E-Business
FG Promises Continued Democratisation of Internet Access
Prof. Yemi Osinbajo, vice president, has assured that the federal government will continue to do all within its reach to democratise access to the internet in the country.
Prof. Yemi Osinbajo
Osinbajo gave the assurance today in Abeokuta while speaking at the official launch of the Ogun Digital Economy Infrastructure Project(OGDEIP)
The Vice President who spoke virtually, explained explained that it the Federal government recognises the fact that internet access and broadband Communication would help the country in determining it’s competitiveness in the global economy.
He added that Ogun state had positioned itself to become a major global site of the emerging telecommunication economy through its judicious Investment in the right infrastructure.
He described Prince Dapo Abiodun, state governor, as a dynamic, innovative and digitally compliant governor.
He noted that by bringing broadband access to homes, the Prince Dapo Abiodun led government in the state is opening up the state residences and businesses to DigiTech not only in the country, but across the world.
Osinbajo who noted that the project which is part of the President Muhammad Buhari’s objective for broadband connectivity for every citizens of the country, said that the ambition to make broadband available to the people is now enshrined in the economic sustainability plan of the federal government.
The Vice President added that the Federal Government launched the National Broadband Plan which is designed to deliver data download speed of a minimum of 25mbps in urban areas and 10mbps in rural areas, adding that the plan would make coverage available to at least 90% of the population by 2025 at affordable prices.
Osinbajo also noted that the plan would give attention to unserved and underserved area in the distribution of telecom service.
In his remarks, Prince Dapo Abiodun, Ogun State Governor, who noted that his administration would remain committed towards providing the required infrastructure to boost all aspects of the state economy, said that the construction of the Agro Cargo International Airport is part of the wholesome strategy of his administration towards developing air transport infrastructure, especially to boost the Agricultural Development Agenda of his administration.
Abiodun who also added that his administration is also unfolding its power infrastructural project that would guarantee stable power supply to most of the cities and industrial clusters, said that the digital economy infrastructure being the backbone for ICT revolution in the State would further enhance the ease of doing business in the State.
The state helmsman who further noted that the effort of his administration at providing a digital economy in the State will not only help to resolve challenges, both human and economic, but would also provide more opportunities to improve the people’s know-how, productivity and innovations.
Abiodun while noting that the launch of the Ogun State Digital Economy Infrastructure Project (OGDEIP) would help to deepen the various advantages of information technology advancements into all sectors as well as make ICT one indispensable part of the state economy, added that his administration is also putting efforts in place towards improving the status of the state as the Industrial Hub of the nation.
The Governor while noting that the first phase of the project would require laying the foundation for increased broadband connectivity, added that the Project would also see to the establishment of a world class data center along the Silicon Alley in the state capital that will host a variety of ICT services both for the public and private sectors.
Abiodun who also noted his administration is taking practical steps towards integrating technology into its practices and businesses, said that the project would also feature the completion of an ICT Park donated by Nigerian Communication Commission (NCC) along the same route which will house world class technology centers for cutting edge technology research and development.
The Governor who also added that his administration has begun deploying electronic document management systems, e-procurement tools and digitized revenue collection platforms towards improving the efficiency and reducing leakages in all the state Ministries, Departments and Agencies, added that the introduction of digital technologies have also started to yield positive results and improve on justice and the improvement of the system of administration of justice in the State.
In his remarks, Dr. Isa Ali Ibrahim Pantami, minister of Communication and Digital Economy; who noted the Digital Economy has played a critical role in supporting the economy of the country as well as played an important role in helping the country to exit recession, added that the digital economy would provide the datafication of the society, create jobs and wealth for the people and also increase the level of innovation in the country.
Pantami who further added that the Federal government in realisation that broadband is one of the basic foundations of digital economy and a key driver of economy, developed the Nigerian National Broadband Plan (NNBP), which was unveiled and launched by President Buhari on the 19th of March, 2020 to replace the initial Broadband Plan which expired in 2018.
The Minister who further noted that the new broadband plan which seeks to deliver data download speeds across the country at a minimum of 25Mbps in urban areas, and 10Mbps in rural areas, with effective coverage available to at least 90% of the population and penetration rate of 70% by 2025 at a price not more than N390 per 1GB of data, will also target the deployment of nationwide fibre coverage to reach all State Capitals.
Pantami who also disclosed that the Nigerian National Broadband Plan which is anchored on Infrastructure; Policy; Demand Drivers; Funding and Incentives, would create opportunities for job creation and give the country a push into economic prosperity.
The Minister who also said that the issue of high cost and non-harmonization of Right of Way (RoW) fees is a major problem, added that reducing the RoW charges can significantly boost economic activities in the States, far more than the boost that can be received from payments for high RoW charges.
In his remarks, Mr. Wale Ajisebutu, chief executive officer, 21st Century Technologies, who said that the bold step being taken by the state government would form a critical part of the Nigerian history for many years to come, added that the project would help reduce overpopulation in the rural areas by creating digital jobs in rural areas.
Ajisebutu while adding that the project would help the state to generate more taxes for the state, said that the project would contribute 100 billion to the GDP of the state in the next five years.
In his remarks, Dayo Abiodun, special adviser to the Governor on Information Communication Technology, who noted that the project which will be the first of its kind in the country, will bring numerous advantages such as improving government service delivery using electronic channels and encouraging a knowledge based society to the state.
Dr Adebowale Adedokun, director-general, Bureau of Public Procurement (BPP), has reaffirmed the bureau’s commitment to data protection in Nigeria.
He disclosed this in a statement at the weekend by Zira Nagga, head of Public Relations, BPP, following a courtesy visit by a delegation from the National Data Protection Commission (NDPC).
Adedokun stressed that data protection is vital to Nigeria’s economy and development, particularly in areas such as demography, health, education, and other key sectors.
He emphasised that no country should leave its data unprotected, as it plays a crucial role in future planning and national development.
“Data governs the world. It is essential to technological progress and must be protected for a country or business to be taken seriously,” he said.
Adedokun described the visit, aimed at fostering partnership on data policy implementation and protection, as timely and aligned with national goals.
He said the BPP would collaborate closely with the NDPC to boost data development, capacity building, and enhance the procurement system.
“The BPP will support compliance as part of the ‘Nigeria First’ Policy, although it is not a core procurement eligibility requirement,” he explained.
He suggested a hybrid training model to help build strong capacity in data protection, privacy awareness, and policy understanding.
According to him, a dynamic training approach will reduce logistics costs and improve public confidence in data safety and privacy.
Dr Vincent Olatunji, CEO, and national commissioner, NDPC, praised Adedokun and the BPP for supporting data protection initiatives.
He said the partnership supports President Bola Tinubu’s vision and will strengthen data privacy across Ministries, Departments, and Agencies (MDAs).
“The collaboration will create awareness and train BPP staff to ensure a firm grasp of data protection principles and policies,” he stated.
Olatunji said the NDPC would establish a working group to finalise a Memorandum of Understanding beneficial to both institutions.
He added that President Tinubu signed the NDPC into law on 12 June 2023 to uphold citizens’ rights and protect national and business data.
Olatunji also noted that strict legal measures were in place to enforce data protection and ensure full compliance nationwide.
Both agencies agreed to form a team to sign the MoU and focus on capacity building and data management in procurement and beyond.
President Bola Tinubu said that his administration has initiated a project to install fibre optic cables across the country, aimed at enhancing the socio-economic development of Nigeria.
His plans were contained in a speech he delivered at a joint session of the National Assembly in commemoration of Democracy Day on Thursday, June 12.
He said the fibre optic layout is part of other projects being embarked on.
“In addition, we have embarked on an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity.
“This initiative promises not only to enhance the speed and reliability of internet access but also to revolutionise how businesses operate, how students learn, and how communities stay connected,” Tinubu stated.
He maintained that by extending this critical infrastructure, his government is empowering entrepreneurs, enabling digital education, and providing the tools for our youth to compete in a globalised world.
In a most recent report on Internet connectivity, The ICIR pointed out how Nigeria has faced setbacks in its deployment of fibre optic cables and needs a transformation.
The challenges revolve around vandalism, inadequate coordination between road construction and telecom infrastructure, and varying right-of-way (RoW) charges across states.
Among industry experts, these issues impact network outages, increase repair costs, and hinder broadband expansion efforts.
It has also further threatened the digital economy, leading to slower Internet speeds, dropped calls, and unreliable connectivity among others.
African startups raised more than $345 million across 65 deals in May, more than double the amount raised in the same period of last year, according to a report by Briter, a research and business intelligence firm.
The report disclosed that both the number of deals and participating companies declined, confirming a growing trend of fewer companies raising funds in larger sizes.
It said fintech attracted the highest share of funding in May, accounting for 34 percent of the total, while cleantech followed closely, driven by a debt deal from Sun King. The company raised $80 million (in local currency) to expand clean energy access in Nigeria.
“Equity remains the primary instrument in terms of total value. There’s no doubt about it; in fact, equity deals with disclosed amounts captured more than half of the total funding volume in May.
“However, debt financing is increasingly proving its weight. Although it accounted for only 8 percent of all deals, it represented 32 percent of the total funding, highlighting the typically larger size of debt transactions. With the rise of specialised vehicles targeting early-stage businesses, debt is becoming an increasingly important part of Africa’s innovation funding landscape,” it said.
Briter’s report added that grants continued to play a vital role in early-stage support, especially in the education technology (EdTech) sector. The Mastercard Foundation led the pack in grant activity, funding a new cohort of EdTech innovators in Nigeria and Kenya. Each selected startup is set to receive $100,000 in grant funding, in addition to mentorship and business development support.
Multilaterals also made a strong showing in May, it said. The Multilateral Investment Guarantee Agency (MIGA), a World Bank Group member, issued a $179.6 million guarantee to CleanTech firm KOKO Networks. The support will help scale its clean energy solutions across Kenya.
“This deal not only demonstrates growing international confidence in African climate ventures but also signals a promising pathway for other asset-intensive startups in clean cooking, agriculture, and renewable energy,” the report said.
From a geographic perspective, Egypt emerged as the continent’s fundraising powerhouse for the month, contributing 51 percent of all funding raised. The country recorded 12 deals across equity, debt, and bond instruments. Notably, FinTech platform MNT-Halan raised $50 million through a bond issuance, further illustrating the diversification of capital-raising mechanisms in the region.
Outside Egypt, funding was distributed across Africa’s three other key markets, which are Egypt, Nigeria, and Kenya, with limited activity recorded in countries such as Ghana, Tunisia, Morocco, and Uganda, each registering between one and three deals.
In terms of exits, the African tech landscape continues to mature. Three companies—Baobab+, Qardy, and Shopa—were acquired in May, bringing the total number of exits this year to 22. This already surpasses last year’s count for the same period. Qardy was acquired by Catalyst Partners Middle East (CPME) in a disclosed deal valued at $23 million, the report added.
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