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Nigeria’s Internet Subscribers Hit 119.5m in April

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  • Nigeria’s Internet Subscribers Hit 119.5m in April

More Nigerians are taking advantage of growing internet opportunities and comfort that comes with mobile and financial technologies.

The number of internet subscribers in Nigeria rose from 115.9 million in March to 119.5 million in April, the Nigerian Communications Commission (NCC) reported. This represents an increase of 2.9 percent or 3.6 million new internet subscribers.

Breaking down the numbers, the newly listed MTN Nigeria gained the most in terms of numbers, gaining 6.9 percent or 3.5 million new internet subscribers in April to take its total internet subscribers to 50 million.

Followed by Nigeria’s indigenous telecommunication company, Globacom. Glo added 0.7 percent or 191,005 new internet subscribers to 28.4 million recorded in March to 28.6 million in April.

Airtel Nigeria impressed additional 94,472 new internet subscribers to take its total internet subscribers to 31.3 million, slightly ahead of Globacom.

Visafone added 9,570 new internet subscribers or 12.9 percent in April to increase its subscriptions to 73,646. The highest increase in terms of percentage.

The embattled 9mobile, however, lost 201,050 internet subscribers in April, plunging its total subscriptions by 2.1 percent to 9.4 million.

Growing internet opportunities and efficiency of financial technologies are compelling more Nigerians to subscribe to internet service.

A recent report put Africa’s internet users at 240 million, suggesting that Nigerians account for about 50 percent of the total number of Africans connected to the internet.

Dapo Alade, a software engineer and digital entrepreneur, attributed the increase to affordability.

He said: “This could be a result of affordable Android phones in the market. If you look at the statistics of accessibility channels, a large number of Nigerians access the internet through their mobile phones.”

Therefore, he said as more Nigerians continue to acquire internet-enabled mobile devices, internet subscription service will continue to flourish and with technology companies building engaging and easy to use mobile applications, minutes spend online will also increase.

Despite the surge in internet users, subscribers are complaining of the high cost of staying connected to the internet in Nigeria.

Bethel Ikoro, a business and economic researcher at Investors King, said internet subscription is still a challenge to many Nigerians going by the current rate of subscriptions.

According to her, a look at MTN Nigeria comment section on social media will show one that most of the quoted internet subscribers are not happy with their current service despite paying huge to stay connected.

She, however, said networks that “gives more data for the same rate like Glo, have sluggish networks.”

“Service providers need to do more to deepen internet growth in Nigeria. It is not enough to increase the number but efficiency through affordable and fast internet service can help ease the unemployment rate,” she stated.

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.

Startups

Madica Empowers African Startups with $200,000 Investments Each

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Madica, a structured investment program dedicated to nurturing pre-seed stage startups in Africa, has announced its inaugural investments in three innovative ventures.

Each of these startups is set to receive up to $200,000 in funding from Madica and will participate in the program’s comprehensive 18-month company-building support initiative.

The investment program provides a personalized curriculum, hands-on mentorship, founder immersion trips, executive coaching, and access to Madica’s extensive global network of investors for follow-on funding.

The primary objective of this support is to drive growth and ensure the long-term success of the startups.

Emmanuel Adegboye, Head of Madica, expressed his excitement regarding the investments, highlighting the abundant talent and innovation present in the African tech ecosystem.

He said Madica is committed to supporting African founders who often face challenges in accessing necessary support due to perceptions of risk among global investors.

Madica employs an open application process, collaborating closely with local ecosystem players such as incubators, accelerators, and angel networks to identify and support promising entrepreneurs.

The selection process remains rigorous, with investments made on a rolling basis throughout the year.

With plans to invest in up to 10 additional startups this year, Madica aims to expand the reach of venture capital and founder mentorship across Africa, addressing the existing imbalances in funding availability.

The announcement of these investments marks a significant milestone for the selected startups, providing them with vital financial support as well as access to invaluable resources and networks to propel their growth and success in the competitive landscape of the African startup ecosystem.

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Social Media

Meta’s Revenue Woes Shake Tech Industry Confidence

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The tech industry faced a wave of uncertainty as Meta Platforms Inc., formerly known as Facebook, delivered a disappointing earnings report that sent shockwaves through the market and dented investor confidence.

Meta’s forecast of weaker-than-expected sales for the current quarter, coupled with plans for higher capital expenditures, rattled investors who were eagerly anticipating robust results.

Shares of Meta plummeted by as much as 19% in after-hours trading to trigger a cascade effect across the tech sector.

The tech-heavy Nasdaq 100 Index experienced a decline of up to 1%, reflecting broader concerns about the health of the industry.

Analysts and investors alike expressed dismay at Meta’s inability to meet revenue expectations, citing uncertainties surrounding the company’s adoption and monetization of artificial intelligence (AI) technologies.

Jack Ablin, Chief Investment Officer at Cresset Wealth Advisors, highlighted the disappointment on the revenue front, overshadowing any optimism about AI adoption.

Questions lingered regarding the efficacy of AI investments and their potential benefits to users, leading to increased skepticism among stakeholders.

The repercussions of Meta’s earnings miss extended beyond its own stock, impacting other tech giants slated to report earnings in the coming days.

Alphabet Inc., Amazon.com Inc., and social media companies like Snap Inc. and Pinterest Inc. all witnessed notable declines, signaling a broader sentiment shift within the industry.

The fallout from Meta’s revenue woes reverberated across the tech landscape, affecting chipmakers, server manufacturers, and software firms. Nvidia Corp., Micron Technology Inc., and International Business Machines Corp. were among the companies affected, as investor concerns over AI investment and revenue growth cast a shadow over the sector’s outlook.

As the tech industry grapples with Meta’s disappointing results, stakeholders are left to ponder the implications for future investments and strategic decisions.

The episode serves as a stark reminder of the inherent volatility and uncertainty within the tech sector, underscoring the importance of diligent risk management and strategic foresight in navigating turbulent markets.

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Social Media

TikTok Vows Legal Battle Amid Threat of US Ban

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As the specter of a US ban looms large over TikTok, the popular social media platform has declared its intention to wage a legal battle against potential legislation that could force its Chinese-owned parent company, ByteDance Ltd., to divest its ownership stake in the app.

In what amounts to a fight for its very existence in one of its most crucial markets, TikTok is gearing up for a high-stakes showdown in the courts.

The alarm bells were sounded within TikTok’s ranks as Michael Beckerman, the company’s head of public policy for the Americas, issued a rallying cry to its US staff.

In a memo obtained by Bloomberg News, Beckerman characterized the proposed legislation as an “unprecedented deal” brokered between Republican Speaker and President Biden, signaling TikTok’s readiness to challenge it legally once signed into law.

“This is an unprecedented deal worked out between the Republican Speaker and President Biden,” Beckerman stated in the memo. “At the stage that the bill is signed, we will move to the courts for a legal challenge.”

The urgency of TikTok’s response stems from recent developments in the US Congress, where lawmakers have fast-tracked legislation mandating ByteDance’s divestment from TikTok.

The bill, intricately linked to a vital aid package for Ukraine and Israel, has garnered significant bipartisan support and is expected to swiftly pass through the Senate before landing on President Biden’s desk.

Beckerman minced no words in his critique of the proposed legislation, labeling it a “clear violation” of TikTok users’ First Amendment rights and warning of “devastating consequences” for the millions of small businesses that rely on the platform for their livelihoods.

TikTok’s defiant stance reflects the gravity of the situation facing the tech giant, which has spent years grappling with concerns from US officials regarding potential national security risks associated with its Chinese ownership.

Despite extensive lobbying efforts led by TikTok CEO Shou Chew to allay these fears, the company now finds itself at a critical juncture, where legal action appears to be its last line of defense.

ByteDance, TikTok’s Beijing-based parent company, has also signaled its intent to challenge any US ban in court, signaling a united front in the face of mounting pressure.

However, navigating the legal landscape will not be without its challenges, as ByteDance must contend with both US legislative measures and potential obstacles posed by the Chinese government, which has reiterated its opposition to a forced sale of TikTok.

As TikTok prepares to embark on what promises to be a protracted legal battle, the outcome remains uncertain.

For the millions of users and businesses that call TikTok home, the stakes have never been higher, as the platform fights to preserve its presence in the fiercely competitive landscape of social media.

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