure that affected traders receive their refunds accordingly.

The termination of the Katangowa project has reignited debates about the relocation of Computer Village.

Traders assert that the issue of relocation should not be raised until the new site is at least 70% completed, as per their agreement with the government.

The cancellation of the Katangowa project underscores the challenges associated with large-scale urban development projects and the importance of transparent communication between stakeholders to avoid such situations in the future.

As traders await further directives from the government, they remain hopeful for a resolution that safeguards their interests and ensures the continuity of one of Nigeria’s most prominent tech markets.

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Government Begins Disbursement of N200bn Support Fund to Manufacturers and Businesses

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The Ministry of Industry, Trade and Investment has initiated the disbursement of the long-awaited N200 billion Presidential Conditional Grant Scheme.

This is the beginning of a vital phase in the government’s strategy to provide financial assistance to manufacturers and businesses across Nigeria.

The scheme, which is being administered through the Bank of Industry (BOI), has been divided into three categories of funding, totaling N200 billion.

The disbursement process comes after an exhaustive selection process and verification of applicants to ensure transparency and accountability in the allocation of funds.

Doris Aniete, spokesperson for the Ministry of Industry, Trade and Investment, announced the progress in a statement posted on the trade minister’s official X (formerly Twitter) handle.

Aniete highlighted that verified beneficiaries have already started receiving their grants, signaling the beginning of the phased disbursement strategy.

“We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy,” stated Aniete.

She further disclosed that by Friday, April 19, a substantial number of verified applicants are set to receive significant disbursements.

However, Aniete emphasized that disbursements are ongoing, and not all applicants will receive their grants immediately, assuring that all verified applicants will eventually receive their grants in subsequent phases.

The initiation of the disbursement process comes after more than eight months since President Bola Tinubu announced the grant for manufacturers and small businesses.

The scheme aims to mitigate the adverse effects of recent economic reforms and foster sustainable economic growth by empowering businesses with financial support.

President Tinubu had outlined the government’s commitment to strengthening the manufacturing sector and creating job opportunities through the disbursement of N200 billion over a specified period.

The funding is intended to provide credit to 75 enterprises, each able to access up to N1 billion at a low-interest rate of 9% per annum.

However, the implementation of the programme has faced challenges, including delays and criticisms regarding the registration process.

Femi Egbesola, President of the Association of Small Business Owners, expressed concerns over the slow pace of data collation and suggested that genuine businesses were being discouraged from accessing the loans.

Despite the hurdles, the commencement of the disbursement process signifies a significant step forward in the government’s efforts to provide vital support to manufacturers and businesses, potentially revitalizing economic activities and driving growth across various sectors.

As beneficiaries begin to receive their grants, the impact of this initiative on the nation’s economic landscape is eagerly anticipated.

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MicroStrategy Rally Crushes Short Sellers, Wiping Out $1.92 Billion

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Short sellers betting against MicroStrategy found themselves facing significant losses as the company’s rally wiped out $1.92 billion since March.

This development comes amidst a rally that has seen MicroStrategy’s stock outperform bitcoin, causing a considerable hit to those who had taken a bearish stance on the tech firm.

According to data from S3 Partners, short sellers have been on the losing end since March, as MicroStrategy’s stock surged, highlighting the impact of the rally on those betting against the company’s success.

This loss underscores the challenges faced by short sellers in a market where certain stocks experience rapid and unexpected price increases.

The rally in MicroStrategy’s stock is attributed to several factors, including the approval of several spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) earlier in the year.

This move by the SEC brought bitcoin, a once-nascent asset class, closer to the mainstream and fueled investor interest in companies like MicroStrategy, known for their significant holdings of the cryptocurrency.

MicroStrategy, which held nearly 190,000 bitcoin on its balance sheet as of the end of 2023, has indicated its intention to continue increasing its exposure to the digital currency.

The company’s decision to sell convertible debt to raise money for additional bitcoin purchases further bolstered investor confidence and contributed to the stock’s rally.

Analysts at BTIG noted that the premium for MicroStrategy’s stock reflects investors’ desire to gain exposure to bitcoin indirectly, especially those who may not have the means to invest directly in the cryptocurrency or ETFs.

The company’s ability to raise capital for bitcoin purchases is seen as a positive sign for shareholders, adding to the optimism surrounding its stock.

However, despite the recent rally and optimism surrounding MicroStrategy, the crypto industry as a whole continues to be heavily shorted.

Short interest in nine of the most-watched companies in the crypto space remains high, standing at 16.73% of the total number of outstanding shares, more than three times the average in the United States.

Moreover, concerns persist regarding the SEC’s stance on cryptocurrencies, with some experts suggesting that the approval of spot bitcoin ETFs may not necessarily indicate a broader acceptance of other similar products, such as spot ethereum ETFs.

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