Connect with us

Technology

Ensuring Education Technology Grows in Nigeria

Published

on

technology - Investors King
  • Ensuring Education Technology Grows in Nigeria

Globally, education technology, also called EduTech or EdTech, is growing rapidly, especially in more advanced countries, where the required infrastructures are already in place. Be that as it may, a number of African countries such as Rwanda, South Africa and Kenya, are keen on ensuring that EdTech grows at a much faster pace.

It must be acknowledged that in Nigeria, a handful of privately-owned school administrators are now adopting technology in classrooms, in order to beef-up the learning process, while helping students improve academically. Unlike the traditional method of using notebooks, writing on slates or boards, the students in the EdTech era come to classes with their laptops or tablets connected to the Internet.

In some parts of the world, authorities provide students with the required devices at no extra cost, while it could also be at the expense of the students. Through these devices, students are given assignments, class projects or research topics, which make it imperative for them to have access to devices, while instructors, on the other hand, use projectors or smart boards to communicate with the students during classes.

Education technology is basically a learning process through which the Internet serves as the bedrock. And not just any Internet, I am referring to high-speed broadband. EdTech in Nigeria is advancing at a very slow pace. This does not mean I do not acknowledge the efforts of a number of start-ups such as Bola Lawal, ScholarX.co; Gossy Ukanwoke, Beni American University; Wale Ogunjobi, Primal Tutor; Nkem Begho, Future Software, and a few others, that are working hard to ensure EdTech takes root in Nigeria. In my candid opinion, they should not only be applauded but also supported, especially by policy makers and school authorities.

The factors affecting education technology in Nigeria are quite enormous, considering the fact that the level of technological advancement is still relatively low. Some of the biggest barriers to the adoption include:

High cost of technology

Obviously, this is one of the major factors adversely affecting education technology in Nigeria. Technology is not cheap! Adopting modern technologies is capital intensive and sadly, all major software and hardware products have to be imported.

The Nigerian government needs to start allocating a large percentage of its budget to EdTech, to propel its adoption in the country.

Although some private institutions have managed to adopt education technology in the country, they have, however, resorted to the policy of BYOD, (Bring Your Own Device), which is a welcome development. However, what about students in publicly-owned institutions? If we ignore them, then it will keep expanding the digital divide which is not good for the overall well-being of our dear nation.

It is therefore imperative that both federal and state governments increase funding for the education sector. Not just for teachers welfare, but also to improve infrastructure and invest in the required technology, otherwise those who are supposed to be the leaders of tomorrow will be unable to compete.

Inadequate training

Yes, technology is trendy but there is still inadequate manpower to get the ball rolling. Technology requires you to be constantly updated by learning new things. Mind you, instructors and teachers themselves are not digital natives, but as they are the ones to transfer the knowledge and skills to students, they, therefore, need to be constantly trained to keep them up to date. School administrators must be ready to invest funds in various types of capacity development to keep their human resources up to speed.

In other words, even if teachers have access to technologies, but they are not receiving the proper training to harness these technologies, it becomes a waste of time and resources.

Inability to adopt new technologies

There are series of factors that contribute to this problem. Some of the instructors and teachers feel reluctant to change, thus, resisting the adoption of new technologies. Adopting new technology usually requires special training of the teachers. Obviously, when there is lack of support from the teachers who are wary of adopting new classroom technologies, this becomes difficult.

Some start-ups have been able to develop good products and services that can improve the sector but sadly, school administrators are often not patronising them for one reason or the other. I urge those in authority to be more open to new ideas and disruptive solutions because whether we like it or not, some of our current strategies are now obsolete.

Inadequate infrastructure

I have often stressed the fact that without power, there can be no meaningful technological development. Technology and power go hand-in-hand. This is why technology hubs and co-working spaces have become hugely popular because they solve the most basic challenge, which is power.

Next would be Internet access, particularly high-speed broadband. Once upon a time, the government launched a broadband plan that would have seen a rapid broadband by 2018. We hope that this plan is still in motion because broadband is required for the next phase of technology advancement. Virtually all the programmes are Internet-driven and the lack of necessary infrastructure to drive the Internet becomes a barrier.

Conclusion

It is a fact that a number of students are missing out on the opportunity to improve their technology skills and digital literacy. Investing in education technology is capital intensive but it is better than not investing. It is therefore imperative that we put the right environment in place to drive EdTech in Nigeria.

In my view, one of the effective strategies and models to resuscitate the rapidly deteriorating educational system in Nigeria is to fund and invest in technologies that can bring about a more updated and modernised curriculum.

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.

Continue Reading
Comments

Technology

Multichoice Nigeria Rolls Out Tariff Increase Despite Tribunal’s Interim Order

Published

on

Multichoice- Investors King

Multichoice Nigeria, a prominent Pay TV provider, has proceeded with the implementation of tariff adjustments for its DStv and GOtv subscribers, despite an interim order issued by a competition and consumer protection tribunal (CCPT) in Abuja.

On April 24, Multichoice announced plans to increase prices for its cable services, scheduled to take effect from May 1.

However, the CCPT ruled that the company should refrain from raising rates as initially scheduled, following an ex-parte motion presented by the applicant’s counsel.

Despite the tribunal’s interim order, checks conducted by Nairametrics revealed that Multichoice Nigeria has forged ahead with the tariff increase, with the new prices being displayed and enforced on its official website.

For DStv Premium subscribers, the price has surged from N29,500 to N37,000, while Compact Plus subscribers now face an increase from N19,800 to N25,000.

Similarly, Compact, Confam, and Yanga subscribers witness price hikes, ranging from 20% to 25% compared to previous rates.

GOtv subscribers also experience a similar fate, with tariff adjustments reflecting significant increases across various subscription packages.

Despite legal injunctions, Multichoice Nigeria’s decision to proceed with the price hike signals a bold move in a highly contested legal battle.

The Acting Chairman of the Federal Competition & Consumer Protection Commission (FCCPC), Adamu Abdullahi, disclosed that Multichoice had provided a detailed explanation for the price adjustments in a four-page letter to the commission.

The company cited factors such as foreign exchange fluctuations, high electricity tariffs, and operational costs as drivers behind the rate revisions.

Abdullahi explained that the FCCPC would scrutinize Multichoice’s justifications for the price hike, collaborating with regulatory bodies like the National Broadcasting Commission (NBC) and the Nigerian Communications Commission (NCC) to ensure compliance with market regulations.

The decision to proceed with the tariff increase has sparked concerns among consumer rights advocates, who question Multichoice’s adherence to legal directives.

Despite the company’s rationale for the price adjustment, critics argue that subscribers should not bear the brunt of economic challenges beyond their control.

Continue Reading

Fintech

Nigeria’s OPay Valuation Hits $2.7 Billion Amid Digital Payments Surge

Published

on

Opay

Nigeria’s OPay, the fintech startup that has been making waves in the country’s digital payments landscape, has seen its valuation soar to $2.7 billion.

This represents over 30% since its Series C funding round in 2021.

This surge in valuation shows the exponential growth of Nigeria’s digital payments sector and the increasing prominence of financial technology companies within the nation’s economy.

The valuation update comes from recent corporate filings made by Opera, an early investor in OPay. Opera’s stake in OPay gradually declined over the years to 6.4% by 2021.

However, a strategic move in early 2023 saw Opera increase its stake to 9.4% after selling its Asian fintech subsidiary, Nanobank, to OPay in exchange for equity in the company.

According to filings with the US Securities and Exchange Commission (SEC), Opera valued its 9.4% stake in OPay at $253 million, reflecting the $2.7 billion valuation of the fintech startup.

OPay’s meteoric rise can be attributed to several factors, including Nigeria’s increasing adoption of digital payments and the company’s innovative services.

The surge in digital payments volumes, driven in part by an ill-timed currency redesign that led to cash scarcity, has propelled OPay’s growth.

As more Nigerians turned to fintech apps like OPay for transactions, the company experienced a quadrupling of its user base in 2023, accompanied by a revenue growth of over 60% on a constant currency basis, according to Opera.

Despite its rapid growth, OPay, like other fintech companies, faces challenges related to fraud and customer safety concerns.

Regulatory bodies, including the Central Bank of Nigeria, have tightened rules on account safety, highlighting the need for OPay and similar companies to address these issues while continuing to innovate and expand their services.

As Nigeria’s digital payments ecosystem continues to evolve, OPay’s rising valuation underscores its position as a key player in driving financial inclusion and transforming the country’s economy through innovative technology solutions.

Continue Reading

Technology

ALTON and ATCON Call for Tariff Review and Regulatory Independence

Published

on

telecommunication-tower

The Association of Licensed Telecoms Operators of Nigeria (ALTON) and The Association of Telecommunications Companies of Nigeria (ATCON), representing Mobile Network Operators (MNOs) and telecommunication firms in Nigeria, have jointly raised concerns over the current state of the telecom industry.

In a unified call to action, they have urged the federal government to address critical issues such as tariff review and regulatory independence to ensure the sector’s sustainability and growth.

Despite facing significant economic challenges, Nigeria’s telecommunications industry has not adjusted its general service pricing framework upwards in over a decade.

ALTON and ATCON attribute this stagnation to regulatory constraints that have hindered the industry’s ability to align pricing with economic realities.

They argue that the current price control mechanism, which does not reflect market conditions, poses a threat to the sector’s viability and investor confidence.

In a statement released over the weekend and jointly signed by ALTON Chairman Gbenga Adebayo and ATCON President Tony Izuagbe Emoekpere, the associations highlighted a range of challenges plaguing the telecom sector.

These include unsustainable tariff structures, lack of regulatory independence, infrastructure deficits, a harsh business environment, multiple taxation and regulations, prohibitive Right of Way (RoW) charges, inadequate power supply, and vandalism of telecommunications infrastructure.

The industry leaders stressed the urgent need for collaborative efforts between the public and private sectors to overcome these obstacles.

They called for constructive dialogue with industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with operators’ financial viability.

Furthermore, ALTON and ATCON emphasized the importance of regulatory independence in fostering a conducive environment for the telecom sector.

They advocated for the sustenance of a culture of independence within the regulatory landscape to safeguard against undue influence and ensure the impartiality of regulatory decisions. Regulatory neutrality and independence, they argued, are crucial for maintaining public confidence and encouraging investment in the sector.

ALTON and ATCON reaffirmed their commitment to working collaboratively with the government to address the challenges facing Nigeria’s telecommunications industry.

They urged the government to prioritize infrastructure development, enhance security measures, and facilitate pricing adjustments to unlock the sector’s full potential.

The call by ALTON and ATCON underscores the pressing need for regulatory reforms and policy interventions to drive sustainable growth and development in Nigeria’s telecom sector.

As stakeholders await government action, the industry remains hopeful that concerted efforts will pave the way for a more resilient and competitive telecommunications landscape.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending