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Why Nigeria Needs More Tech Entrepreneurs

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Geoffrey Ellis Photo

The growing rate of internet users in Africa has mandate its proper implementation towards the betterment of African people, while countries like Egypt, South Africa, Morocco, Kenya, etc. are taking advantage of internet opportunities, Nigeria with over 70 million (internetwordstats.com) internet users is yet to fully utilize its population and growing market to its advantage.

There are two main reasons why Nigeria is a key factor in actualizing African entrepreneurial dream: one, Nigeria is the second fastest growing key emerging market in the world (Euromonitor.com) and on track for 7 percent growth rate in 2015 after a successful second quarter report.

Real GDP Growth in Top 5 Fastest Growing Key Emerging Economies in 2014

Euromonitor International from national statistics/Eurostat/OECD/UN/IMF

Source: Euromonitor International from national statistics/Eurostat/OECD/UN/IMF

Two, in a research conducted by British Council, Nigeria tertiary age (18-22 years old) population will lead the world through 2024 and grow from 16.1 million in 2013 to 22.5 million by 2024 which is equivalent to an average growth rate of 3.1 percent, far ahead of projected annual growth rate for Indonesia (1.3 percent), a country forecasted to be the next fastest growing country. Equally, overall tertiary enrolment is projected to double from 2.3 million students in 2013 to 4.8 million by 2024.

However, Nigeria unemployment rate is expected to increase proportionally from 7.5 percent to 24.33 percent by 2020 (http://ieconomics.com). This implies that there would be more unemployed graduates by 2020 if nothing is done now.

According to a research quoted by Facebook CEO, Mark Zuckerberg, for every 10 people who gain access to internet 1 is raised out of poverty. Another research shows that on the average small and medium enterprises (SMEs) employ between 2 to 100 employees. This is an important figure necessary to fill the void in the labour market and subsequently reduce unemployment, increase export revenue and empower the youths.

Sadly Nigerian internet sphere is limited by negative public perception due to series of scams emanating from the region, which has hindered foreign investors from helping the youth with viable startup to access funds. Institutions like Paypal, Amazon, etc offer limited services to Nigerians as a measure to curb possible fraud. So is some financial institutions in U.S and other countries won’t allow Nigerians to trade (forex) or transact on their platforms.

From all indications the internet has created more opportunities now than there was in the past, but the inability of the youth to access pool of resources have forced many to conform to the seemingly blogging business like Linda Ikeji and the likes. Now, the issue is blogging is currently reduced to entertainment or propaganda as a means to generate traffic, statistically it is less likely that the nation can create more jobs and reduce unemployment like Google Inc., Amazon, Bloomberg, etc. that way.

As the most populous black nation that accounted for 23.6 percent of African internet users. Not only that entrepreneurs can create jobs by thinking creatively but also because participation of more talented individuals can help solve vital societal issues and subdue negative perception, and as more start-ups strive to attain global standard using the power of technology, global accessibility becomes better, hence, global attention on the region would increase positively.

In June, Facebook Inc., announced the appointment of Nunu Ntshingila to manage over 120 million Facebook users in Africa, over 6.6 million of this population are Nigerians. This move further affirmed Africa as the next global target for future businesses and failure to emerge with the next phase of African/global entrepreneurs by creating sustainable businesses, would leave vacuum for more foreign businesses to fill at the expense of the people’s interest.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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FG Includes Emirates Airlines in Restricted Flights

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Emirates Airline

FG Restricts Emirates Airlines From Flying Nigeria

The Federal Government on Friday said it has included Emirates Airlines in the list of airlines not allowed to fly into Nigeria as part of measures to contain the spread of COVID-19 in Nigeria.

Hadi Sirika, the Minister of Aviation, disclosed this via his official Twitter handle on Friday.

According to him, the decision was taken after a meeting between members of the Presidential Task Force on COVID-19 and European Union ambassadors.

The minister said the ban would take effect on Monday, September 21, 2020.

The PTF sub-committee met today with EU Ambassadors to discuss Lufthansa, Air France/KLM ban. The meeting progressed well. Emirates Airlines’s situation was reviewed & they are consequently included in the list of those not approved, with effect from Monday the 21st September 2020,” Hadi Sirika tweeted.

“The PTF sub committee met today with EU Ambassadors to discuss Lufthansa, Air France/KLM ban. The meeting progressed well. Emirates Airlines’s situation was reviewed & they are consequently included in the list of those not approved, with effect from Monday the 21st Sept. 2020.

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FG to Absorb Exited N-power Beneficiaries into New Program

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Exited N-power Beneficiaries to Be Absorbed into Another Program

The Federal Government has commenced plans to absorb exited N-power beneficiaries into a new program in an effort to help them eke a living.

Sadiya Umar Farouq, the Minister of Humanitarian Affairs, Disaster Management and Social Development, made the statement at an interactive forum with state focal persons of the National Social Investment Programmes in Abuja.

She said: “As we renew our commitment to the service of humanity, I will like to cease this opportunity to once again state that we have successfully exited Batch A and B of the N-Power beneficiaries in June and July respectively and we are still working towards ensuring a transition plan that will further engage or absorb them into other programmes.

Sadiya also stated that the selection process of the Batch C N-power application will be thorough and base on merit.

We have also received over 5 million applications from proposed N-Power Batch C and we are currently in the process of selecting the qualified beneficiaries coming into the programme.

“I assure all the applicants and Nigerians that the selection process will be transparent,” she said.

She added that, “I wish to reiterate that I have given approval for the payment of stipends for the exited beneficiaries of batches A and B up to the month of June 2020 including that of the independent monitors. Also, the final payment of stipend for Batch B is almost ready for transmission to the office of the Accountant General of the Federation for final checks and payment.

The minister urged state coordinators to discharge their duties diligently and not let her down.

It is against this background that I urge everyone of you to continue to give in your best to ensure the lives of those we are called to serve are made better.

“We must not lose sight of the fact that each one of the vulnerable persons are not mere numbers or statistics but real people with dreams, hopes, aspirations and a desire to live decent lives in peace and safety,” he submitted.

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FG Says All Airports Are Now Open for Domestic Flight Operations

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Aero Contractors Airlines

All Airports Are Now Open for Domestic Flight Operations Says FG

The Federal Government on Monday said all airports in the country are officially open for domestic flight operations.

This was disclosed by the Minister of Aviation, Hadi Sirika, during the briefing of the Presidential Task Force on COVID-19 on Monday in Abuja.

Hadi, however, noted that operators flying into private-owned airports must know the status of such airports.

Speaking at the PTF Briefing, the minister said there is no need for flight approval within Nigeria again as all airports are now opened for domestic operations.

He said, “All airports in Nigeria are now open for domestic flights, including those that are for private charter operations.

“They (operators) will no longer need approvals from us to operate domestically within government-owned airports. However, for the private airports, operators should check their safety status with the Nigerian Civil Aviation Authority.

“Such airports are Jalingo, Uyo, Asaba, Gombe, Nasarawa, Damaturu, Osubi, etc. So you don’t need any approval from the minister, but you should check the status of these airports with the NCAA.”

Commenting on international chartered flights, the minister said they need approvals to flight out of the country.

He said, “All flights out of the country that are private charter will still need approvals for those kind of flights, including technical stops.

“So with this, it means that the approvals that are sent via the NCAA, NAMA and myself will cease and if there is any change, it will be so advised accordingly.”

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