Sunday, October 19, 2025
29.2 C
Lagos

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Africa in the Digital Era – Hype or Reality? The Adebayo Adedeji Annual Lecture

Former Nigerian Minister for Communications Technology, Dr. Omobola Johnson, delivered the UN Economic Commission for Africa’s (ECA) annual Adebayo Adedeji at the on-going Conference of Ministers in Marrakech, Morrocco.
Held in memory of the Nigerian scholar, Adebayo Adedeji – arguably one of Africa’s leading proponent of regional integration – the lecture focused around the question of digital transformation in Africa: Hype or Reality? “There is enough evidence that Africa can be digitally transformed. But what is holding us back? asked Dr Johnson when she delivered the lecture to ministers and a host of experts attending the Economic Commission for Africa (ECA) Conference of Ministers.
As the world-wide-web celebrates 30 years, its inventor Tim Berners-Lee told a Nigerian audience recently that the country represents both the present and future of the web, when you look at how it is impacting lives in Nigeria, but also across the continent.
Adedeji was the ECA’s 3rd and longest serving Executive Secretary (1975- 1991). He was renowned and admired for his relentless calls for Africa to move away from conventional ideas of international trade and economic development.

He is also credited for championing calls that led to the creation of ECOWAS. It is also widely accepted that his ideas form part of the pillars on which the African Continental Free Trade Area (AfCFTA) is anchored.
Economic experts agree that, in the currently environment, the success of this continental trading bloc, will hugely depend on digital technology, tools and skills. Johnson cited a number of success stories across the continent and how they have used technology to provide services to the hitherto uncatered for or under served, but said that many challenges remained.
“Affordability is an issue: the internationally agreed target is for 1gb of data to cost no more than two percent of the average national monthly income. In Africa this currently stands at 8.76%, compared to 3.5% in Latin America or 1.54% in Asia. And the latest affordability reports show that this has increased over the past year,” she said.
She also noted disturbing tax trends, both on digital infrastructure and utilization taxes, which although seductive, can often have unintended consequences, such as increasing the cost of digitisation and curbing its transformative impact.
She called for an urgent need to strengthen the infrastructure and fibre network.
Currently when connecting Cape to Khartoum, she said, the connection will take them via London, New York, San Jose and Tokyo to arrive in Khartoum 409milliseconds later.
She also decried how most of Africa’s connections are via undersea cables connecting via Europe or elsewhere. “It is the private sector that can solve this issue,” she said, “…but they also need to be supported and incentivized.”
“When you recognize these challenges and accept that there is a lack of scale amongst our start-ups it could be argued therefore that this digital transformation we speak about might be hyped. But the increased ownership of mobile phones and those that have access to it is having a true impact.,” she stated
She added that many companies across different sectors using tech to transform their sectors from energy, to agriculture to healthcare. “But it’s work in progress,” She further urged governments to be more supportive and develop a long-term digital strategy. “We also need to be more innovative in our financing mechanisms to allow VC to borrow at low rates and help scale up innovators.”
She mentioned the urgent need to develop a pool of skilled talent that can turn the continent into the world’s digital talent pool in the same way that China became the world’s factory, through a large labour force and targeted government policy.
Invited to respond to the lecture, Tawanda Sibanda, partner at global consultancy McKinsey, looked back at the predictions they made in their Lions Go Digital report to assess progress. In the 5 years since the report was released the results have been mixed, he said.

They had estimated that by 2025 digital transformation could raise GDP by 8% by 2025 and make $300billion of economic impact across health, education, retail, agriculture and financial services.
Despite certain metrics being ahead of schedule – smartphone penetration for example – this has not translated into macro-economic numbers as would have been expected. The percentage of banked for example, has only increased from 26% to 33% in those five years.

Hot this week

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Stanbic IBTC Bank, LOXEA BYD forge alliance for Electric Vehicle Financing

In a strategic move to advance Nigeria’s shift toward...

CBN, Bank of Angola Sign MoU on Technical Co-operation at IMF/World Bank Meeting

In an effort to enhance bilateral cooperation and technical...

NBS: Nigeria’s Inflation Falls to 18.02% in September, Lowest Level in Three Years

Nigeria’s headline inflation rate fell for the sixth consecutive...

NUPEMCO Marks 2025 CSW with Nationwide Pension Awareness Activities, Huawei-Supported National Essay competition

The Nigerian University Pension Management Company (NUPEMCO) celebrated the...

Topics

Sterling HoldCo Grows Assets to N2.5 tn as Shareholders Endorse Expansion Plans

Major shareholders of one of Nigeria’s leading financial conglomerates,...

USPF Scribe Applauds ITU, UK-FCDO’s Partnership on Nigerian Rural Connectivity

L-R: Representative of the United Kingdom Foreign, Commonwealth & Development Office...

AIO 2020 Postponed to Oct 3 over Coronavirus

  The Executive Committee of the African Insurance Organisation (AIO)...

Stanbic IBTC Unveils Education Trust to Support Parents

In its quest to foster educational development, Stanbic IBTC...

Fidelity Bank Distributes Food Packs to Families in Keffi

Leading financial institution -Fidelity Bank Plc -has distributed food...

Nestlé: Achieving Environmental Commitments in Central, West Africa

• Reduced energy consumption by 20%, cut water consumption...

NIMC Enrolls 59, 786 Inmates in Correctional Centres Nationwide

The National Identity Management Commission has successfully enrolled and...

NAICOM, Estate Valuers Seek Collaboration on Insurance of Public Buildings

The President and Chairman of Council of the Nigerian...
Exit mobile version