News
Nigeria to Lead Africa in Telecom Growth till 2014 -Report
Nigeria will reign as Africa’s fastest-growing telecom market over the next five years, fueled by several new entrants, the launch of mobile value-added and broadband services, and most recently by the introduction of mobile number portability and mobile termination rate cuts that will drive even more market competition, according to a new report from Pyramid Research.
"Telecom industry liberalization has pushed market penetration of telecom services in Nigeria from just 1.2% in 2002 to an estimated 48.9% at the end of 2009, thanks to the entry of new operators, the expansion of CDMA operators into mobile services, the provision of low-cost services, and the expansion of coverage to underserved areas," Badii Kechiche, Senior Analyst at Pyramid Research and author of this report said. "2010 will see the introduction of mobile number portability and mobile termination rate cuts, which we expect to improve competitiveness despite the short-term impact on interconnect revenue and subscription growth," said Kechiche.
Nigeria is one of the most competitive markets in Africa, with more than double the average number of operators than any other African country, Kechiche notes. "Operators have been investing in and upgrading their networks to meet demand, since they realize that their success will be based on a differentiated service quality, attractive services, and a good value proposition," he added.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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