Financial

Nigeria’s Telecoms Industry FDI Drops Again, Domestic Investments Crash by 36.1% Amid Increasing Operational Cost

The Capital Inflow (Foreign Direct Investment) into the Nigerian Telecoms Industry in the Year 2022 dropped significantly to about USD399,905,531.38 as against USD753,044,446.35  recorded for the year 2021, similarly domestic investment dropped by 36.1% Meanwhile, Telecoms industry contribution to the Nigerian Gross Domestic Products went up from 12.61% in the Fourth Quarter, 2021 to 13.55% […]

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Financial

Vodacom Explores Possibility with France Orange on Infrastructure Deals to Down Telecoms Service Cost in Africa

Vodacom Group Ltd. is talking with France’s Orange South Africa about a strategic partnership in Africa to explore infrastructure deals to help keep down costs in Africa. The telecommunications companies are reviewing agreements in overlapping markets, including Egypt and the Democratic Republic of Congo, and evaluating other opportunities to collaborate, said the people, who asked not to be […]

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News

FINALLY: CBN Withdraws Cybersecurity Levy Circular After FG Suspension

The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing banks to implement a controversial 0.5% cybersecurity levy on electronic transactions. The decision of the apex bank to withdraw the circular followed the public outrage that trailed the announcement of the policy two weeks ago and the suspension of the levy by the […]

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Financial

FIRS Generates N3.94trl in Q1 2024 Taxes, Falls Short of N4.8trl Target

Executive Chairman, Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, on Wednesday disclosed that the service generated a total of N3.94 trillion in tax revenue in the first quarter of the year (Q1 2024). The performance however, fell short of its quarterly revenue target of N4.8 trillion. Adedeji gave the figures while receiving the leadership […]

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President Bola Ahmed Tinubu
 Financial

Nigeria Records ₦318.5bn as Revenue Inflow in Q1, Says Accountant-General

Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Armstrong Takang, also said ₦101bn have been declared as dividends by some Accountant-General of the Federation, Oluwatoyin Madein, has said ₦318.5bn was recorded as the revenue inflow to the Federal Government between January and March 2024. Madein spoke on Wednesday when she appeared before an […]

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News

Nigerian Govt Plans Incorporating Digital Literacy into Education Curriculum to Achieve 70 % 2027 Target

The Nigerian Government is to incorporate digital literacy in the Education Curriculum to accelerate and achieve a 70 percent digital literacy drive by 2027. This was disclosed by the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa at a media party on Wednesday in Abuja, Nigeria. Kashifu while highlighting NITDA’s, Strategic […]

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Financial

Nigerian Government to Deploy Africa’s Longest Fiber Cable of 90,000 km Nationwide 

The Nigeria Government on Tuesday approved two critical projects for the digital economy and technology startup ecosystem in the country. The Minister of Communication, Innovation and Digital Economy, Dr Bosun Tijani, who made this known on Tuesday stated that the first project has to do with the setting up of a special purpose vehicle, a […]

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Economy

JUST IN: Nigeria’s Currency Devaluation Hits Airtel Africa Losses Over $4m, Says Only $550m Left for Debt Repayment

Airtel Africa Plc, just like the MTN Group was badly hit by the currency devaluation of the Nigerian Government thereby resulting to losses of up to $4,979 million, which was a decline of  5.3%, and leaving the telecom operator with $550 million for debt payment in May 2024. The Group in its year ended 31 […]

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Financial

Telecoms Operators to Invest $26bn into Cloud Technology with Expenditure Predicted to Hit $65bn by 2028

Telecommunication operators will invest $26 billion in cloud services in 2024, with expenditure growing to $65 billion in 2028. Telecommunications cloud refers to the implementation of cloud technology, services, and architecture into operator core networks, with this centralisation enabling operators to develop automated network management systems. An extract from the new report, Global Telecommunications Cloud Strategies […]

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L-R: Independent Non-Executive Director, Yabawa Lawan Wabi; Non-Executive Director, Benedikter Molokwu; Non-Executive Director, Dangote Sugar Refinery Plc, Uzoma Nwankwo; Chairamn, Aliko Dangote; Group Managing Director, Ravindra Singhvi; Non-Executive Director, Maryam Bashir; Non-Executive Director, Abdu Dantata; Executive Director, Mariya Aliko Dangote; Non-Executive Director, Olakunle Alake.
 Business

Dangote Targets 700,000MT of Refined Sugar in Four years, Says Q1 Revenue Up to N122.7bn

Dangote Sugar Refinery Plc (DSR) has unveiled plans to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane in the next four years, through its Backward Integration Programme (BIP). Chairman of Dangote Sugar Refinery Plc, Aliko Dangote stated this at the company’s 18th Annual General Meeting (AGM) held yesterday in Lagos, just as […]

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