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Affordable Smartphones, Tablets Answer to Broadband Penetration
Two recent polls by independent international ICT agencies have confirmed long held views that Nigerians are very resilient and are moving towards meeting global competitiveness inspite of government’s indifference towards upgrading the nation’s poor IT infrastructure. A survey by Zoomsphere shows that South Africa, Nigeria and Egypt top Africa’s LinkedIn subscription put at about 5.7 million. Statistics from the agency shows that there are lots of opportunities for growth for LinkedIn in the continent. LinkedIn statistics put figures from the countries on the professional social networking site as South Africa 1, 700, 672, Nigeria 656, 528 and Egypt 543, 699. Perhaps viewed against the backdrop of factors like literacy level and infrastructure adequacy, one would surmise that Nigeria was making giant strides in citizen education. At the 2011 Microsoft’s global Imagine Cup competition, Nigeria didn’t fare as much as Egypt and that despite the latter’s social upheaval that led to deposition of long term president Hosni Mubarak. In an earlier survey by Alexa.com, Egypt, South Africa and Nigeria also topped the continent’s facebook user account. Egypt registered 9 million users on the social networking site which continues to be a favourite in Africa. South Africa ranks second with 4.8 million users and Nigeria 4.3 million. But it is evident that with the mobile broadband explosion in the country, it is just a matter of time before Nigeria overtakes both nations using its huge population advantage as evidence in the mobile phone revolution. According to Alexa.com 3.2 million Users in these three countries were added to their combined 18.1 million in the last six months alone. Nigeria faces huge infrastructure challenge including public power supply, broadband penetration amongst others. Despite the huge mobile phone customers base put at over 110 million and the landing of two submarine fibre optic cables to the country in 2010, Nigeria still lacks in critical telecom infrastructure development in much of the country. For example, the two privately owned undersea cables, MainOne and Glo1 systems are only effective in Lagos commercially. “There has to be a government assistance to take the fibre up country from Lagos. We have landed the fibre in the shores of Lagos, but it will cost huge financial investment to take this infrastructure to the hinterlands,” said Ms. Funke Opeke, CEO of MainOne. Sunil Mittal, chairman and managing director of Bharti Airtel noted that for countries in sub-Saharan Africa like Nigeria, the answer lies with cheap tablets to spur adoption of the fast evolving technological trends. Mittal who spoke at last weeks’ mobile world congress (MWC) in Barcelona, Spain advocated that OEMs should focus on bringing down cost of tablets and smartphones to enable access in emerging markets like Africa and India. The Airtel chief recommended retain tablet price range of about $50 to give these markets access. He was speaking from a position of customer point of view from a poor market economy, not necessarily as an operator who aims for the profit alone. Both the India sub-continent and sub-Saharan Africa have a common bond of poverty and Mittal understands. While stating that smartphone market penetration in India accounts for about five per cent, he lamented that the need for affordable access to mobile broadband was even more pressing in Africa than on the sub continent. He believes cheap and affordable devices would increase mobile penetration and capacity building in both markets. “We are seeing tremendous uplift in the data usage in the developing world. The problem is on the devices side. We need to be able to build very affordable smartphones.” “The cost of operations in Africa is very high. We can’t bring the tariffs down yet. In India the first dollar goes on phone and then the next goes on telephony. In Africa, any savings on telephony will go into food.” The high point of Mittal’s speech was his recognition of the fact that Africa lacks the critical transformational middle class. India, he stated has a subsidized middle class which takes the heat off the wealthy. This contrasts with Africa where you are either very poor or wealthy! The advantage of mobile broadband was quite evidenced in the 2011 Arab Spring revolutions that witnessed age hold political dynasties dethroned in Tunisia, Egypt and Libya. Nigeria had a taste of this new media ascendency last January when masses of people converged on major streets across the nation in carnival moods and shutting down the economy over a period of seven days following government’s announcement of increase in fuel pomp prices. The government was forced to backpedal midway when it became apparent the people would precede to totally shutdown the entire petroleum production process if it did not soft pedal. The outcome was hailed as victory for people’s power and triumph of democracy. But more than democracy and people’ power, what took place in Nigeria last January was a triumph of the emerging mobile broadband evolution in Nigeria. Due to the dearth of critical telecom infrastructure in the country, much of the acclaimed 40 million internet subscriptions are mobile driven. And here the call for cheaper tablets and smartphones becomes even more critical. The Nigerian PC OEMs have been challenged by no other than the Qualcomm managing director for West Africa, Alex Dadson to begin the process of producing tablets locally. He believes local production of tablets would drive down cost, generate employment and fast track the learning process in the education sector. Again, nobody talks about what government could do because the government isn’t just responsive to the people it claims to govern.
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).
This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
Credit: Vanguard
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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth
Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.
This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.
Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.
With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.
According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”
“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.
Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.
The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.
Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.
In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”
The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.
During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.
This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.
The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.
Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.
Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.
Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.
The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.
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