Business
Africa’s internet economy has the potential to reach 5.2% of the continent’s GDP by 2025 – Goggle/IFC
A recent report estimates that Africa’s internet economy has the potential to reach 5.2% of the continent’s GDP by 2025.
A report released by Google and the International Finance Corporation (IFC), succinctly estimates that Africa’s internet economy has the potential to reach 5.2% of the continent’s gross domestic product (GDP) by 2025, contributing nearly $180 billion to its economy.
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The statistics on Nigeria’s broadband penetration can be adjudged to be quite favorable, though the internet development and infrastructures are still poor with the snail speed bandwidths as recurrent problems, which every internet user contends with.
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The biggest problem bedeviling the sector is power, as most internet providers run their existing infrastructures basically on self-generated power, which has made the cost of internet services to be relatively high. This development calls for the intervention of the federal government to heavily invest in last-mile escalation of broadband distribution and internet development.
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The report further projected that the potential contribution could reach $712 billion by 2050, with the proximate implication that most countries in Africa with good internet technology would benefit from the estimated GDP windfall.
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What they are saying
According to the Managing Director, Executive Vice President and Chief Operating Officer of IFC, Stephanie von Friedeburg, “The digital economy can and should change the course of Africa’s history. This is an opportune moment to tap into the power of the continent’s tech startups for much-needed solutions to increase access to education, healthcare, and finance, and ensure a more resilient recovery, making Africa a world leader in digital innovation and beyond.”
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In the words of the Director, Google Africa, Nitin Gajria, “Google and IFC have created this report to highlight the role the digital startup sector is playing and other factors driving the continent’s growth, in order to showcase and support the opportunities the continent presents.”
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Also from the analysis done by Accenture, “In 2020, the continent’s GDP may contribute approximately $115 billion to Africa’s $2.554 trillion GDP (4.5% of total GDP). This is up from $99.7 billion (3.9% of total GDP) in 2019, with the potential to grow as the continent’s economies develop. Investments in infrastructure, consumption of digital services, public and private investment, and new government policies and regulations will play an important role in supporting Africa’s digital growth.”
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Business
FG says Apapa traffic will end by first quarter 2021
The FG has assured Nigerians that the gridlock in Apapa will soon be a thing of the past by the first quarter of 2021.
The Federal Government has revealed that the perennial traffic in Apapa and its environs is expected to end come to an end within the first quarter of 2021.
This disclosure was made by the Executive Secretary of the Nigerian Shippers’ Council (NSC), Hassan Bello, on Friday, November 27, 2020, when he received the National Advisory Committee set up by the presidency on African Continental Free Trade Area at the council’s head office in Lagos.
According to a report from the News Agency of Nigeria (NAN), Bello said that the council has put in motion, machinery to put an end to the perennial gridlock that has brought to a halt, business and socio-economic activities in that axis.
He also said that the sorting out of the gridlock and other issues in the ports and along that corridor would ensure the utilization of the benefits in the AfCFTA to the country.
The NSC boss said, “We have a deficit on infrastructure, issues in rail, road, connectivity between our ports and the hinterland and elsewhere in Africa. I am an optimistic person and that is why I want to say that by March, the first quarter of 2021, the gridlock in Apapa will disappear.’’
“This is because we are approaching it in a scientific angle, first we have to make the ports digital and contactless, no need to go to the port to make the payment or other transaction, all these will be online,’’ he said.
Bello promised the Nigerian Ports Authority would deploy electronic call-up system to manage traffic, customs on e-customs, provisions of scanners.
What you should know
Apapa which is a commercial/industrial hub in Lagos and most importantly has the largest seaports in the country, has been under intense gridlock as all entry/exit points leading into and out of the area are under lockdown due to construction work, which is at different levels of completion, around that corridor.
In order to restore sanity on the Apapa axis, following the total collapse of law and order due to indiscriminate parking of heavy articulated vehicles, President Muhammadu Buhari inaugurated a Presidential Taskforce headed by Vice President Yemi Osinbajo and Comrade Kayode Opeifa as Vice Chairman.
The Presidential Taskforce restored some level of normalcy on the axis with the disappearance of trucks and tankers on the bridges and roads on Ikorodu road, Iganmu road, Eko Bridge and other axis leading to Apapa.
However, there have been serious concerns among stakeholders and residents in the area over the ability of Lagos state government to sustain normalcy following the withdrawal of the presidential task force.
Business
Exited N-Power beneficiaries to apply for CBN empowerment options
A portal to enable Exited N-Power beneficiaries apply for CBN empowerment options has been launched by the Ministry of Humanitarian Affairs.
Business
Nigeria’s University lecturers union, ASUU, calls off 8-month strike
ASUU called off its eight-month long strike that has grounded academic activities in the public universities.
The Academic Staff Union of Universities (ASUU) has called off its eight-month-long strike that has grounded academic activities in the public universities. The union took the decision after it agreed to accept government’s total payment of N70 billion.
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The was disclosed by ASUU via its Twitter handle on Friday after its meeting with the Federal Government’s team led by the Minister of Labour and Employment, Dr. Chris Ngige.
It tweeted, “The Academic Staff Union of Universities, ASUU, has shifted ground on FG’s offer. The Union insisted that payment of outstanding salaries must not be done as through the IPPIS platform as promised, if strike would be suspended.”
Explore Data on the Nairametrics Research Website
#JUST IN: The Academic Staff Union of Universities, ASUU, has shifted ground on FG's offer.
The Union insisted that payment of outstanding salaries must not be done as through IPPIS platform as promised, if strike would be suspended.
Wait for more details#ASUUANDFG— Official_ASUU (@ASUUNGR) November 27, 2020
This is a developing story….
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Nigeria’s University lecturers union, ASUU, calls off 8-month strike
