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New FDI Report Rings Excitement for Nigeria

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The communications industry is ranked the fastest growing economic sector globally, a new report by fdimarket intelligence has stated and stakeholders in the industry in Nigeria are waltzing with excitement.

According to the report, the communications industry recorded 762 investments worldwide with capital expenditure totalling $61.59 billion last year.

This represents an increase of 82.2% on 2012, and the highest capital investment figure recorded in the communications sector since fDiMarkets began measuring such data in 2003.

Although Dr. Ngozi Okonjo-Iweala, Nigeria’s Finance minister & coordinating minister of the Economy, recently painted gloom for the economy due to dwindling global oil & gas prices, Nigeria accounted for 5.83 per cent of total communications investments in the Middle East & Africa (MEA) region.

“Nigeria will continue to attract investments in the communications sector because it still looks a very virgin terrain. Over the past 15 years total government investment in this sector has been minimal, compared to the huge investments from the private sector,” said Seyi Alabi, an investment banker in Lagos.

Alabi noted that as governments in the various states of the federation continue to invest and improve on their infrastructure, there will be more foreign direct investments in the sector. He also opined that as technologies continue to improve, there would be need to upgrade in the country and this would attract more fdi.

Mrs. Omobola Johnson, Nigeria’s Communications Technology Mmnister, while commissioning a rural telecommunications project in Ondo State recently noted that the country remains resolute in moving towards improvement in communications infrastructure.

Austin Udueni, a Lagos based Lead communications consultant, with experiences across multinational brands like Intel, Microsoft and Qualcomm told Nigerian CommunicationsWeek that the horizon is very bright over the Nigerian cloud in terms of communications investment.

“Nigeria will continue to attract both domestic and foreign direct investments for the foreseeable future. We are still talking about broadband facilitation, a terrain others have long gone past. We haven’t done much in terms of cloud storage..so, you can see that Nigeria remains a very fertile field for investment in the communications sector,” said Mr. Udueni.

Nigerian CommunicationsWeek findings also indicated that the country’s entertainment and broadcast sector is set to attract more investments in 2015 when the country commences digital broadcasting in line with the global ITU mandate.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

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Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.

Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

Participants at the event

Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,

This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.

While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.

Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.

It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.

Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.

Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.

 

 

 

 

 

 

 

 

 


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As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

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While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.

As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.

It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.

“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.

The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.

Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.


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President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman

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President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.

Jim Ovia

Jim Ovia

Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.

The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.

“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.

Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”


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