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Nigeria’s ICT Sector Boost The Country’s GDP by 17.47% in Q1 2023

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Telecommunications - Investors King

A report from the National Bureau of Statistics (NBS) revealed that Nigeria’s Information and Communication Technology (ICT) sector contributed 17.47% to the country’s Gross Domestic Product (GDP) for the first quarter (Q1) of 2023.

The report reveals an increase of 1.27% in the sector contribution, compared to the 16.2% recorded in the same quarter last year.

In terms of year-on-year the quarter under review, the ICT sector recorded a growth rate of 10.32%, which was largely driven by activities in the telecommunications subsection which contributed 14.13% to the GDP in real terms.

In nominal terms, the sector recorded 41.84% growth in the quarter under review, a 21.30% point increase from the rate of 20.54% recorded in the same quarter of 2022 and 20.43% points higher than the rate recorded in the preceding quarter.

The sector also contributed 13.23% to the total nominal GDP in the first quarter of 2023, higher than the rate of 10.55% recorded in the same quarter of 2022 and higher than the 10.42% it contributed in the preceding quarter.

The ICT sector is composed of four activities, which include; Telecommunications and Information Services; Publishing; Motion Pictures, Sound Recording, Music Production, and Broadcasting, and has no doubt been pivotal to the growth of Nigeria’s GDP.

The sector has continued to witness significant growth after it grew by 9.76 percent in 2022 from 6.55 percent reported in 2021.

Investors King understands that many factors are responsible for the growth of the ICT sector to Nigerian GDP. One of which is the steady awareness to move all services rendered by both the government and private sector online, which has led to an increased usage of more data by the organization.

Also, With the Central Bank of Nigeria (CBN) quest to promote a cashless economy, more individuals and organizations are gradually embracing the use of USSD, mobile, and internet banking, and many others, which also tends to improve the ICT sector.

Industry operators say the sector growth can be attributed to the increasing number of internet service subscribers, mobile service subscribers, and the growth in broadband penetration in the country.

Notably, many achievements of Nigeria in the area of ICT development have been possible through the successful launch and implementation of policies that foster the use of ICTs across all sectors to enhance a digital economy.

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Fintech

Mobile Money Account Ownership in Nigeria Records Significant Increase in 2022

Mobile money account ownership in Nigeria recorded a significant increase in 2022, which saw it grow from 16% to 22%.

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A 2023 mobile money report which was compiled by GSM associations (GSMA), revealed that Mobile money account ownership in Nigeria recorded a significant increase in 2022, which saw it grow from 16% to 22%.

The country also witnessed a 41% increase in registered agents for mobile money payments. These agents were reportedly responsible for digitizing $294 million in total cash-in transactions, representing 17 percent from 2021.

According to the director of GSMA Mats Granyrd, the key contributors to the growth of mobile money have been regulatory changes in large markets.

In Nigeria for instance, the CBN’s decision to relax its stance on the criteria for operating a financial services company has led to the rise of many new players in the industry.

Also, Telcos such as MTN and Airtel are pushing aggressively into the financial services sector through their various mobile money subsidiaries. The telco’s entry into mobile money according to the report was also responsible for the growth in mobile money account ownership from 16 percent to 22 percent in the last year.

On a positive note, the growth in registered banking agents in the country has no doubt created millions of jobs for people and has increased access to mobile money services for more people.

According to the report, on a global level, registered mobile money accounts grew by 13% year on year, from 1.4 billion in 2021 to 1.6 billion in 2022. However much of this growth happened in Sub-Saharan Africa where there is a 17 percent increase in registered accounts taking its number of users to 763 million.

Investors King understands that Mobile money has recorded tremendous growth over the past two decades, cementing itself as a mainstream financial service. As it continues to grow, demonstrating incredible resilience over the pandemic and beyond, the industry is diversifying rapidly.

The industry is entering new markets and forging new industry partnerships and offering a range of innovative products and services that are helping millions of people send money locally and internationally, manage their savings, pay their bills, increase their income, and access social support.

Meanwhile, experts reveal that there is still a lot of work to be done as about 1.4 billion people remain unbanked and disconnected from formal financial services.

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Startups

Google Opens Application For The Startups Growth Academy Programme to Support African Health-Tech Startups

Tech giant Google has opened application for the Startups Growth Academy which aims to help startups use artificial intelligence (AI) to improve healthcare solutions in Africa and the Middle East.

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

Tech giant Google has opened application for the Startups Growth Academy which aims to help startups use artificial intelligence (AI) to improve healthcare solutions in Africa and the Middle East.

The hybrid program is the first of a series of Google for Startups Growth Academies, which is hyper-focused on enabling startups to innovate and solve and develop tech solutions in the healthcare and wellness industry with AI.

Selected seed to Series A startups will participate in a series of tailored workshops over the course of three months and partner closely with Google and other industry experts to grow their companies, share best practices, and drive the responsible development of AI solutions in the health and well-being industry.

Speaking on the programme, Chief Health Officer at Google, Dr Karen DeSalvo said,

“For more than 10 years, Google for Startups has partnered with founders using technology to solve societal challenges, and the organisation intends to continue collaborating to activate the benefits of human-centred AI in healthcare and medicine”.

After the completion of the program, startups will have access to long-term Google mentorship and support as part of the Google for Startups alumni network.

Criteria Startups Must Meet to Qualify For The Programme

  • Be a Seed to Series A startup based in Europe, the Middle East, or Africa, but looking to scale internationally; 
  • Must have demonstrated traction, such as a clear track record of users and revenue;
  • Focused on leveraging AI to address health or well-being challenges.
  • Must have a scalable product or service, with both a significant total addressable market and a defensible growth model.

Applicants can proceed here to apply, as the deadline for the application is on the 10th of July 2023.

Founders will be interviewed between July and September. The cohort will be announced in September, followed by the commencement of the program in October.

Investors King understands that Google’s Academy Programme to Support Health-Tech Startups with AI, will pave the way for innovative solutions, promotion of knowledge/ideas, and encourage partnerships that can drive significant advancements in healthcare delivery and outcomes across the African continent.

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Social Media

Twitter’s Valuation Shrinks, Now One-Third of What Elon Musk Acquired it For Last Year

A recent report has revealed that Twitter’s current valuation has shrunk, as the micro-blogging platform is now one-third of what Elon Musk acquired it for last year October.

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Twitter - Investor sking

A recent report has revealed that Twitter’s current valuation has shrunk, as the micro-blogging platform is now one-third of what Elon Musk acquired it for last year October.

According to financial services corporation Fidelity Investments, in its annual monthly report of portfolio valuations posted on the 28th of May, the financial services giant stated that the market value of its equity stake in Twitter, identified by its new name, X Holdings Corp. fell to $6.5 million at the end of April, from $19.66 million when Musk concluded the deal a 66% drop. This implied that Twitter’s current valuation is about $15 billion.

This means that in just six months since Musk paid the sum of $44 billion including $33.5 billion in equity to purchase Twitter, the company’s value has plunged by nearly two-thirds. Meanwhile, some other aspects of Twitter’s current financial health are uncertain, because the company hasn’t made enough disclosures.

Recall that Elon Musk admitted that he had a bit of buyer’s remorse over his $44 billion acquisition deal for Twitter which he stated that he obviously overpaid. This saw Musk warn workers that Twitter remained in a precarious financial position and, at one point, had been four months away from running out of money.

Investors King understands that part of the fall in Twitter’s value can be attributed to a series of decisions carried out by Musk, such as mass layoffs affecting critical teams and challenges with content moderation that have turned advertisers away from the platform.

Musk was able to win back some of them by providing steep discounts. He has also implemented subscription-based verification to boost sales.

Musk who expressed optimism, says he sees a ‘clear but difficult path’ to $250 billion valuation, which would mean current grants could 10x. He however noted that Twitter is on the path of an inverse startup. The mercurial mega-billionaire believes the social network will be worth far more in the future.

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