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LG Electronics Diversify, Adds Blockchain and Crypto

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LG Electronics has diversified its business units to include cryptocurrency and blockchain-based software, the South Korean tech giant announced in a recent update.

According to a local report, the electronic giant added two distinct crypto-related objectives during its annual general meeting on Thursday, March 24.  Investors King gathered that the objectives include “the development and selling of blockchain-based software” and “the sale and brokerage of cryptocurrency.” This update now begs the question of how the company will go about establishing these technologies and on what platform?

Experts, however, have projected that the company may set up its own crypto exchange platform.

However, an unidentified spokesperson of the company disclosed that the plans have only been mentioned as prospective business ideas with no final conclusion as to what direction the company is taking to finalise and actualise the plans.

Investors King recall that the rumours about LG diversifying into blockchain had started earlier in the year when Bithumb CEO Heo Baek-young confirmed that the exchange platform was working with “a large company” to develop an NFT marketplace. Following that announcement, a number of speculations were generated on the news that LG was the supposed ‘large company’.

LG’s announcement is also interestingly coming after fellow tech company, Samsung announced that it would be launching an NFT platform for its smart TVs as well as launching its own store in the virtual metaverse.

South Korea is notably on a rise in blockchain technology and this is owing to the fact that the current government is more inclined in the digitisation of the country’s economy. President Yoon Suk-yeol had earlier in the month (March)  shown a strong commitment to deregulate the South Korean Crypto Industry which was one of the bases of Yoon’s election campaign.

This initiative has undoubtedly helped in establishing innovative ideas for South Korea which has made it possible for the country to establish a safe environment for blockchain technology. And for leading multinational electronic companies like LG and Samsung to ride on this conducive environment to create blockchain solutions, it gives room for more companies to leverage the Asian country in establishing their businesses with blockchain solutions.

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Telecommunications

MTN Nigeria Strengthens Working Capital By Raising N50bn In New Commercial Paper

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MTN

MTN Nigeria Communications PLC (MTN Nigeria) has disclosed plans to raise N50 billion through its latest issuance of commercial paper (CP) to boost its working capital.

The plan is under N250 billion Commercial Paper Issuance Programme.

Not only that this Series 11 and 12 CP issuance is expected to strengthen MTN Nigeria’s short-term working capital, it will also diversify its financing base.

A notification to the Nigerian Exchange Limited and the investing public further revealed that this proposed issuance is part of MTN Nigeria’s ongoing strategy to tap the debt market as a flexible funding source to meet immediate financial needs.

It builds upon the company’s series of CP issuances in the past year as it pursues a robust approach to balance its capital structure.

The funds are expected to support the company’s operational and growth requirements as it seeks to expand its infrastructure, improve service delivery, and cater to the increasing demand for telecommunications and digital services across Nigeria.

MTN’s financial statement as of September 2024 suggests it has negative working capital of about N1.49 trillion

The cash flow is necessary in order to enable the company meet cash flow demands and service short-term debt without over-relying on long-term financing

This approach provides financial flexibility, allowing MTN Nigeria to manage interest costs and adjust its debt profile in line with operational cash flow, which is critical for a company with significant external loans.

The issuance also serves the broader purpose of diversifying MTN Nigeria’s financing sources, reducing reliance on bank loans, and maintaining a balance between short- and long-term debt.

This financial strategy not only enhances MTN’s liquidity but also positions it to better withstand the economic challenges in Nigeria’s volatile business environment.

While the company has yet to disclose specific terms of the Series 11 and 12 notes, further details are expected to be shared in the coming weeks.

 

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E-commerce

Jumia Nigeria Launches Black Friday Offers, Extends Services To Smaller Towns, Villages

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Jumia - Investors King

Jumia Nigeria has launched its Black Friday deals and offers as consumers in smaller towns and villages nationwide now have access to its shopping experiences.

The company disclosed that it is expanding e-commerce access bearing in mind that the prevalent economic downturn in the country is having its tolls on many Nigerians, especially those in rural communities.

It disclosed that the campaign will run from November 1st to November 30th, 2024 with the theme ‘No Too Calculate’.

Reiterating its commitment to creating a simpler, stress-free shopping experience for Nigerians amid economic challenges, Jumia promised to allow consumers to enjoy great savings without budgetary worries.

Disclosing that this year’s Black Friday campaign is supported by Xiaomi as the platinum partner, alongside renowned brands such as Oraimo, Nivea, Infinix, Tecno, Itel, Haier Thermocool, Binatone, Pernod Ricard, Diageo, Bacardi, Hikers, Ecoflow, Skyrun, Glamstar, Ledrop, Unilever, Macallan, LG, and others, the CEO, Jumia Nigeria, Sunil Natraj stressed that the campaign is about making e-commerce more accessible to consumers in Nigeria.

Recognising the current economic situation in the country , Natraj said Jumia has worked closely with its brand partners to offer the best possible deals to consumers during this period.

According to him, Jumia expanded its network of Pickup Stations to ensure that even more consumers, regardless of their location, can benefit from the convenience of online shopping.

Harping on the company’s priority of creating real value for both its consumers and sellers through its extensive ecosystem, the CEO said those in rural areas would easily participate in the online shopping and get their delivery seamlessly.

For the Country Manager, Xiaomi Nigeria, Xingyu Yang, everyone deserves access to the latest cutting-edge technology, noting that Jumia Black Friday is the perfect opportunity for consumers to experience Xiaomi’s nnovative products at unbeatable prices.

He said since Jumia introduced Black Friday to Nigeria in 2014, the company has continued to unlock new opportunities for both consumers and businesses, expressing confidence that Nigeria will play a pivotal role in projection that online shopping in Africa will reach $75 billion by 2025.

He added that the Black Friday campaign serves as a powerful platform for international and local brands as well as SMEs to expand their reach and boost sales.

To make the online shopping and delivery easier, Yang stated that Jumia has extended its logistics network and has partnered with hundreds of local logistics service providers that will ensure easy delivery to all corners of Nigeria, including smaller towns and rural areas.

Listed on the New York Stock Exchange (NYSE) in 2019, Jumia is the leading e-commerce company in Africa, operating in 11 countries. The Jumia platform consists of a marketplace, which connects sellers with consumers, a logistics service, which enables the shipment and delivery of packages from sellers to consumers, and a payment service, JumiaPay, which offers a safe and easy solution to facilitate online payment transactions.

The company offers goods across a broad range of categories, such as phones and electronics, home appliances, fast-moving consumer goods, fashion and beauty.

 

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Google Supports Nigeria With N2.8bn For AI Talent Development 

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A logo is pictured at Google's European Engineering Center in Zurich

Google, an American multinational corporation and technology company, has given Nigeria the sum of N28.8 billion for the development of Artificial Intelligence in the West African country.

The donation of the money was announced by the Federal Government.

Google, poised to accelerating AI talent development across Nigeria, made the support through a N2.8 billion grant to Data Science Nigeria.

It is believed that the support will strengthen the Ministry of Communications and Digital Economy in its ongoing AI-driven initiatives to empower youth including under and unemployed Nigerians, with a focus on AI skill development and education.

This grant is part of Google’s broader $5.8 million commitment to support digital skills programmes across sub-Saharan Africa.

Nigeria’s Minister of Communications, Innovation & Digital Economy, Dr ‘Bosun Tijani, while announcing the grant in a statement, underscored the importance of the Google’a support in driving the nation’s digital transformation.

President of Google for Europe, the Middle East, and Africa, Matt Brittin, in his remarks disclosed that the company’s commitment to Africa’s innovation ecosystem is to ensure entrepreneurs harness the power of technology, including AI, to proffer solutions to large-scale societal challenges.

He said Google remains committed to supporting these innovators, helping them expand their impact across the continent and beyond.

Brittin stated that Google’s efforts in Africa have always been about unlocking the digital economy’s benefits for more people, adding that the synergy with Nigeria further attests its mission.

Giving insight to the grant, he said it is part of Google.org’s broader $5.8million commitment to support digital skills programs across Sub-Saharan Africa, adding that the financial support will bolster Data Science Nigeria’s work with the Federal Ministry’s AI talent development programs, including: DeepTech Ready Upskilling Programme aimed at providing 20,000 young Nigerians with advanced technical skills in data science and AI, preparing them for careers in this rapidly growing field.

Another area he mentioned is Experience AI Programme which is aimed at equipping 25,000 educators with the tools and resources to teach 125,000 young people about AI, inspiring the next generation of AI innovators.

According to Brittin, Government AI Campus Programme is to upskill policymakers and public servants in AI policymaking, ensuring that Nigeria’s AI policies are developed and implemented responsibly for economic transformation of the nation.

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