Telecommunications

Gambia Seeks to Partner With NCC to Enhance Success of Its Telecommunications Industry

Gambia’s Minister of communications and Digital economy Ousman Bah has commended the Nigerian Communications Commission (NCC) for its remarkable achievement so far in the telecoms industry and is, therefore seeking a partnership.

Published

1 year ago

October 31, 2022

Investors King

He disclosed this at Abuja during the weekend when he paid a visit to the NCC with a team of Gambian delegation.

The Minister stated that the Nigerian telecoms industry has become a reference point and is therefore seeking to partner with the NCC to replicate the same success in Gambia.

He further stated that the current telecommunications statistics are proof that Nigeria is achieving its digitalization plans.

Director of Legal and Regulatory Services at NCC Josephine Amuwa, who received the minister on behalf of Prof. Umar Danbatta, the Executive Vice Chairman of NCC, highlighted the impact of the Nigerian Communications Act (NCA) 2003.

She said the NCA Act of 2003 empowers the Commission to effectively carry out its regulatory mandate, one of which is to create an enabling environment for competition among operators in the industry as well as provision of qualitative and efficient telecommunications services throughout the country.

She, therefore, urged the Gambian delegation to check out the NCC’s website, and carefully study the regulatory guidelines on all necessary matters.

Mrs. Josephine Amuwa explained that the guidelines give full effect to the provisions and administration of the NCA 2003.

Investors King understands that in 2021, Nigeria’s telecoms industry recorded N3.246 trillion in revenue with a total operating cost of N1.7 trillion despite operating in an unfriendly environment.

In 2022, the industry continued on its growth trajectory with a significant contribution to Nigeria’s GDP. The industry grew by 3.11 percent in the first quarter of 2022, the highest quarterly growth recorded in 7 years. In Q2 of 2022, the sector attracted a total of $153.5 million in capital.

According to the NCC boss Prof. Umar Danbatta, Nigeria’s Telecoms industry has contributed over $70 billion to the nation’s economy, creating thousands of jobs in the public and private sectors.

Up Next

MTN Nigeria Reports N400.7 Billion Profit as Subscribers Rises by 74.1 Million in Nine Months

Don't Miss

Airtel Grows Customer Base by 9.7% to 134.7 Million in H1 2022

Investors King

Comments

Telecommunications

Airtel Africa Announces Interim Dividend Amidst Robust Half-Year Performance

Published

3 weeks ago

November 15, 2023

Investors King

Airtel Africa Plc has declared its intention to pay an interim dividend for the half-year period ending September 2023.

The telecommunication giant, listed on both the NGX and the London Stock Exchange, shared this development in a corporate notice titled ‘Announcement of Interim Dividend Currency Exchange Rates’ filed with the Nigerian Exchange Limited on Tuesday.

Airtel Africa disclosed that the interim dividend, amounting to 2.38 US cents per ordinary share, would be disbursed on December 15, 2023, to qualified shareholders.

Notably, shareholders have the option to receive the dividend in US dollars, GB pounds, or Nigerian naira, based on their preference.

The adopted exchange rates for currency conversion were set at 1 USD = 858.24 Nigerian naira and 1 USD = 0.8190 GB pounds.

Airtel Africa emphasized that these rates were determined by the exchange rates applicable to the US dollar as of Friday.

Despite recording a loss after tax of $13 million, primarily attributed to a foreign exchange loss of $471 million in finance costs, Airtel Africa showcased robust performance in its half-year report.

The company reported a 19.7% growth in revenue currency to $2.62 billion, with double-digit revenue growth across all segments.

Mobile services revenue increased by 18.3%, driven by growth in voice and data revenue, while mobile money revenue saw a significant surge of 30.9%.

The company’s EBITDA also exhibited a commendable increase of 21.2%, reflecting a 70 basis points margin improvement over the prior period.

Airtel Africa remains resilient in the face of inflationary cost pressures and foreign exchange headwinds, showcasing a promising outlook for investors.

Telecommunications

MTN Evaluates Exit from Three African Markets Amid Regional Challenges

Published

3 weeks ago

November 13, 2023

Investors King

African telecommunications giant MTN is reportedly contemplating an “orderly exit” from its operations in Guinea-Bissau, Guinea-Conakry, and Liberia, according to a report by Business Insider Africa.

The company, which currently operates in 19 countries across Africa and the Middle East, aims to streamline its portfolio and address challenges in the West and Central Africa (Weca) region.

While the exact reasons for the potential exit remain undisclosed, MTN’s financial reports indicate broader challenges in the Weca segment.

CEO Ralph Mupita highlighted concerns over inflation and currency devaluation in multiple markets.

The company’s 2022 financials revealed a 1.7% decline in EBITDA margin due to pricing pressures, fintech channel subsidies, and macroeconomic hurdles.

Although Guinea-Bissau, Guinea-Conakry, and Liberia contribute only 1.6% to MTN’s total revenue, the move aligns with the company’s strategic focus on optimizing its market presence.

MTN holds a significant market share, approximately 30%, in Guinea-Bissau and Guinea-Conakry, while Lonestar MTN is the second-largest telecom operator in Liberia.

The potential exit reflects MTN’s commitment to adapting its business strategy to navigate the evolving economic landscape and optimize its portfolio for sustained growth.

Telecommunications

Nigeria’s Ministry of Communications Secures N1 Billion for Three Million Technical Talent Program

Published

4 weeks ago

November 8, 2023

Investors King

Dr. Bosun Tijani, Nigeria’s Minister of Communications, Innovation, and Digital Economy, has announced the acquisition of N1 billion in funding for the implementation of the Three Million Technical Talent program.

During a council meeting with directors of the Information Communication and Technology department in all Ministries, Departments, and Agencies (MDAs) in Abuja, Dr. Tijani emphasized the ministry’s commitment to building Nigeria’s technical talent base, strengthening the nation’s digital economy.

The minister highlighted the critical role of technology in the country’s economic growth and development.

He emphasized that effective collaboration, the creation of an enabling environment, and a workforce of public servants prepared to embrace change are essential to achieving the best results.

Dr. Tijani stated, “The best way to address societal problems is to bring people together to discuss and find solutions. Our meeting must be critical and effective in resolving issues to produce tangible outcomes. This will attract stakeholders and private investors who will provide the necessary resources.”

He emphasized the ministry’s commitment to its mission of training three million individuals, even in the absence of a dedicated budget.

The support of various organizations and companies has made it possible to secure N1 billion for the project, demonstrating the increasing interest and investment in Nigeria’s digital talent and technology initiatives.

Dr. Tijani urged the council to play its part in realizing the administration’s digitization objectives.

He called for the transformation of the civil service to maximize the utilization of limited resources, eliminating outdated practices, such as paper-based documentation, to usher in a new era of efficiency and digital innovation.