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Otunuga Urges FG to Intensify Efforts at Diversifying the Economy

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Lukman Otunuga, Research Analyst at FXTM has said that the outcome of the 2019 presidential election could have positive impact on investors’ confidence only if the federal government intensifies effort to diversify economy away from oil reliance.

 

He stated this in an exclusive chat with Nigeria CommunicationsWeek Media on Wednesday, in Lagos.

 

According to him, “The immediate outcome of Nigeria’s presidential election will certainly have an impact on investor confidence.

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“I believe foreign investors need to see Nigeria intensifying its efforts to diversify away from oil reliance, while also boosting infrastructure spending across major sectors.

 

“If the correct steps are taken towards stabilizing local macroeconomic conditions and shielding against external forces, Nigeria could move a step closer to nearing its optimal potential.

 

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“While the elections will affect investor confidence, it’s the steps taken after that will shape sentiment towards the nation.

 

“With the economy being one that is still heavily reliant on oil exports for a big chunk of its government revenues, the outlook remains influenced by external forces.

 

Giving an insight into the post election effects on the fluctuation of Naira in foreign exchange market, Otunuga said that there was speculation that increased government spending ahead of the elections will lead to rising inflationary pressures and ultimately weakening the Naira.

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He however noted that the effects have yet to be reflected in the parallel markets, stressing also that we will witness post-election anxiety and that some element of uncertainty will potentially weakening the Naira on the forward markets in the near term.

 

“There was speculation that increased government spending ahead of the elections will lead to rising inflationary pressures – ultimately weakening the Naira.

 

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“However, the effects have yet to be reflected in the parallel markets. We see post-election anxiety and some element of uncertainty potentially weakening the Naira on the forward markets in the near term.

 

“The local currency will also be influenced by external risk factors such as global growth fears, oil prices and ongoing trade developments.

 

“While the Naira may witness further stability on the parallel markets, the question is – for how long?

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“With the Central Bank of Nigeria already injecting roughly $39.9 billion to defend the Naira last year, can they adopt a similar approach in such unfavourable global conditions?” he stated.

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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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MTN Accelerates Network Expansion to  Meet Surging Telecom Demand

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MTN Nigeria is accelerating investments in network expansion and modernization to address rising demand for mobile and data services across the country.

MTN Accelerates Network Expansion to  Meet Surging Telecom Demand

The operator is deploying additional base stations, upgrading existing infrastructure, and expanding fiber connectivity to improve network capacity, coverage, and service quality.

The investments are designed to support increasing smartphone adoption, higher data consumption, and the growing use of digital services by consumers and businesses.

MTN said the expansion aligns with its long-term strategy to enhance customer experience while strengthening Nigeria’s digital infrastructure.

The company expects the ongoing upgrades to improve connectivity, support economic growth, and enable broader access to reliable telecommunications services as demand for high-speed broadband continues to increase.

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Airtel Africa to Connect 5,000 Schools to Free Internet by 2027

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Airtel Africa’s CEO, Sunil Taldar, has announced the telco’s commitment to connecting 5,000 schools across its operating countries in Africa to the internet by 2027 through its philanthropic arm, Airtel Africa Foundation, in partnership with the United Nations Children’s Fund (UNICEF).

So far, the $57m partnership, which was launched in 2021, has cumulatively connected 3,296 schools and provided access to over 2 million learners and about 40,000 teachers. 64 digital learning platforms have been zero-rated thereby enabling more than 11m users to access educational content at no cost.

Speaking during a visit to St. Monica’s Girls School in Lusaka, which is one of the 300 schools already connected to the internet in Zambia, the Airtel Africa CEO stated that the initiative is having a profound impact on the quality of education by expanding access to digital learning resources for African children, in collaboration with governments.

Mr Taldar added: “Students are accessing best-in-class education from the curriculum developed by UNICEF in partnership with various Ministries of Education and provided through Airtel’s connectivity.

“We are also training teachers, so that they deliver digital education effectively. We aim to continue deepening meaningful connectivity in schools by providing free internet access, zero‑rated platforms and training teachers across the continent”.

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Expressing her appreciation, the Headmistress of St. Monica’s Girls’ School, Sr Matilda Soloko said: “Being among the first schools connected in the initial stage, our learners have been able to study using the learning portal and their studies have been intensified. We remain grateful to Airtel and UNICEF.”

UNICEF’s Country Representative for Zambia, Dr Saja Farooq Abdullah said: “What this partnership has brought is really bridging the equality gap and the digital divide. It is making sure that every child learns wherever they are. It was exciting and interesting to see and hear from the girls how they can learn at their own pace, how they can review the materials, and how they do their homework with comfort.

The Director of Secondary Education in Zambia’s Ministry of Education, Yvonne Mwemba Chuulu lauded UNICEF and Airtel for the partnership saying: “At the Ministry of Education, we cannot do it alone, and we are grateful for the partnership that we have today.

“Our children are able to learn in a blended fashion, where we have a teacher who is also employing digital devices. We have also heard from the learners that they are able to access the portal when they are at home, which is a good thing because our learners continue to learn in the comfort of their homes”.

The School Connection programme is expanding digital learning to learners in 13 countries: Chad, Congo, Democratic Republic of Congo, Gabon, Kenya, Madagascar, Malawi, Niger, Nigeria, Rwanda, Tanzania, Uganda, and Zambia. By equipping these schools with internet connectivity and training teachers on using the digital tools, it is providing children, particularly in underserved and remote regions, with the digital tools and skills they need to thrive.

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Airtel Africa Foundation is advancing inclusive development across four strategic pillars, Financial Inclusion, Education, Environmental Sustainability and Digital Inclusion.

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DStv, GOtv Owner MultiChoice Officially Joins Canal+ Group

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MultiChoice has officially become a wholly owned subsidiary of French media company Canal+, marking the completion of one of the largest acquisitions in Africa’s media and entertainment industry.

DStv, GOtv Owner MultiChoice Officially Joins Canal+ Group

The integration brings the South Africa-based pay television operator under the full ownership of Canal+, a global media group with operations in 70 countries.

Announcing the completion of the transaction on Thursday, Chief Executive Officer of Canal+ Africa and MultiChoice, David Mignot, described the development as the beginning of a new phase of growth for the broadcaster.

“MultiChoice is now a full subsidiary of a truly international media group operating in 70 countries.

“The group was founded in France, is listed in London and Johannesburg, and has a strong African presence with operations in more than 45 countries,” Mignot said.

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The acquisition combines Canal+’s international operations with MultiChoice’s extensive footprint across sub-Saharan Africa, where it serves millions of households through its DStv and GOtv platforms, as well as the Showmax streaming service.

According to Canal+, the integration will strengthen MultiChoice’s competitive position by giving it access to broader financial resources, technology, content partnerships and operational expertise.

The company said the combined business would increase investment in local content production, sports broadcasting and streaming services as competition intensifies from global platforms such as Netflix, Amazon Prime Video and Disney+.

The transaction is also expected to provide MultiChoice with greater access to international markets at a time when traditional pay television operators are adapting to changing consumer viewing habits and the rapid growth of digital streaming platforms.

Canal+ has expanded steadily across Africa over the past decade and now assumes full control of a business operating in more than 45 African countries, further strengthening its position in the continent’s media and entertainment sector.

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The acquisition followed Canal+’s gradual increase in its shareholding in MultiChoice, which began in 2024.

After exceeding the regulatory threshold, the company launched a mandatory offer in April 2024 to acquire the remaining shares of the Johannesburg-listed broadcaster.

Following regulatory approvals and shareholder acceptance, Canal+ secured control of MultiChoice in 2025 before completing the process that has now made the company a wholly owned subsidiary.

Industry observers describe the acquisition as one of the most significant media transactions involving an African company, reflecting a broader trend of consolidation as global entertainment firms seek greater scale to compete in the streaming era.

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