Telecommunications companies in Nigeria have reported that operating base stations in rural areas costs 35% more than in urban locations. This disparity, attributed to infrastructural challenges and logistical complexities, is a key factor deterring telcos from expanding network coverage to underserved communities. A representative of the Association of Licensed Telecommunications Operators of Nigeria (ALTON) explained that the higher operational costs in rural areas stem primarily from unreliable electricity supply, which necessitates the use of generators and expensive diesel to power base stations. Additionally, poor road infrastructure increases the expense and difficulty of transporting equipment and conducting maintenance. “Providing connectivity in…
Author: Temitope N.
Africhange CEO Tope Ajala has raised concerns over the floating of the naira, describing it as a high-risk strategy that could have far-reaching economic consequences for Nigeria. Speaking at a recent financial forum, Ajala emphasized that while the move is aimed at aligning the naira with market realities, its implementation comes with significant risks that require careful management to avoid destabilizing the economy further. Floating the naira, a policy introduced earlier this year, allows the currency’s value to be determined by market forces rather than being pegged at a fixed exchange rate. Proponents argue that this approach attracts foreign investment,…
The National Insurance Commission (NAICOM) has joined forces with the Nigeria Data Protection Commission (NDPC) to bolster data protection practices within the insurance industry. The collaboration is part of a broader effort to ensure compliance with Nigeria’s data protection regulations and to strengthen the security of personal and financial information in an increasingly digitized economy. With the insurance sector heavily reliant on customer data for operations such as underwriting, claims processing, and risk assessment, safeguarding this information has become a top priority. The partnership between NAICOM and NDPC aims to establish robust frameworks and guidelines for data governance, ensuring that…
The Federal Institute of Industrial Research Oshodi (FIIRO) and Nigerian breadmakers have intensified efforts to promote the use of locally sourced alternatives to wheat in bread production. This move aims to reduce the country’s heavy reliance on wheat imports, which account for a significant portion of foreign exchange expenditure, and to boost local agriculture by utilizing indigenous crops. Wheat, a staple in bread production, is largely imported into Nigeria due to insufficient domestic production. This dependence has made the bakery industry vulnerable to global price fluctuations and supply chain disruptions, driving up production costs and, consequently, bread prices. To tackle…
Moniepoint, a leading fintech company in Nigeria, has launched a new initiative aimed at promoting financial inclusion for women, recognizing the significant barriers they face in accessing financial services. The initiative seeks to empower women by providing them with the tools, knowledge, and resources necessary to participate fully in the financial ecosystem. Despite advances in digital banking and financial services, many women, particularly in rural areas, still face challenges in accessing banking services, securing loans, and managing financial transactions. Moniepoint’s new initiative aims to address these gaps by offering tailored financial products, providing financial literacy training, and creating opportunities for…
The United Kingdom has pledged its support to Nigeria in strengthening its cybersecurity infrastructure and combating growing cyber threats. The announcement comes amid increasing concerns over the rise in cybercrimes targeting both public and private sectors in Nigeria. The UK government has committed to providing technical assistance, training, and resources to help Nigeria bolster its cybersecurity capabilities and safeguard critical national assets. In recent years, Nigeria has witnessed a surge in cyber-attacks, including hacking, data breaches, financial fraud, and ransomware attacks, which have caused significant financial losses and undermined public trust in digital systems. As the country continues its push…
United Bank for Africa (UBA) has announced a new initiative aimed at empowering Micro, Small, and Medium Enterprises (MSMEs) across Nigeria. The initiative, which is part of the bank’s ongoing commitment to supporting the growth of local businesses, seeks to provide MSMEs with the financial tools, resources, and training necessary to thrive in an increasingly competitive market. MSMEs are a critical part of Nigeria’s economy, contributing significantly to employment, innovation, and GDP growth. However, many small businesses face challenges such as limited access to financing, inadequate infrastructure, and lack of technical expertise, which hinder their growth and sustainability. In response…
A bill aimed at providing dedicated funding for mineral exploration in Nigeria has successfully passed its second reading in the National Assembly. The bill, which is seen as a crucial step toward unlocking the full potential of Nigeria’s vast mineral resources, aims to establish a sustainable financial mechanism to support exploration activities across the country. The bill is designed to address the longstanding challenge of inadequate funding in the mining sector, which has hindered the exploration of Nigeria’s mineral wealth. The proposed legislation seeks to create a special fund that would be used to finance the exploration of both known…
The Central Bank of Nigeria (CBN) has expressed its support for the upcoming annual conference of the Committee of e-Banking Industry Heads (CeBIH), underscoring its commitment to fostering growth and innovation within the Nigerian banking and financial sector. The conference, which is set to bring together industry leaders, policymakers, and experts, will focus on the evolving role of technology in banking, digital payment systems, and the future of financial inclusion in Nigeria. CeBIH, an influential body that represents the heads of electronic banking units within Nigeria’s financial institutions, has been at the forefront of driving digital banking initiatives in the…
The Distribution Companies (DisCos) in Nigeria have outlined a set of conditions for the successful implementation of the National Assembly’s proposed N500 billion recapitalization plan aimed at revitalizing the power sector. The plan, which seeks to inject significant funds into the electricity distribution network, is intended to address ongoing challenges in the sector, including poor infrastructure, financial instability, and the inability to meet electricity demand across the country. In a recent statement, the DisCos raised several key conditions that must be met for the recapitalization plan to be effective. Among the major conditions are a clearer framework for the utilization…