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Business News

Highlights of Buharinomics ‘Next Level’ 2019 agenda

President Muhamadu Buhari who is also the Presidential candidate of the APC has unveiled his manifesto.

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Muhamadu Buhari

President Muhamadu Buhari who is also the Presidential candidate of the All Progressive Congress Party (APC) has unveiled his manifesto ahead of next year’s General Election. The document titled “Next Level” highlights programs and plans the Buhari-led administration intends to execute if re-elected at the polls. The document was presented to the public in Abuja yesterday.

Highlights of the “Next Level” Agenda includes:

Jobs Creation

  • The Next Level is to engage 1 million N-Power graduates.
  • Skill up 10 million Nigerians under a voucher system in partnership with the private sector.
  • Provide $500 million Innovation fund to tech and the creative sector to create 500,000 jobs.
  • Train 200,000 youth for outsourcing market in technology, services and entertainment.

Infrastructure

  • Complete the Ibadan-Kano phase of the Lagos-Ibadan-Kano rail.
  • Complete Eastern Rail (Port-Harcourt-Maiduguri), taking the network through Aba, all South-east state capitals, Makurdi, Jos, Bauchi and Gombe.
  • Complete the coastal rail (Lagos-Calabar).
  • Complete the 2nd Niger Bridge connecting Anambra and Delta states.
  • Complete the East-West Road connecting Warri, Delta to Oron, Akwa-Ibom, through Kaiama and Port-Harcourt in Balyesa and Rivers respectively.
  • Complete the link bridge on Itakpe-Warri rail to Abuja through Lokoja.

Power

  • A minimum of 1,000MW new generation incremental power capacity per annum on the Grid to bring to a total of a minimum of 11,000MW.
  • Distribution to get to 7,000MW under the distribution expansion program.
  • 9 Universities will have an uninterrupted power supply.
  • Execute the Nigeria Electrification Project, NEPA, a $550 million Rural Electrification Program which is supported by the World Bank/AfDB to create a pipeline of private local investments and financial incentives to catalyse the Nigerian off-grid market for standalone solar solutions.

Economy and SMEs

  • Soft Loans of up to N1 million to small traders, and commercial drivers.
  • Take current 2.3 million traders, farmers artisans under the Trader Moni, Market Moni and Farmer Moni schemes to 10 million Nigerians under the People Moni Scheme.
  • Soft Loans to support business ideas across the different value chain.
  • Online Bank: Account opening, Credit Rating done with technology.

Ease of Doing business

  • Legislate and enforce deadlines for the issuance of Government licenses and permits.
  • Simplify investment, customs, immigration, trade and production procedures.

Security and Anti-Corruption

  • Decentralise the funding of police operations and implement a direct transfer of funding to the Police Division all across.
  • Execute the second phase of the Farmer-Herder and National Livestock Policy to end the decades-long conflict between farmers and herders.
  • To eliminate the scope of systemic corruption, we will emphasise technology enabled e-Governance.

Technology

  • Create a vibrant Gig economy around business process outsourcing, technology, creative sector, with flexibility, e-lancing and freelancing as key features.
  • Drive the procurement of start-up services by promoting quota for tech startups.
  • Support private sector-led technology hubs by providing grants, equity and loans.
  • Move broad band coverage to 120,00km of fibre network across Nigeria.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Business News

SpaceX says it’s pursuing necessary licenses to bring Starlink to Nigeria

Broadband penetration of 70% which covers 90% of the population is the FG’s target in its National Broadband Plan (NNBP), 2020-2025.

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Telecoms sector remains resilient as broadband subscriptions climb

American private space exploration company founded by Elon Musk, SpaceX says it is working to pursue all necessary licenses needed to bring the Starlink Satellite internet services to Nigeria.

This was disclosed by Mr Ryan Goodnight, SpaceX’s Starlink Market Access Director for Africa in a meeting with NCC’s Executive Vice-Chairman (EVC), Prof. Umar Danbatta on Friday in Abuja.

What SpaceX is saying about Starlink in Nigeria

“SpaceX has been in discussion with NCC virtually over the past several months to begin the process of pursuing all necessary licences to bring Starlink, its satellite-based broadband services, to Nigeria.

Having made substantial progress in the discussion, the commission granted SpaceX’s request for a face-to-face discussion to gain better insights on the prospects,” they said.

The NCC stated that it has listened to SpaceX’s presentation and will review it vis-à-vis its regulatory direction of ensuring an effective and sustainable telecoms ecosystem where a licensee’s operational model does not dampen healthy competition among other licensees.

“As the regulator of a highly dynamic sector in Nigeria, the commission is conscious of the need to ensure that our regulatory actions are anchored on national interest,” they said.

NCC added that broadband penetration of 70% which covers 90% of the population is the FG’s target in its National Broadband Plan (NNBP), 2020-2025. This is also in line with its National Digital Economy Policy and Strategy (NDEPS), 2010-2030.

What you should know

Starlink is an internet service launched by SpaceX to improve internet coverage in rural and underserved areas globally. Starlink satellites are over 60 times closer to Earth than traditional satellites, resulting in lower latency and the ability to support services typically not possible with traditional satellite internet.

Nairametrics also reported this month that the  Federal Government announced a deal with Microsoft through the Federal Ministry of Communications and Digital Economy for the development of high-speed internet infrastructure across the six regions in the country.

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What FGN Free Meter Program means for the power sector

Without effective penalties for erring DisCos and consumers, progress may still remain very slow.

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Electricity, Buhari moves against Discos and agents that collect money for prepaid meters

According to news reports, the Minister of Power, Mamman Saleh on Wednesday said the distribution of the four million free electricity prepaid meters pledged by the Central Bank of Nigeria would soon begin across the country.

According to him, the government is wrapping up the distribution of its initial one million meters, which he labelled phase zero, and would soon begin the distribution of the four million sponsored by CBN, which he tagged phase two. He also noted that the Federal Executive Council approved N3bn for the execution of six major electricity projects in the country to upgrade Nigeria’s electricity facilities and improve power supply across the country.

Ineffective metering remains a major drawback to the success of power sector reforms in Nigeria. While some consumers avoid paying for power consumed through meter bypass, some other consumers are made to pay for what they have not consumed through estimated billing by DisCos.

DisCos have been largely unsuccessful with metering their customers.

As far as inadequate metering is concerned, DisCos over time, have used this situation to their advantage via estimated billings. It appears that fully metering customers are currently being viewed as a disincentive, given that estimated bills can easily be manipulated.

According to a report by the Nigerian Electricity Regulatory Commission (NERC), only 4,234,759 (40.27%) of the total customer population of 10,516,090 were metered as of 30 June 2020. Clearly, this validates the widely held view that there are a wide number of customers on estimated billing which gives room for illegal connection to the networks and in turn corrupt practices. NERC further revealed that only three out of 11 Electricity Distribution Companies in the country had metered more than 50% of electricity customers under their coverage areas as of June 2020.

Effective metering in our view is one step ahead in solving the myriad of problems embattling the Nigerian power sector. Though supposed to be unpaid for, many customers in a bid to avoid the bureaucracy associated with getting meters have paid to get their own meters. We believe the provision of meters to all end-use customers will go a long way in ameliorating the liquidity squeeze in the power sector whilst also providing cashflow to the DisCos for investment in equipment needed to evacuate unused electricity to consumers nationwide.

We laud the FG’s efforts at distributing meters freely to end-users, but we note that without effective penalties for erring DisCos and consumers, progress may still remain very slow.

Hotflex

CSL Stockbrokers Limited, Lagos (CSLS) is a wholly owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.

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