Economy
Mobilising Nigeria’s Tech Space for Economic Growth
By Adeniyi Ogunfowoke
The price of crude oil has been crashing after years of successive boom. Nigeria as an oil producing and a dependent nation has immensely benefitted from this oil explosion since its discovery in Oloibiri in 1956. Reports showed that Nigeria earned N77.348 trillion from the oil and gas industry from 1999 to 2016.
For oil, the country abandoned and abdicated agriculture as soon as sweet crude was discovered. Even when agriculture monies were used to build the cocoa house in West, the groundnut pyramids in North and the large expanse of oil palm in the East; every exited the farm for oil fields. As at now, only scraps of the agricultural investments are left.
Fast forward to the present day, oil is no longer the bride that once beholds everyone. As expected, revenue is thinning. The government has resulted in borrowing to finance its project. Recently, Nigeria got $328 million loan from China to boost the ICT Sector and it is appealing to the World Bank and International Monetary Fund for assistance.
At the same time, the government is looking to diversify the economy in order to move it from a mono-economy reliant on oil to a multi-economy.
One of the sectors it is massively pursuing is technology. The Vice President, Yemi Osinbajo has made it his top agenda to use technology to drive economic growth.
Interestingly, before the government recognised technology as a goldmine, young Nigerians are already pushing the frontiers of technology. These Nigerians are utilising fintech, healthtech, foodtech, propertytech, traveltech, ecommerce and socialtech among others, to tackle social problems and provide much-needed employment.
In this case, Jumia has provided jobs for thousands of Nigerians and at the same time empowered millions more. This is possible because Jumia has over the past six years been able to move from just been a retail store to an ecosystem where you can buy anything and perform any transaction. You can now order food, book hotels and flight, buy groceries as well as make payments. The aim is to keep the customer within the ecosystem and of course, Jumia is clearly achieving this aim.
These creative solutions have attracted million dollar investments from venture capitalists. For example, Fintech startup, Paga, raised $10 million from Global Innovation Partners et al for global expansion.
Also, we have seen the impact of technology in Agriculture. Presently, digital farming pioneered by the likes of Farmcrowdy, Thrive Agric and Crop2Cash provide more insights and information to enable farmers to make informed decisions.
The tech space needs to be properly and effectively harnessed so that it can lead economic growth. One of the first things Nigeria must do is to come up with a framework or policy to back up the technology industry. The reason for this is to ensure there is continuity so that the next administration won’t sideline the painstaking efforts of the government. This legal policy will help create an enabling environment for the tech space to thrive and survive. It will also bridge the gap between decision-makers and ICT practitioners.
Furthermore, there is the need to promote local and international collaboration among the tech startups in the country. This collaboration can be in the form of technical support and data exchange. This will ensure that startups have a longer lifespan and actually help Nigeria.
Importantly, innovation is key to the survival of the tech space. Tech companies have to continually innovate to remain relevant. This can be done through tech and innovation hubs where startups can discuss the latest trends in the tech space.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN