Telecom
Danbatta, Others Extol Benefits of Data in Development of Digital Economy
Professor Umar Garba Danbatta, Executive Vice Chairman and Chief Executive Office (EVC/CEO) of the Nigerian Communications Commission (NCC) has said that real value can only be driven from data when it is gathered completely and accurately, connected to other relevant data, and done in a timely manner.
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He stated this while delivering a keynote address at the 2021 edition of the Nigeria ICT Impact CEO Forum held on Friday, at Oriental Hotel, Lagos.
The event themed: “Data the New Oil of the Digital Economy” had ICT policymakers and policy enablers in attendance.
The EVC noted that data when properly refined could quickly become a decision-making tool – information – that allows companies to react to market forces and be proactive and intentional in their decision-making.
He further expressed delight in the significant contributions of telecommunications sector in the development of the Nigerian economy.
According to him, “It is gratifying that in the last few years, the telecommunications sector has consistently driven the digital economy agenda of the government, as it provided the necessary impetus for the support of the Nigerian economy in the digital space.
“It is pertinent to add that the information and communication sector recorded a growth of 6.31% in Q1 2021, which was largely driven by the growth in the telecommunications sub-sector (+7.69%).
“This growth trend has rekindled the hope that economic diversification can be realised in Nigeria.
“Also one of the most dynamic developments related to the digital economy has been the rise of social network platforms which have set the stage for unprecedented social 2 interactions, dialogue, exchange and collaboration.
“These platforms have opened up multiple avenues for entrepreneurship, business connectivity and engineered several activities that support ease of doing business in Nigeria”.
Danbatta further stated that the Commission is currently working on a regulatory instrument to manage data collection and utilisation in the Nigerian communications sector.
The process, according to him, is going through the Commission’s collaborative rule making approach and will provide all stakeholders with ample opportunities to participate.
Engr Ikechukwu Nnamani, CEO – Medallion Communications Limited and President of Association of Telecommunications Companies of Nigeria (ATCON), speaking on the Topic titled: “Building Blocks to a Data Based Digital Economy” said that digital economy is the network of economic activities, commercial transactions and professional interactions that are enabled by information and communications technologies.
He noted that the benefits of digital economy span across, Job creation, Rise in E-commerce, Expansion in business opportunities, Transparency, Improvement in public services, Digital delivery of goods and services and others.
He equally said that Nigeria is still far from generating the volume of data that will make data the new oil for Nigeria, noting that there is still need for more local content data generation in Nigeria for its Data to move from people and business based to machine based if we are to generate adequate data to make data Nigeria’s new oil.
According to him, “Nigeria is missing in key cloud services platform location.
“Hyperscale datacenters must be located within Nigeria to make the key cloud service platform to be located within the country.
“Edge datacenters are needed for effective storage and distribution of content across the country to ensure efficient service delivery.”
Earlier, Tayo Adewusi, editor-in-Chief of ICT Watch magazine, the organizers of the event, said that Data in the 21st Century is like Oil in the 18th Century: an immensely, untapped valuable asset.
He noted that Data is the key to smooth and efficient running of everyday life, including in both public and private sectors.
“Like oil, for those who see Data’s fundamental value and learn to extract and use it there will be huge rewards.
“We are in a digital economy where data is more valuable than ever. It’s the key to the smooth functionality of everything from the government to local companies. Without it, progress would halt”.
Oluwarotimi Arakunrin Akeredolu, SAN, Governor of Ondo State, speaking at the event via virtual platform, emphasized the importance of Data to all stakeholders in Nigeria’s economy, noting that it’s the lifeblood of any digital economy.
He said, “The importance of data cannot be overemphasised in the economy of nations because data is the lifeblood of digital economy.
“We are in digital economy where data is more valuable than ever.
“Hence, it is not surprising that data has of late been referred to as ‘the new oil’. Data is an essential resource that powers the present digital economy”.
Mr Kashifu Inuwa, the Director-General, National Information Technology Development Agency (NITDA) speaking on the topic: Nigeria Data Protection Regulation (NDPR) and the Future of Data Governace, said the world has gradually evolved into a digital platform in which everything we do appears to be linked to technology in some way.
He noted that the digitalization phenomenon has now elevated digital platforms to become drivers of the economy rather than enablers.
The DG added that digital economy is highly dependent on the availability of data and the requisite skills to process such data to extract maximum economic and social value.
Abiodun Omoniyi, CEO, VDT Communications Limited, who spoke on the theme: ‘Why Data will be the New Oil in the Digital Economy’, said that data is now world’s most valuable resource.
He stated that it will not be right to say that data will be the new oil, but that it is already the new oil.
On the contributions of Telecom industry in the Nigerian economy, Omoniyi said, “Telecom is already the new oil especially in Nigeria with the highly dwindling oil fortunes.
“The fact that telecoms globally and in Nigeria are largely driven by the private sector gives it tremendous room for growth.
“However, governments around the world and including Nigeria need to create growth-oriented policies and provide enabling environments for the full potentials of data to be harnessed.
“Data has enormous potentials to displace oil in leading the global economic growth now and the foreseeable future”.
MTN Foundation hosted its annual Anti-Substance Abuse Programme (ASAP) Conference on July 9, 2025, at the MTN Rooftop in Ikoyi, Lagos, bringing together stakeholders from government, healthcare, education, security, civil society, and the private sector to address the growing challenge of drug abuse among Nigerian youth.
L-R: Tobe Okigbo, Chef Corporate Services Officer, MTN Nigeria; Archieabia Ibinabo, Assistant Commander General of Narcotics, representative of Brig. Gen Mohammed Buba Marwa, Chairman/CEO, National Drug Law Enforcement Agency (NDLEA); Barrister Abimbola Salu-Hundeyin, Secretary to the Lagos State Government, (representative of His Excellency, Governor of Lagos State, Mr. Babajide Sanwo-Olu); RT. Honourable Princess Lasbat Mojisola Meranda, Deputy Speaker, Lagos State Assembly; Dr. Mosun Olusoga, Chairman, MTN Foundation; Odunayo Sanya, Executive Director, MTN Foundation, and Dr. Tolu Ajomale, Head of Special Projects and Mental Health, Lagos State Ministry of Health (representative of Prof. Akin Abayomi, Commissioner for Health, Lagos State) during the MTN Anti-Substance Abuse Programme (ASAP) Lagos Conference held in commemoration of World Drug Day at the MTN Rooftop, Ikoyi, Lagos on Wednesday, July 9, 2025.
Prominent attendees included Dr. Mosun Olusoga, Chairman of MTN Foundation; Barrister Bimbola Salu-Hundeyin, Secretary to the Lagos State Government; and Dr. Tolu Ajomale of the Lagos Ministry of Health, among others. Also present were representatives of NDLEA, UNODC, academia, psychologists, recovery advocates, and youth leaders.
Speaking on behalf of Governor Babajide Sanwo-Olu, Salu-Hundeyin reaffirmed Lagos State’s commitment to safeguarding its youth and fostering a future free from substance abuse. Dr. Olusoga emphasized that drug addiction extends beyond health, touching families, communities, and national well-being, calling for proactive, united action.
MTN Nigeria’s Chief Corporate Services Officer, Tobe Okigbo, stressed the company’s long-standing dedication to youth development through initiatives like ASAP. NDLEA’s Assistant Commander General of Narcotics, Archieabia Ibinabo, representing Brigadier General Buba Marwa, commended MTN Foundation as a vital ally in drug prevention efforts.
The conference featured personal stories of recovery in a session titled “Journeys Through the Fire,” followed by a panel discussion on multi-sectoral solutions to substance abuse. It concluded with a dramatic performance, “Just One Breath,” by LASU’s WADA Club, illustrating the personal and societal toll of drug use.
Executive Director of the MTN Foundation, Odunayo Sanya, closed the event with a powerful call to action, urging media, communities, and policymakers to drive sustained investment in youth empowerment and early intervention.
The Foundation reaffirmed its commitment to building resilience among young Nigerians and catalyzing cross-sector partnerships for a drug-free future.
MUSON Centre, Onikan, Lagos, was filled with music, pride and emotion on Thursday, July 4, as the Class of 2025 of the MTN Foundation–MUSON Diploma in Music graduated in a ceremony that celebrated discipline, artistry and the power of partnership in nurturing young Nigerian talents.
The event marked the culmination of two years of intensive training for the graduating scholars, supported by the MTN Foundation–MUSON Scholarship Programme. This partnership has provided full scholarships to hundreds of talented Nigerians, giving them access to world-class music education and helping them hone their skills as professional musicians.
Speaking at the ceremony, Dr. Mosun Olusoga, Chairman of the MTN Foundation, praised the graduates for their resilience and dedication. “Despite personal and financial obstacles, you showed up with determination, supported one another and embodied the values of excellence and empathy. You are stepping into the world as teachers, performers and cultural advocates. Nigeria and the world need your music now more than ever,” she said.
Chairman of MUSON’s Board of Trustees, Louis Mbanefo, SAN, reflected on the legacy of MUSON and the impact of its partnership with MTN. “Through the generosity of MTN and the dedication of our faculty, MUSON has produced more than 500 graduates who are making significant contributions to Nigeria’s cultural scene and beyond. As you join this vibrant alumni community, remember your responsibility to give back, uphold excellence and enrich the nation’s musical heritage,” he said.
Director of the MUSON School of Music, Princess Banke Ademola, described the graduates as ambassadors of discipline and artistry. “Today, we are not just sending graduates into the world; we are releasing ambassadors of discipline, creativity, and cultural excellence. Each of you has proven that with hard work and resilience, music can transcend challenges and inspire change. Go out there and let your music heal, connect, and transform lives.”
In her speech, Chief Mrs. Joke Chukwuma, Yeye Oba Iye of Ekiti Kingdom, encouraged them to use their music to inspire change and heal communities. “Music is the heartbeat of our culture, and today’s graduates are its future custodians. You are not just musicians; you are storytellers and architects of emotion. Carry your craft with pride and remember that your sound has the power to give voice to the voiceless and light to the world.”
As the graduates received their diplomas to loud applause, the event highlighted the impact of public-private collaboration in advancing Nigeria’s creative industries. The MTN Foundation–MUSON partnership continues to inspire hope for the future of music in Nigeria, turning dreams into reality and passion into excellence.
Nvidia has become the first publicly traded company to hit a $4 trillion market valuation, surpassing tech giants Apple and Microsoft. Shares rose 2.5% in early trading on Wednesday, July 9, lifting the chipmaker’s market cap past the historic milestone.
Nvidia’s rapid rise reflects its dominant role in powering the global artificial intelligence boom. The company’s chips run the data centers behind AI models and cloud services for Microsoft, Amazon, Google, and more. Global spending on AI infrastructure is expected to top $200 billion by 2028, driving further demand.
Nvidia’s revenue for the quarter ending in April soared 69% year-over-year to $44.1 billion. Its stock has climbed nearly 20% this year, despite facing export restrictions and fresh competition from China’s DeepSeek, which briefly rattled markets. Nvidia shares dropped as much as 37% from January to April, before roaring back to gain almost 74% since early April.
Analysts say Nvidia’s success cements it as the backbone of the AI revolution. “There is one company in the world that is the foundation for the AI revolution, and that is Nvidia,” wrote Wedbush Securities’ Dan Ives. He predicts Microsoft, currently valued around $3.77 trillion, will also cross the $4 trillion threshold later this summer.
Nvidia rose to prominence through graphics cards loved by gamers, but now leads in AI hardware, from autonomous vehicles to next-gen chips like the Blackwell Ultra, which promises to support more advanced reasoning in AI models.
The company’s surge has also made CEO Jensen Huang one of the world’s richest people, with a net worth of roughly $140 billion. Huang has met with President Trump and joined other tech leaders on trips abroad, as Nvidia partners in major initiatives like Project Stargate, a $500 billion push to expand US AI infrastructure.
Despite challenges from new players and US-China trade tensions that cost it an estimated $2.5 billion last quarter, Nvidia’s outlook remains bright. On a May earnings call, Huang said AI would become essential for “every country” and “every industry,” from software and healthcare to manufacturing and transportation.
Some on Wall Street believe Nvidia’s rise is only beginning. Loop Capital analysts recently projected the company could reach a staggering $6 trillion valuation by 2028, calling it “essentially a monopoly for critical tech” in the AI space.
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