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Econet founder Strive Masiyiwa secures $100m investment in Nigeria data center

Econet Global is making a re-entry into the Nigerian economy with the establishment of a $100 million data centre facility in Lagos.

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The Founder and Executive Chairman of Econet Global Limited, Strive Masiyiwa has disclosed that Africa Data Centre has commenced the construction of what it says will be Nigeria’s biggest Data Centre.

The London-based Zimbabwean billionaire who asserted that a pandemic can’t stop the next phase of technology in Africa made this disclosure in an official pronouncement which he made public via his official Facebook account.

He disclosed that the group had acquired a 5-acre piece of land in Lagos, where the facility, one of the largest buildings in the city would be constructed.

The centre which he called the ADC Atlantic, is a $100 million investment in the Nigerian economy,

He added that in Data Centre terms, the facility will be the single largest Data Centre in Africa outside South Africa.

According to information which Nairametrics has gathered, architects and engineers have been working at the facility for months. However, the contractors are yet to commence work fully.

What they are saying

Mr. Masiyiwa said:

  • “A few years ago, ADC was just a single facility in Nairobi, Kenya. It was not a company, but as my team and I watched what was happening we realised it should become a separate company. We hired experts from around the world, and brought them together. We then began to expand the business by inviting investors.
  • “In this regard, I’m kicking off a new revolution in the next phase of technology. What is important is not the Data Centres but the technologies that will be unleashed in Nigeria because of this infrastructure. That’s the BIG deal here.”

Why this matters

  • The facility will make it possible for Nigerians to get more Cloud services cheaply. It will drive investment into Nigeria, and help create thousands of hi-tech jobs, and drive the demand for technology-driven experts in Nigeria.
  • However, this is a big win for the country as having data centres locally result in lower latency for end-users, since they are physically closer to the data as well.
  • In this regard, the presence of a data centre in the country will optimize computer network, as this will enable end-users to process a very high volume of data messages with minimal delay (latency). This will also facilitate the quick execution of operations that require near-real-time access to rapidly changing data.

What you should know

Mr Masiyiwa also disclosed that the group received the approval of an investment of $300m from the United States government’s International Development Finance Corporation known as DFC

He explained that the fund will allow ADC to expand its facilities in South Africa and Kenya, and also build new facilities in Egypt, Ghana, and Morocco. He added that the group had raised $500m this year for ADC.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

1 Comment

1 Comment

  1. Kennedy Chukwuka

    December 12, 2020 at 6:38 pm

    Mr. Strive, we love you! Who wouldn’t? One of the top most real born again Christian billionaires alive!!!

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