Telecom
Stakeholders Reiterate Need For Development of Local Content in the Financial Sector
Stakeholders in the Information and Communications Technology (ICT) have reiterated the need for the use of Nigerian software in the financial sector.
They made this call at the ongoing stakeholder’s roundtable on the use of Nigerian software in the financial sector, with the theme:”Adoption and Development of Local Content Technology as Growth Driver for the Nigerian Economy”, holding in Lagos.
Dr Dan Ibrahim Azumi, DG, National Office for Technology Acquisition and Promotion (NOTAP) While speaking at the event said that their objective is to promote awareness for the development and utilization of local Technology Solutions in various sectors of the Nigerian economy.
According to him, “our objectives are to promote awareness for the development and utilization of local Technology Solutions in various sectors of the Nigerian economy, to discuss the challenges confronting the local Technology Solution Providers, identify specific areas where NOTAP and NITDA can intervene to create an enabling environment to enhance local vendorship.
“And also to identify companies with high demand for software Solutions developed in Nigeria, provide a platform for linking local software suppliers to end-users as an avenue to create and generate employment , income and wealth in Nigeria.”
He decried the huge sums of money being remitted out of the country without the foreign ICT owners assisting local partners to develop its knowledge base, capacity and intelligence as required by the terms of the agreement entered into.
He urged Nigerians not to be under any illusion that foreign firms are here for the development of our country, stressing that we need to be strategic to leverage on the available foreign technologies to ensure inclusive and sustainable growth of our country.
Speaking earlier, Dr Ogbonnaya Onu, Minister of Science and Technology, said that the Federal Government of Nigeria is emphasising on local participation in the execution of government contracts so as improve local content in national socio-economic development.
Dr Onu, who was represented by Prof. Gloria Elemo, Director General, Federal Institute of Industrial Research (FIIRO) said that the Economic Recovery and Growth Plan (ERGP) of the Federal Government of Nigeria led by President Muhammad Buhari is an developmental initiative focused on restoring growth, investing in people and building a globally competitive economy.
He noted that Executive Order No. 5 was signed by Mr President on February 2, 2018 with focused on the development of local content in Science, Engineering and Technology (SET).
According to him, “Mr President directed all MDAs of government to engage indigenous professionals in the planning, design and execution of national security projects with the intention to maximising the in-country capacity and capability in all contracts and transactions with SET components, utilizing Nigeria human and material resources in the planning and execution of Nigerian projects.
“The Order directed that all procurement entities of the FGN shall give preference to Nigerian companies in the award of contracts for major projects in SET and where local expertise is not available, Nigerian company shall enter into consortium with relevant foreign firms.
Director-General of NITDA, Dr Isa Pantami, who was represented by Dr Chris Okeke said the country saved N13 billion from 2018 up till now due to the ban of foreign techs and the use of local contents. The amount is up from the N5 billion previously recorded.
He said the policy was boosting ICT, the economy, the gross domestic product and helping diversity in revenue generation. He also said about 95 per cent of government websites are now hosted locally.
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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