Connect with us

News

A Dirge to the Nigerian Research and Education Network

Published

on

Kindly share this post

By Austin Okere

There is no cheer about the recent pronouncements from the hierarchy in the education sector and the long-term impact on our youth.

“Nigerian government reverses resumption of schools, says no WAEC exam for now.” was the screaming headline in the Premium Times on July 10, 2020.

The Minister of State for Education, Chukwuemeka Nwajiuba, announced during a media briefing on July 6 that the West African Examination Council (WAEC) examination will now take place between August 4 and September 5. In swift contradiction, the education minister, Adamu Adamu, speaking to State House correspondents at the end of the Federal Executive Council (FEC) meeting presided by President Muhammadu Buhari, said Nigerian schools will not reopen any time soon “until it is safe to do so because of the COVID-19 pandemic”.

The situation at the tertiary level is not any better, as the Academic Staff Union of Universities (ASUU) through an interview of their President, Prof. Biodun Ogunyemi with the Punch Newspaper on June 16, 2020 has declared that E-Learning cannot work in Nigeria. It seems that Prof. Ogunyemi totally overlooked Private schools in his pronouncement; many of whom have completed the syllabus for the current term through online classes at home.

The Ausso Leadership Academy (#ALA), foremost institution providing mentorship to Business Leaders and Entrepreneurs to scale their businesses geometrically has transitioned her models and frameworks online and continues to impact companies with game changing ideas to thrive now and beyond.

Far afield, both Harvard and Princeton have announced plans to bring back students for the fall semester, albeit, all course instruction will be delivered online, including for students living on campus. Coursera is partnered with 192 institutions from 43 countries and offering more than 3,200 online courses in 13 languages.

The irony is that Nigerian Universities would have had six years of leapfrog experience in online learning if we had taken the opportunity presented by the NgREN and consolidated on the budding shoots. But like most opportunities that come our way, we display gross unpreparedness and unprecedented nonchalance in the face of opportunity cost to our future generations.

The COVID-19 pandemic is real, and we have to take all necessary precautions and follow social distancing and other protocols advised by the Nigeran Centre for Disease Control (NCDC).

But not knowing how long it will last, we cannot put our lives on permanent pause. We have to adjust to the new normal and get on with it. Companies like Zoom and Amazon have understood this and have ended up net beneficiaries.

 

I wrote this article four years ago when it seemed that the NgREN will become an abandoned project, and another of the many white elephant projects dotting our landscape.

What can we learn from this in order to forestall a reoccurrence?

One of the proudest moments in the history of the Nigerian Education sector was the successful implementation and commissioning of the Nigerian Research and Education Network (NgREN).

Being the first of its kind in Sub-Saharan Africa, the pomp and pageantry that accompanied the unveiling event seemed justified and earned. The network which boasted 465mbps of internet capacity represented 20 times the average connectivity capacity leveraged by the universities.

This was a project conceptualized, deployed and managed by Nigerians under a consortium of indigenous companies including CWG Plc, Airtel, Medalion, Resourcery, and Phase 3; finally, a project for us by us.

The idea of the NgREN was conceptualized as far back as 2004. After a long period of dormancy, it was revived under the auspices of the Nigerian Universities Commission (NUC) and the Committee of Vice Chancellors (CVC) in January 2010.

The objective was for a Research and Education Network that will connect all Higher Institutions of Learning together, and to the global Research and Education Network. The achievement made Nigeria the first in sub-Saharan Africa to join the league of countries in Europe and America that had functional Online Research & Education Networks.

A catalytic fund was secured from the World Bank as grant, and counterpart funding by the Federal Government of Nigeria in mid-2012 for the first phase of the project, while the procurement cycle was concluded in February 2013.

The first phase of the project which connected 27 Universities, the CVC and the NUC, with over one million users, delivered 155mbps capacity to each university and connected to the Multiprotocol Layered Switch core network, which had a 10Gbps capacity, as well as 465mbps internet capacity, providing high definition telepresence capabilities for real-time collaboration, voice over internet protocol, shared access to research content and joint experimentation projects.

The second phase was planned to cover five more clusters of about 100 institutions and five million users. Subsequent phases were to cover all higher education institutes numbering over 600.

The network was to be connected to the London Open Exchange via an international private leased circuit, and offer additional services such as web hosting, unified communication, digital library collection, video bridging and archiving services.

This indeed would have afforded Nigerian Universities the opportunity to take a quantum leap in online learning, and significantly improve their low ranking in quality and reach of teaching and research output, and thereby bringing them closer to their global peers.

But alas, this was not to be; as the much heralded NgREN has been shut down for over eleven months due to non-payment of the segment bandwidth fees. The consortium of local providers however, left all the equipment intact in good faith, awaiting the provision of bandwidth to restore services.

Apart from the immense benefit in value and global trends, the economies of scale of the project saved the universities immense costs, as embarking individually on such a project would be grossly sub-optimal and prohibitively expensive.

Nigeria has a long history of poor project execution and abandonment. According to journalists Chuka Uroko and Joshua Bassey, in the past couple of years alone, it is estimated that over 11,886 federal government projects with an estimated value of N7.7trillion have been abandoned.

Should we start singing a funeral dirge to a well conceptualized and implemented system as the NgREN, with all its benefits after spending so much tax payers’ money on it? By this action of omission or commission we would have inadvertently reversed the solid gains made in the broadband transformation agenda and shut our youth from critical online learning and the emerging digital economy.

The importance of broadband to online learning, the digital economy and social development cannot be overemphasized. This is underscored by the open letter from the Global Broadband Commission to the G20 leaders’ meeting as far back as 2012, wherein they enumerated the importance of broadband in moving the global economy onto a higher growth trajectory, and in generating sustainable, social and economic growth of all nations, especially literacy development to address inequity and deliver inclusive growth for all.

In particular, they argued that broadband enabled technologies are simulating fresh innovation and inspiring a new generation of digital entrepreneurs. The digital era will produce a whole new range of digital careers and industries of the future. Broadband reduces barriers to entry, offering opportunities for small and medium enterprises to challenge existing hierarchies, to innovate, compete and grow.

The targets of the NgREN were to make broadband universal among our youth in higher institutions and their surrounding communities, make it affordable, connect homes and businesses, and get more people online. In essence, it would have enabled our institutions to have the same opportunities to learning as those in the developed world, and impacted their communities as is currently witnessed in places such as Silicon Valley in America.

With such nonchalance to educational development in our country, it is no surprise that none of our local universities is included in the ranking of the world’s best 1,000. Tertiary education in Nigeria has suffered from long periods of neglect to the extent that parents would rather take their Children to countries like Ghana, UK, US and Canada.

It is estimated that Nigerians studying in British and American Universities have spent over N137billion on tuition and living expenses in the last two academic sessions. If the over 71,000 Nigerian students who pay tuition fees in Ghana were to contribute the N160billion they spend annually, they would account for about 40 per cent of the Nigerian education budget. According to Mr. Ian Stewart, a member of the British Parliament, there are about 30,000 Nigerian students in the UK alone.

In the wake of the expressed resolve of the Muhammadu Buhari led federal government to make public institutions more accountable and responsive to the needs of the society, it is expedient to immediately revive the NgREN project, and in the medium to long term properly situate it, including exploring Private, Public Partnership (PPP) to ensure that this laudable project does not die an avoidable death. We should as a nation learn to stop being wasteful in the face of acute scarcity and make the most of our scare resources.

Austin Okere is the Founder of CWG Plc, the largest security in the technology sector of the Nigerian Stock Exchange, and Entrepreneur-in-Residence at CBS, New York. Austin also serves on the Advisory Board of the Global Business School Network, and on the World Economic Forum Global Agenda Council on Innovation and Intrapreneurship. Austin now runs the Ausso Leadership Academy focused on Business and Entrepreneurial Mentorship


Kindly share this post

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

News

Lasaco Assurance Gets Shareholders Approval to Advance Capitalization Plans

Published

on

Kindly share this post

Lasaco Assurance Plc has received formal commitment letters from shareholders following its recent Extraordinary General Meeting, strengthening confidence in the company’s plan to raise additional capital in line with regulatory requirements and ongoing insurance sector reforms.

Speaking on the development, Ademoye Shobo, acting managing director of Lasaco Assurance Plc, said the confirmation from shareholders provides clarity and certainty as the company moves to execute its approved capital-raising strategy.

“The commitment letters from our shareholders give us the confidence to proceed with our capitalisation plans in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other regulatory requirements guiding the insurance industry.

“We will leverage all available opportunities to raise the approved capital, and our existing shareholders should watch out for our rights issue as part of the process,”  Shobo said.

With shareholders’ backing now formally documented, Lasaco Assurance Plc plans to actively pursue available funding options to deliver the approved capital raise. The company plans to deploy a mix of market-based instruments, including a rights issue and other permissible fundraising structures, to ensure timely and effective capital mobilisation.

The Management noted that the commitment letters reinforce investor confidence in the company’s growth strategy, governance framework, and long-term outlook. The capital raise is expected to support balance sheet strengthening, improve underwriting capacity, and provide greater flexibility for business expansion across core insurance segments.

As part of the process, existing shareholders have been advised to watch out for the forthcoming rights issue, which will provide them with the opportunity to participate proportionately in capital expansion. The company reaffirmed its intention to ensure transparency and regulatory compliance throughout the fundraising exercise.

Lasaco Assurance Plc views the capitalization drive as a strategic step toward sustaining competitiveness, enhancing risk-bearing capacity, and positioning the company for future growth within Nigeria’s insurance market. The initiative also aligns with broader industry efforts aimed at strengthening the company’s financial resilience and protecting policyholders’ interests.

 


Kindly share this post
Continue Reading

News

Ecobank Nigeria to Host Customer Forum on Strengthening Regional Integration for Economic Transformation

Published

on

Kindly share this post

Ecobank Nigeria is set to host the second edition of its Customer Forum, at the Ecobank Pan-African Centre, Ozumba Mbadiwe Avenue, Victoria Island, Lagos.

The forum, organised by the bank’s Fixed Income, Currencies and Commodities (FICC) Business (Treasury), is themed ‘Strengthening Regional Integration for Economic Transformation.’

It is designed to examine critical issues shaping Nigeria’s and Africa’s economic outlook in 2026, with particular focus on trade, financial markets, foreign exchange liquidity and regional integration, especially as the African Continental Free Trade Area (AfCFTA) agreement enters a strategic phase of implementation.

Announcing the event in Lagos, the Regional Treasurer, Ecobank Nigeria Limited, Olumide Adebayo, said the one-day programme reinforces the bank’s role as a trusted financial partner and customer-focused institution, with intention to foster dialogue, support informed decision-making and deeper regional economic integration across Africa.

According to him, the programme will open with welcome remarks by the Managing Director/Regional Executive, Ecobank Nigeria, Mr. Bolaji Lawal, who will underscore the bank’s commitment to supporting customers and driving inclusive growth through strategic dialogue, innovation and pan-African collaboration.

The keynote address, titled ‘The Future of Trade in Africa: Harnessing the AfCFTA for Economic Transformation,’ will be delivered by the Group Chief Economist & Managing Director, Research and Trade Intelligence, African Export-Import Bank (Afreximbank), Dr. Yemi Kale.

His address will provide insights into Africa’s trade prospects and the transformative potential of the AfCFTA.

The forum will feature two high-level panel discussions: balancing the Risk between Interest Rate and Exchange Rate: Business Expectations and Outlook in 2026 and Export Proceeds, Oil Receipts and Remittances in 2026: Exploring Options that Best Support FX Liquidity and Flows in Nigeria.

The event would be moderated by Messrs. Aruoture Oddiri, Host and Producer of Global Business Report on Arise News and Barnabas Vajeh of Ecobank Nigeria Limited.

Ecobank Nigeria is a member of the Ecobank Group, the leading pan-African banking institution with operations in 33 African countries and international offices in London, Paris, Beijing and Dubai.

With over 220 branches, more than 36,000 agency banking locations, and robust digital platforms, Ecobank delivers accessible, affordable, and instant banking services. The bank is strategically positioned to support pan-African trade, particularly under the African Continental Free Trade Area (AfCFTA).


Kindly share this post
Continue Reading

News

Lagos to Establish West Africa’s Premier International Financial Centre

Published

on

Jonny Baxter, British Deputy High Commissioner; Babajide Sanwo-Olu, Lagos State Governor; Anna Rogers, Director, International Development, TheCityUK; and Aigboje Aig-Imoukhuede, Board Chairman, EntrepriseNGR, at the launch of the LIFU report, last week at State House Marina, Lagos.
Kindly share this post

TheCityUK, in partnership with the UK Government, Lagos State Government, Lagos International Financial Centre Council (LIFCC), and EnterpriseNGR, have unveiled a landmark report, “Establishing an International Financial Centre in Lagos (LIFC), Nigeria”, outlining a strategic roadmap to transform Lagos into the West African hub for international investment capital driving innovation, and sustainable growth across the country and the wider region.

The LIFC initiative aligns with Nigeria’s Agenda 2050 and the Lagos State Development Plan 2052, to deliver long-term economic prosperity, deepen financial markets, and attract productive global investment. The project showcases the power of public-private partnership, bringing visionary leadership from the government together with private sector companies seeking to tap into Nigeria’s young, dynamic market to deliver economic growth.

The report was launched at an event at State House Marina with guests including Lagos State Governor, Babajide Sanwo-Olu, British Deputy High Commissioner Jonny Baxter, and EnterpriseNGR Board Chairman and CEO, Aigboje Aig-Imoukhuede and Obi Ibekwe.

Key Highlights from the Report:

  • Strategic Vision: The LIFC will support Nigeria’s ambition to become an upper-middle-income country by 2050, driving inclusive growth, reducing poverty, and creating high-value jobs, especially for Nigeria’s talented youth.
  • International Collaboration: The report highlights the benefit of strong UK-Nigerian co-operation, building on best practices and global benchmarks to align the LIFC with international standards.
  • Model Recommendation: The report recommends the development of an independent IFC model for Lagos, and the steps to achieve this. An IFCwill deliver, regulatory clarity, simplified tax and policy settings and offer greater investor confidence and economic benefits for the wider Nigerian economy.
  • Unique Selling Points: The LIFC should focus on areas which can deliver the greatest economic benefits matched to investor interest. Consultations have suggested three areas for its initial focus: Green and Sustainable Finance, FinTech & Innovation, and Commodities Trading & Capital Markets. These sectors are identified as key drivers for Nigeria’s future competitiveness and growth.
  • Governance and Legal Reform: The report calls for robust legal and regulatory frameworks, an independent governance framework, and strong collaboration between Lagos State, Federal Government, and private sector stakeholders to drive the implementation of the IFC.
  • Talent and Human Capital: A focus on developing domestic talent, easing visa regimes for international professionals, and building a pipeline of skilled workers will underpin the LIFC’s success.
  • Tax and Incentives: Recommendations include competitive tax regimes, tailored incentives for investment that aligns to the national vision, and streamlined business processes to attract global capital.

On the report, Babajide Sanwo-Olu, Lagos State Governor, said, “Lagos is fully committed to the birth of the International Financial Centre. We know that it is a veritable means of supporting seamless trading and to enhance competitiveness of financial markets.

As Nigeria’s largest economic and financial centre, Lagos plays a critical role in driving the nation’s capital markets. We need to create an ecosystem that will help to facilitate investment flows, enhance market liquidity, and promote financial literacy.

“The LIFC initiative will not only strengthen our market infrastructure but also unlock new opportunities for public-private partnerships in technology and capital market development. It will support seamless trading, attract foreign investment and enhance competitiveness of financial markets.”

Jonny Baxter, British Deputy High Commissioner, commented; “The launch of the Lagos International Financial Centre report reflects the deepening of UK-Nigeria partnership, combining Lagos’s comparative strengths with UK expertise.

Anchored in clear, evidence‑based analysis and launched at a pivotal moment in Nigeria’s reform journey, the LIFC has the potential to unlock major domestic and international investment, deepen capital markets, create jobs, and drive sustainable economic growth across the country, not just in Lagos State.”

Nicola Watkinson, Managing Director, International, TheCityUK, said, “Nigeria is a high-growth, dynamic and large market and the Lagos International Financial Centre could be vital to its future.

By building a modern, integrated business and regulatory environment and financial ecosystem, the LIFC will support the attraction of global and domestic capital, deepen domestic markets, facilitate innovation in FinTech and green finance, and create high‑value jobs for Nigeria’s youth.

“Supporting the development of Lagos as an international financial centre is a clear example of how the UK and Nigeria are deepening their strategic partnership.”


Kindly share this post
Continue Reading

Trending