Economy
Airtel Seeks NCC Support for SMEs to Drive Economic Recovery
By Adedapo Adesanya
Airtel has advocated support from the Nigerian Communications Commission (NCC) for Small and Medium Enterprises (SMEs) to stimulate economic recovery in the post-COVID-19 era.
This came as the commission reaffirmed its commitment to ensuring accelerated licensing of new spectrum that would usher in new technologies which include 5G, broadband satellite services, high altitude platform services, and others.
This assertion came at a virtual webinar organised by the Nigerian-British Chamber of Commerce (NBCC) tagged Nigeria’s Telecommunication Industry-Post COVID.
Speaking at the event, Mr Segun Ogunsanya, the Managing Director of Airtel, in his presentation, said that the SMEs were most hit by the impact of the COVID-19 pandemic and Airtel had created incentives and discounts for them to support their businesses.
This, he said, was the company’s ultimate objective to reduce the digital divide between those who have access to the internet and those who do not.
According to him, access to the internet is key and imperative because it acts as a leveller that provides information opportunities to small and big businesses alike.
Mr Ogunsanya said that contrary to conventional thinking, the telecommunications industry recorded a decline in its revenue in the first month after the lockdown.
President Muhammadu Buhari announced a total lockdown in Lagos State, Ogun and the Federal Capital Territory in March 2020 to curb the spread of the COVID-19 virus.
The said that the pandemic had transformed the conventional ways of carrying out businesses, with online engagements becoming more popular.
“The impact has been huge on social and economic activities but we thank the authorities for creating a good environment for the virus to be contained very quickly.
“The telecoms industry is not isolated from the main economy and you can see the impact on the five key areas of the GDP.
“There was an initial reduction in consumer spending on telecoms services and products and a rise in the demands for data services at the initial stage of the lockdown.
“We got a decline in the second quarter and a lot of pressure is being put on us to increase capital expenditure as a result of increased backhaul requirements,” he said.
Mr Ogunsanya urged telecommunications industries to live up to their key responsibility of creating the right access either through mobile broadband, fibre or wireless connectivity to improve the future trend of businesses in the country.
“We need both fibre and wireless because it’s slightly more difficult to leave fibre but easier to spread the wireless access.
“We have seen a shift from coverage and capacity to customer experience, but data requires a lot of bandwidth.
“We’re focusing more on the kind of experience we’re giving our customers,” he said.
Executive Vice Chairman/Chief Executive Officer of the commission, Mr Umar Danbatta, noted that “We will create additional areas of investments with the opening of new spectrum, especially for broadband deployment in both urban and rural areas, and facilitate fibre deployment through initiatives such as the information communication.
“NCC is committed to the provision of infrastructure, transparency and ease of doing business in Nigeria,” he said.
Mr Danbatta, represented by Mr Babagana Digima, Head, Digital Economy Department, NCC, added that some operators had reported an increase in data usage and volume of calls.
This had, in turn, raised the demands for better network connectivity and improved internet coverage, especially in the rural areas, he said.
He said that the telecommunications industry was committed to the delivery of better service and internet infrastructure that would provide quality service and experience as well as address customers’ complaints.
“Some of the complaints raised by the customers during the pandemic were attributed to poor mobile network signals’ absorption and low internet speed.
“The immense contribution of the telecommunications industry during this pandemic is undoubted because it has managed to keep people connected, informed, entertained and enlightened about the disease which has helped in curtailing its spread.
“Governments worldwide, especially in developing countries like ours, have since recognised the need for telecommunications’ infrastructure.
“The pandemic has laid bare the urgency of such interventions,” he said.
Also, Mrs Bisi Adeyemi, the Deputy President of NBCC, stressed the importance of the telecommunications industry on small businesses due to the evidence of more reliance on data and voice connectivity.
“People across the world have had to rely on technology to deal with the new realities of working from home.
“It has, therefore, become necessary to evaluate the impact of the industry on creating an enabling business environment and economic growth,” she said.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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