Business News
Nigeria ranks 156th in 2018 worldwide broadband speed report
The report findings are based on more than 163 million speed tests conducted in 200 countries around the world.
Published
3 years agoon
One of the world’s leading broadband magazines, Cable, has released its 2018 global ranking report for broadband speed, which has Nigeria placed on the 156th position.
The report findings are based on more than one hundred and sixty-three million (163,000,000) speed tests conducted in 200 countries around the world. It focuses on average speed in each of these countries, with emphasis on how long it typically takes to download a 5GB High Definition (HD) movie.
Focus on Nigeria’s and other African countries’ rankings
Nigeria’s 2018 ranking marks a 154% decline compared to last year, having dropped 57 places from 99th position in 2017.
According to the report, Nigeria’s average broadband speed in 2018 is 1.86mb; a sharp decline from 3.15mb recorded in 2017. With this in perspective, the report went further to state that it would take an average of 6 hours, 7 minutes and 38 seconds to download a 5GB HD movie in the country.
Nigeria’s performance is poor compared to some other African countries such as Kenya, South Africa, Ghana, Zimbabwe, and Rwanda, all of whom occupied the 68th, 80th, 124th, 125th and 134th positions respectively.
Other African countries that ranked better than Nigeria are:
- Namibia – 135th position
- Burundi – 138th position
- Uganda – 144th position
- Zambia – 150th position and
- Tanzania – 153rd position
The reasons for the different performances
The report explains that the disparity in performance between countries is due to certain factors such as technological advancements and geographical remoteness.
Asides the aforementioned, other factors such as the territorial sizes of countries as well as their rate of economic development also contribute to each of the countries’ broadband speed rates.
“When it comes to internet provision, the situation varies both by country and region. Generally speaking though, you can apply the rule that the larger and less developed the nation is, the slower the internet access tends to be.
“The economy of Singapore, for example, relies heavily on digital infrastructure, while the country itself occupies a relatively small space. There is economic necessity, coupled with the relative ease of delivering high-speed connections across a small area.
Conversely, the economy of Chad suffers from geographical remoteness, drought and political turmoil, with agriculture its chief industry. It is also vast. There is therefore arguably no pressing economic necessity for high-speed internet, while the difficulty of delivering it would almost certainly exceed Chad’s GDP.” – Cable
Meanwhile, the top ten ranking countries in the world according to the report are Singapore, Sweden, Denmark, Norway, Romania, Belgium, Netherlands, Luxembourg, Hungary, and Jersey.
On the other hand, countries like Republic of the Congo, Burkina Faso, Niger, Somalia, and Yemen are ranked among the worst.
The worldwide broadband speed report is published annually by Cable Magazine, using data collected from around the world by M-Lab. To read the full report, CLICK HERE.
Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.
Tech News
Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million
Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.
Published
8 hours agoon
March 7, 2021
Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).
The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006
The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.
Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.
The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.
According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.
What you should know
- NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
- Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
- Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
- More people are currently bidding their tweets on the platform.
Stock Market
Bamboo’s current rate for buying U.S Stocks weakens to N492/$1
Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.
Published
12 hours agoon
March 7, 2021
The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.
About two weeks ago, the Nigerian stock trading app offered an exchange rate of about N484 to $1.
The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.
READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban
That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Trove and Risevest currently offer their clients N491.68 and N486 to $1 respectively.
In addition, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.
A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.
Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.
READ: Many Nigerians are trooping into foreign stock markets
Bamboo is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.
In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.
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