Connect with us
nairametrics
UBA ads

Business News

These are the factors affecting Nigeria’s space tech revenue

Published

on

Despite the Federal Government’s investments in satellites, experts have said that Nigeria is “losing out” on its share of global space tech revenue of about $558.2 billion.

The space tech experts, who spoke with Daily Trust at the 2017 Annual Space week of the Centre for Satellite Technology Development (CSTD) in Abuja, attributed the situation to the following reasons:

UBA ADS
  1. lack of ground infrastructure
  2. Epileptic power supply
  3. Inter-agency bickering between the National Space Development Agency (NASRDA) and the Nigerian Communications Satellite Limited (NIGCOMSAT).
  4. Capital flights as a result of patronage of foreign satellite companies by Nigerians

It should be noted that the Satellite Control & Operations department of the NIGCOMSAT is responsible for monitoring and controlling of operational status, orbital location of NigComSat-1R and the Satellite Networks (i.e. Ground & Space Segments and Network Operations).

While NASRDA, is a part of the Federal Ministry of Science and Technology overseen by the National Council on Space Science Technology. It was established with a primary objective of establishing a fundamental policy for the development of space science and technology.

Nigeria at the moment has 3 satellites in the orbit, namely : NigComSat-1R, NigeriaSat-2 and NigeriaSat-X.

GTBank 728 x 90

NigComSat-1R is a replacement of the lost NigComSat-1 which failed in orbit on 11th November 2008 after running out of power.

The challenges highlighted have to be solved by the Federal Government promptly. It is still surprising that Nigeria spent billions of Naira to launch these satellites without ensuring that opportune conditions for the optimum utilization of these satellites were properly put in place. If these setbacks are not resolved on time, Nigeria will lose both in revenue and in useful data these satellites transmit.

onebank728 x 90
Patricia
Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Corporate Press Releases

Meristem features Nike Okundaye in Campaign titled “The Journey”, highlights the importance for partners

Meristem taps into Okundaye’s creative energy, highlighting the shared story of growth and collaboration.

Published

on

It has been a long journey for financial services provider, Meristem Nigeria, having started out as a boutique stockbroking firm over 16 years ago and morphing into a capital market conglomerate offering an array of diversified service and product offerings. The tale is similar for the art and culture doyen, Nike Okundaye-Davies whose humble beginning in traditional weaving and dying practice annealed her to the art world and art lovers.

At a graceful age of 70, she has achieved over 102 solo art exhibitions, 36 group art exhibitions, a permanent display of two of her works in the Smithsonian National Museum of African Art, a Harvard recognition and many other global acclaims. With four (4) art galleries spread across the country, and the Lagos center being the biggest art gallery in West Africa, she once told a Forbes journalist that her dreams are driven by careful financial planning as she reinvests at least two-thirds of her income in her business and art centers.

UBA ADS

Meristem taps into her creative energy in this campaign, highlighting the shared story of growth and collaboration for both institutions, and the need to onboard the right partners to achieve long term financial goals and investment security.

Meristem, a capital market conglomerate and diversified financial services provider offering stockbroking, wealth management, asset management, trustee services and financial advisory. Over the past 16 years, Meristem has been consistent in value creation and innovation within the capital market space. The Nigerian stock exchange awarded Meristem as the best digital broker of the year. In 2018 also, Meristem became the first Nigerian asset management firm to attain compliance with the Global Investment Performance Standards (GIPS) by the CFA Institute. In 2017, Meristem handled the single largest trade in the history of the Nigerian Stock Exchange.

 

GTBank 728 x 90

Patricia
Continue Reading

Around the World

Shell considers relocating its headquarters to the UK

Royal Dutch Shell has consistently pushed for the Dutch Government to stop taxes on dividends.

Published

on

GLOBAL GAS vs SHELL: COURT SETS ASIDE AWARD OVER BREACH OF CONTRACT, Investors, shareholders shocked as Shell reduces dividend

Oil and gas giant, the Royal Dutch Shell, is considering moving its corporate headquarters from The Netherlands to Britain. This could be a move against the implementation of dividend tax in The Netherlands.

The move was disclosed by the oil company’s Chief Executive Officer, Ben Van Beurden, during an interview with a Dutch newspaper on Saturday, July 4, 2020. According to him, the oil giant is not ruling out relocating its headquarters from the Netherlands to Britain. He said:

UBA ADS

You always need to keep thinking. Nothing is permanent and of course we will look at the business climate. But moving your headquarters is not a trivial measure. You cannot think too lightly about that.”

Further confirming the Chief Executive Officer’s comment, a Shell spokesman told Reuters that the oil giant is looking at ways to simplify its dual structure, as it had been doing for many years.

Royal Dutch Shell has consistently pushed for the Dutch Government to stop the tax on dividend paid to shareholders, as this makes financing dividend, share buy-backs and acquisition a lot more difficult.

GTBank 728 x 90

An earlier attempt by the Dutch Government to stop the dividend tax as an incentive to convince Unilever to unify its dual structure in Rotterdam, was met with an outcry by the public, who see that as a gift to rich foreigners.

It can be recalled that Shell had announced a few days ago that it might likely write down between $15 billion-$22 billion in post impairment charges for the second quarter of 2020. The impairment, which is its largest since the merger with Shell Transport and Trading Company Ltd in 2005, shows the huge adverse impact that the coronavirus pandemic has had on the oil giant’s businesses.

Also, in a move that shocked investors, Shell for the first time since the Second World War, cut down the dividend that it paid to its shareholders by two-thirds due to the negative impact of the pandemic. The decision came as a surprise to many including shareholders of the oil company which is by far the biggest payer of dividend in the FTSE 100.

onebank728 x 90

Patricia
Continue Reading

Coronavirus

Governor David Umahi of Ebonyi tests positive for COVID-19

Umahi has directed those who worked in the budget review for 2020 to immediately test for COVID-19.

Published

on

David Umahi, Ebonyi State workers will not get salaries for this reason

The Governor of Ebonyi State, David Umahi has tested positive for COVID-19, reported on Saturday afternoon.

Umahi’s Special Assistant on Media, Mr. Francis Nwaze, confirmed the news and also revealed that some associates of the governor also tested positive.

UBA ADS

He also said that the Governor is not showing any symptoms of the disease, though he has isolated himself in line with the NCDC protocols.

“The governor has directed his Deputy, Dr Kelechi, to coordinate the state’s fight against the disease and appealed to the citizens to take the NCDC protocols seriously.

READ MORE: Governors may push for 42% of federal allocation in new sharing formula

GTBank 728 x 90

“He will currently be working from ‘home’ and will be conducting all meetings virtually,” Nwaze added.

David Umahi becomes the sixth Nigerian governor to test positive for the disease, Governors of Kaduna, El- Rufai, Bauchi, Bala Mohammed and Oyo, Seyi Makinde have fully recovered while the recent cases have been the Governors of Ondo, Rotimi Akeredolu and Delta, Ifeanyi Okowa.

On Thursday, Governor Umahi announced that the state’s Executive Council was finalizing the budget review required by World Bank and said “most us broke down and are being treated of malaria.”

onebank728 x 90

Download the Nairametrics News App

He also directed those who worked in the budget review for 2020 to immediately test for COVID-19 and admitted he is expecting a second test result after he initially tested negative in March.

app
GTBank 728 x 90
Patricia
Continue Reading