Telecom
Data Management a Catalyst for Boosting Businesses- LCCI
Mr. Babatunde Paul Ruwase, President, Lagos Chambers of Commerce and Industries (LCCI) on Wednesday said that information and communications sector has become a catalyst for boosting business operations in Nigeria and across border trade.
He made this assertions at the 2018 Seminar on ‘Data Management: Tool for Economic and Security Change’ organised by ICT Group of Lagos Chambers of Commerce and Industries in Lagos.
Ruwase stated that electronic transactions have made it possible to achieve high quality and speed in service delivery in the areas such as travels, e-commerce and e-government.
He reiterated the need for policies that will encourage and support innovation, software development and protection of intellectual property, adding that it is necessary for achieving useful collaborations with other technologically-advanced countries as well as attracting investments into the ICT sector.
He revealed that National Bureau of Statistics 2018 GDP second quarter report shows that ICT sector contributes 13.63% to GDP in a year on year growth of 11.81% from 1.58% in the first quarter of 2018.
“The statistics are a clear call for the need to identify opportunities for collaboration, sharing best practices and exploring inclusive technologies to drive Nigeria into a truly connected global community, he added.
He commended the national assembly for passing the electronic transaction bill after careful considerations of the potentials of the ICT sector.
According to him, “we acknowledge the efforts of the National Assembly in passing the electronic transaction bill after careful considerations of the potentials of the ICT sector and what an enabling and protective act can help the sector to achieve for the country.
Attendees at the Workshop
“There is therefore need for such business and investment elements that strengthen the private sector.
“The regulatory environment must also be sensitive to the ideals of a conducive business environment that can attract private sector participation and foreign direct investment.
“Let me therefore use this opportunity to call on the government to be consistent bwithg its policies and initiate platforms and waivers that will attract and support startups by the youths in Nigeria.
Mr.Zakari Usman, Chairman,ICT Group, Lagos Chambers of Commerce and Industries,(LCCI) in his presentation said that as the world celebrated the end of Millennium Development Goals (MDGSs) and continue to drive the more ambitious Susatainable Development framework, the importance of making timely and reliable data available across the country cannot be over emphasized.
“In this increasingly complex world, the availability of high quality data is vital in facilitating decision-making for both private and pubic sectors.
“The World is also seeing greater demands for higher levels of transparency. This has become pivotal for building trust and confidence regardless of the line and nature of business. The data community has responded to these changes thereby causing a value shift in our economic security”, Mr. Usman said.
He said that one key trend that has elevated data management to a new level is the rapid innovation and advances in information and communication technology.
Engr. Remi Adejumo, Chief Technical Officer, Comercio Ltd delivering his presentation at the event.
“It is staggering that there are 2.5 quintillion bytes of data created each day at our current pace and that pace is only accelerating with the growth of the Internet of Things (IoT). With the rapid expansion of data storage capacity, growing global connectivity and double-digit growth rates in the middle broadband market, there is no doubt that the swift pace of technological developments has not only facilitated the rapid collection of new data but also led to more effective management of the data”, he said.
The Chairman also added that the improvements in technology have also brought tremendous benefits to the private and public segments of our country today, adding that amid wider availability of data on economic planning products, households now have the potential to make better savings and investment choices.
“For the government, data is a vital is a vital source of evidence, as they provide clear and objective statistics on all aspects of the state of the nation, including the growth and characteristics of our population, economic performance, levels of health and wellbeing and the condition of our surrounding environment.
“Accordingly, the significance of data for making evidence-based decisions that guide the implementation of new policies and monitoring and evacuation of the effectiveness of policy decisions cannot be overemphasized”, he added.
Mr. Usman further admitted that as the business community moves forward, it will be more evident that without data, they cannot make well-informed decisions that will catalyse the social and economic development and transform the future.
“The changing contours of the global landscape will increase the demand for higher quality and more comprehensive data which will also need to be accompanies by sound analysis in order to draw correct inferences. From the compliers of data, to the developers of data applications and the users of data, there will be many challenges, but also immense opportunities ahead”, he intoned.
The need for Nigeria to think outside the box in its need to drive towards global relevance with innovations and scientific developments will be on the front burner at the NITRA Innovative & Scientific Conference scheduled to hold on Thursday July 23, 2026 in Ikeja, Lagos.
NITRA
The Nigerian Communications Commission (NCC) will lead other delegates to discuss and take far-reaching decisions at the event, which has its theme as “Bridging Nigeria’s Digital Divide With Scientific Innovation”.
Other companies that have indicated interest in partnering with NITRA include mobile communications company, Tecno; Africa’s premier end-to-end AI solutions company, Hyperspace; and telecommunications data infrastructure company, Digital Realty.
Speaking on the proposed event, the Chairman, Nigeria Information Technology Reporters Association (NITRA), Chike Onwuegbuchi noted that the event will seek to create a platform for government and private organisations to deliberate on policies around scientific innovations in Nigeria, challenges, place of indigenous and foreign collaboration, roles of each stakeholder, and grassroots development in that regard, among others.
According to him: “The Federal government, with series of programmes and partnerships, has established the urgent need to create an ecosystem that thrives on scientific innovation, breeding institutions and individuals with a target of placing the country at the fore-front of Next-Gen development.
It is a known fact that digital and scientific innovations are crucial, not only to the survivability of a nation, but also to the sustainability of its growth and development, with significant effect on economic strength, global image, defense and security, government capabilities to function, and public health and safety, communication and digital footprint, among others.
The federal government is actively driving scientific innovation to foster economic diversification and build a $1 trillion economy by 2030. Efforts are heavily focused on commercializing research, establishing massive research funds, and funding strategic infrastructure, particularly in technology, biotechnology, and healthcare. Core government initiatives and policies include the newly instituted National Research and Innovation Development Fund (NRIDF), which aims to mobilize about $500 million annually to support research and the commercialization of scientific outputs; and the Nigeria Genomic City, a multi-ministerial initiative aimed at transforming Nigeria into a leading hub for genomics, precision medicine, and biotechnology. It is designed to protect indigenous data, stimulate artificial intelligence in health, and develop a highly skilled scientific workforce.
According to the General Secretary of NITRA, Mr. Chidiebere Nwankwo, the forum will also be a vehicle to propagating the views of decision makers to the public, thereby furthering the cause of public awareness and information dissemination on the topic.
The focus, he said will be on how Nigeria can sustain digital innovative growth and scientific development in Nigeria
The board of global payments company, PayPal, says a 53 billion dollars takeover offer from financial technology firm, Stripe, and private equity company, Advent International, does not adequately reflect the company’s long-term value.
PayPal
According to reports, the proposed acquisition, valued at 60.50 dollars per share, remains under consideration, with the board yet to formally respond to the offer.
The directors are said to be evaluating not only the financial value of the proposal but also the structure of the financing, the timeline for completing the transaction and the likelihood of obtaining regulatory approvals.
They are also considering the possibility of competing bids emerging.
Although the offer represents a premium of about 28 per cent above PayPal’s recent share price, the board believes the company could deliver greater value to shareholders if its ongoing turnaround strategy succeeds.
Following reports of the bid, PayPal shares gained about two per cent to close at 56.73 dollars.
Sources familiar with the discussions said Stripe and Advent have secured approximately 50 billion dollars in debt financing from JPMorgan and Morgan Stanley, while both firms would jointly contribute 17 billion dollars in equity.
Under the proposal, the two companies would jointly own PayPal instead of dividing its operations.
PayPal, Stripe, Advent International, JPMorgan and Morgan Stanley have all declined to comment on the proposed transaction.
The discussions come as PayPal seeks to strengthen its business after years of increasing competition from rivals including Apple Pay, Google Pay and emerging financial technology firms.
The company, which was valued at about 360 billion dollars in 2021, now has a market capitalisation of approximately 36 billion dollars.
Since assuming office as Chief Executive Officer in March 2026, Enrique Lores has embarked on a restructuring programme aimed at improving operational efficiency and restoring growth.
The restructuring includes the creation of three business divisions comprising Checkout, Venmo and Consumer Financial Services, and Payments and Crypto.
The company is also targeting 1.5 billion dollars in cost savings through the deployment of artificial intelligence technologies.
PayPal’s latest financial results indicated signs of recovery, with first-quarter revenue rising seven per cent year-on-year to 8.35 billion dollars, while total payment volume increased by eight per cent to 464 billion dollars.
If approved, the transaction would combine two of the world’s largest digital payments companies.
The combined business would process an estimated 3.7 trillion dollars in annual payment volume, significantly strengthening its position in the global online payments market.
However, analysts expect the proposed acquisition to face intense regulatory scrutiny because of the companies’ combined market share in merchant payment services.
To address possible antitrust concerns, the bidders have reportedly considered options, including separating PayPal’s Braintree business or other assets if required by regulators.
Sources said Stripe and Advent remain interested in pursuing the acquisition despite the board’s reservations, although negotiations are expected to continue.
Market observers are also awaiting PayPal’s earnings report scheduled for July 28 for further indications of the company’s financial recovery and future growth prospects.
Concerns over network reliability and its impact on Nigeria’s growing creator economy took centre stage at MTN Nigeria’s Data on Trial event, where content creator and streamer, Jarvis, challenged telecommunications operators to improve connectivity for digital creators.
Speaking during the event, Jarvis asked whether there were locations in Nigeria where uninterrupted internet connectivity could support real-life (IRL) streaming without network disruptions.
“Are there places where there is no breakage when streaming IRL?” she asked.
Her question highlighted the challenges faced by content creators who depend on stable internet services for live streaming, content uploads and real-time engagement with audiences.
Responding, MTN Nigeria’s Chief Technical Officer, Mr Yahaya Ibrahim, said network performance depends on several factors, including location, network coverage, device capability and the number of users connected to a particular base station.
He noted that operators continue to invest in expanding network capacity to meet the growing demand for data services.
Earlier, MTN’s General Manager, Network Performance and Quality Assurance, Mr Michael Ndukwe, explained the evolution of mobile network technology in Nigeria, from first-generation (1G) services to the current fifth-generation (5G) technology.
According to him, each phase of technological advancement has significantly increased network capacity and enabled new digital services.
Ndukwe cited Nigerian Communications Commission (NCC) data showing that Nigerians consumed about 13.2 million terabytes of data in 2025.
He added that data usage reached approximately 4.06 million terabytes in the first quarter of 2026, reflecting the country’s increasing reliance on digital platforms and online services.
According to him, the growth is being driven by wider adoption of 4G and 5G networks, increased smartphone penetration, the proliferation of smart devices and expanding use of social media platforms.
Participants at the event noted that as more Nigerians build businesses and careers around digital content, access to reliable and high-speed internet has become critical to sustaining the country’s digital economy and creator ecosystem.
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