Mr Bismarck Rewane, managing director/CEO, Financial Derivatives Company Limited (FDC), has warned that the Nigeria’s telecommunications sector, is fast losing its spark, a situation that will adversely affect remote banking services, improved accessibility and customer service.

Bismarck Rewane, managing director/CEO, Financial Derivatives Company Limited

Rewane, who disclosed this in the latest edition of the Lagos Business School breakfast session, attributed the decline to economic challenges, inflation, exchange rate pressures, regulatory burden, right-of-way conundrums and multiple taxations crunching the once vibrant sector.

According to him, industry players have consistently shown positive top-line performance over the years but have experienced slower growth in the last two years.

“Bottom-line performance, hampered by huge FX losses and squeezed margins, slow pace of profit growth gradually weighs on shareholder’s value and investor sentiment,” he said.

Although the sector’s growth outperforms annual Gross Domestic Product (GDP) growth, after discounting for inflation, it becomes evident that the sector is stagnating as revenue and margins decline.

Despite the current turbulence the telecoms sector faces, there is still hope, mainly because of the strong linkages with other critical and job-elastic sectors of the economy, including manufacturing, agriculture and trade.

Rewane noted that the way out is to boost aggregate telecom investment that had shrunk 47percent since 2021, crippling market efficiency and growth. The regulatory landscape and macro-fundamentals must be supportive to incentivise investments.

He said India for instance is the second largest telecom market in the world with a market size of $44billion. The country’s massive reforms and investments in the sector supported the growth and 2021 spectrum auctions alone fetched a record-breaking amount of approximately $10.5 billion, indicating the high level of investment and competition in the sector.

National Digital Communications Policy (NDCP) of India aims to attract $100 billion investment in the telecoms sector in four years.

Ope Babalola, managing director, Webb Fontaine Nigeria Limited, has stated that his company has begun moves to partner Starlink  owned by Elon Musk  for increased port efficiency through using faster and reliable internet connectivity.

Babalola who said this in Lagos last week, disclosed that efforts are on to improve on port users experience with the server of the Nigeria Customs Service (NCS)

According to him, the company enjoys a cordial and robust relationship with the NCS and has always been committed in working for the success of the customs through revenue collection and prevention of loses.

While delivering a paper on the Port Community System (PCS) ,Babalola lauded President Bola Tinubu’s moves to establish a National Single Window (NSW) is a laudable step that will benefit the country in many ways

He added that the PCS can run under the single window conveniently targeting port users primarily  with a view to achieving better inclusion of all stakeholders in the environment.

Babalola called on stakeholders to support the PCS initiative in furtherance to boost port operations, even as he harped on regularly town hall meeting that will aid trade facilitation and seamless cargo clearance.

While soliciting for balance of trade, the Webb Fortaine boss affirmed that exporters should be encouraged to facilitate trade through seamless operations for cargo movement.

“Nigeria has so much trade data but we are not using it. Therefore there should be seamless collaboration between NPA and customs to promote the Port Community System PCS.

“This town hall meeting should be regulate to create more awareness about what it’s all about.

The company also bagged an award of excellence for contributing to the nation’s economy by supporting trade to increase revenue collection by the Nigeria Customs Service.

It was specifically recognised for helping the NCS attain the trillion naira collection back to back since four years ago while eyein not less than N6trillion in 2024

Earlier , Mr. Lucky Amiwero, chairman of the event , called on the service provider  Webb Fortaine to up the ante on its server for effective and smooth cargo clearance.

Amiwero who is also the president, National Council of Managing Directors of Licensed Customs Agents (NCMDLCA) appealed to management of the Nigeria Customs Service to capitalise on training and retraining of officers on cargo clearance procedures and clearance.

He also stressed the need for both the customs and Nigerian Ports Authority NPA to collaborate as part of measures to promote seamless trade.

National Space Research and Development Agency (NASRDA), has said that 90% of security challenges facing the maritime sector in Nigeria could be effectively addressed by Geo-Stationary Satellite.

Dr Mathew Adepoju, new director general of the Space and Research Agency, stated this in Abuja, during his screening for confirmation of his appointment by the Senate Committee on Innovation, Science and Technology.

While responding to questions by the lawmakers, Adepoju also lamented the non-patronage of home-grown technology in the country by relevant authorities and Nigerians.

He told the Committee chaired by Senator Aminu Iya Abbas (PDP, Adamawa Central), that the Geo-Stationary Satellite, if embraced by all stakeholders in the maritime sector, would fill in the gap for the needed Maritime Domain Awareness for all manner of planned crimes and possibility of nipping them in the bud.

“For us at NASRDA, we are ready to collaborate and synergize with critical stakeholders in the maritime sector on the need to curb all manner of crimes in the sector.

He said: “The most important device to use is Geo-Stationary Satellite, which would help to give the required Maritime Domain Awareness for the various key players through synthetical factor reading.

“For effective use of the Geo – Stationary Satellite, cooperation and synergy are already being worked on between us and the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Communication Satellite System ( NigComSat), National Emergency Management Agency (NEMA) etc.”

He however, lamented that home-grown technologies put forward through innovations and inventions, were seldomly patronized by relevant authorities and Nigerians.

“We have inbuilt capacity at NASRDA but the culture of not patronizing ourselves in Nigeria, make results from such capacities, uncelebrated.

“We can work together with the security agencies through our home grown solution which is not patronize.

“Aside that, the problem of acute shortage of office space for about 70 % of NASRDA staff, is also inhibiting them from giving their best because out of 5, 200 staff , less than 30% has office space,” he lamented.

In his remarks, the Chairman of the Committee, told the nominee , that when confirmed by the Senate as substantive Director General of NASRDA, he should make the Space Center, a Centre of Excellence.

“Go for talent hunting because we have not seen much in the area of human development. Develop in-house capacity. Pay attention to staff development,” he said.