How Cloud Computing Could Boost Nigeria’s Economy By $73.6 Billion
Cloud computing is the delivery of various services through the internet, such as data storage, databases, servers, networking, and software.
Well, according to a recent study conducted by Amazon Web Services (AWS), the leading provider of cloud computing services, the adoption of cloud computing in Nigeria could generate an additional economic value of 30.2 trillion naira (about $73.6 billion) by 2023.
The study also found that cloud computing could create over 2.2 million jobs and increase the productivity and innovation of Nigerian businesses. Cloud computing has many benefits for a developing country like ours , such as reducing costs, improving efficiency, enhancing security, and enabling scalability. By adopting cloud computing, Nigeria could become a regional leader in digital transformation and economic growth.
I truly hope we adopt this.
What are your thoughts on this guys? Feel free to comment below
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Zoom vs. Teams: How Zoom Plans to Stay Ahead with Word Processing and Novel Features
.??Zoom Video Communications Inc. is a company that provides cloud-based video conferencing and collaboration solutions for various industries and sectors. Zoom is facing stiff competition from Microsoft Corp.’s Teams, which is a platform that integrates chat, video meetings, file sharing, and other productivity tools.
To compete with Teams, Zoom is expanding its offerings by incorporating word processing and experimenting with innovative meeting features. According to a recent report by Bloomberg, Zoom will launch a collaborative document editing tool next year, which will allow users to create and edit documents within Zoom and include information and summaries from Zoom meetings.
Zoom is also working on some novel features for meetings, such as interactive virtual objects, nonverbal cues, and product placement, as revealed by its recent patent filings. Zoom hopes that by adding these features, it can attract more customers and retain its edge in the video conferencing market.
These new changes will make using Zoom a lot easier, right ? what do you think?
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The federal government hopes to increase its revenue coming from the telecommunications industry by 100%
The telecommunications industry is one of the fastest-growing sectors in Nigeria, providing various services such as data storage, databases, servers, networking, and software through the internet. The federal government has said it hopes to increase its revenue coming from the telecommunications industry by 100% between now and 2027.
This is part of the Blueprint released by the Minister of Communications and Digital Economy, Dr. Bosun Tijani, which aims to revamp the National Policy on Telecommunications and address the challenges and opportunities of the digital economy.
The government plans to achieve this goal by increasing investment, improving quality of service, reducing the gap of unconnected Nigerians, and raising taxes on corporate profits and high-income households in the sector. The telecommunications industry contributed 16.06% to the GDP in real terms in 2023 and has the potential to create more jobs, enhance productivity, and foster innovation in Nigeria.
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OPay is under Fire for Creating Accounts without Users’ Consent
OPay is a fintech company that provides mobile money services in Nigeria, using customers’ phone numbers as their account numbers.
Many Nigerians have discovered that they have an OPay account registered to their name and number, even though they have never opened one. Some people have tested this by sending money to their OPay account from another bank app and confirmed that the transaction was successful, but they did not receive any notification or confirmation from OPay.
The Federal Competition and Consumer Protection Commission (FCCPC) has reacted to the complaints and said that OPay will have to explain how this is happening and what measures they are taking to protect the customers’ data and privacy.
OPay has not issued any official statement or response to the controversy as of now.
This is quite serious. Did you guys experience this, if any of you did, leave a comment below:
How NASRDA Plans to Launch Satellites from Nigerian Soil By 2030
::The National Space Research and Development Agency (NASRDA) is Nigeria’s chief space agency, established in 1999 with the mandate to pursue the attainment of space capabilities for socio-economic development. NASRDA has launched six satellites into orbit since 2003, using foreign launch vehicles and facilities. The satellites are used for various purposes, such as earth observation, communication, education, and navigation.
NASRDA has said that Nigeria could be earning $400 million USD annually by becoming a satellite launch destination for other countries. This is part of the 25-year Space Policy Roadmap, which aims to launch satellites into orbit from Nigerian soil by 2030. To achieve this goal, NASRDA needs to develop its Assembly, Integration and Testing Laboratory (AITL), which will enable it to design, build, and test satellites locally. The AITL is a humongous project that requires huge resources and partnerships.
NASRDA has also said that developing its space capabilities will create more jobs, enhance productivity, foster innovation, and boost national security in Nigeria.
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Visa Launches $100 Million AI Ventures Initiative to Invest in Future of Commerce and Payments
Visa is a global leader in payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Visa has launched a new $100 million generative AI ventures initiative to invest in the next generation of companies focused on developing generative AI technologies and applications that will impact the future of commerce and payments.
Generative AI is an emerging subset of AI that is built on Large Language Models (LLMs) to develop artificial general intelligence capable of generating text, images or other content from large sets of existing data when given prompts. Visa considers this initiative an extension of Visa’s leadership in using AI to drive innovation in payments, create value for partners and clients, and enable and empower global commerce.
This initiative will be led by Visa Ventures, the global corporate investment arm of Visa, which has been investing in and partnering with companies driving innovation in payments and commerce since 2007. Visa hopes that by investing in generative AI startups, it can foster innovation in the sector and explore new ways to enhance its products and services for its customers.
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Nigeria’s Broadband Dreams Shattered as InfraCos Fail to Deliver
The Nigerian Communications Commission (NCC) is the regulatory body for the telecommunications sector in Nigeria, which aims to achieve 70% broadband penetration by 2025. The NCC licensed seven companies, called Infrastructure Companies (InfraCos), to deploy fiber infrastructure across the country, covering the six geopolitical zones and Lagos. The InfraCos were supposed to provide last-mile services in underserved and unserved areas of the country, and receive a subsidy of N65 billion from the NCC to cover the cost of rolling out their infrastructure.
Sadly, none of the InfraCos have been able to deliver on their licensing conditions, even after seven years of being licensed. The reasons for their failure include high Right of Way (RoW) charges imposed by states, lack of alignment between states and the federal government, security challenges, vandalism, and funding constraints.
As a result, Nigeria’s broadband penetration has declined, dropping from 47.01% in July to 45.57% in August. This also affects the country’s digital economy, innovation, and competitiveness. The NCC has set up a committee to facilitate the deployment of broadband infrastructure and address the challenges facing the InfraCos.
The committee is expected to design a network architecture, organize a financing workshop, and collaborate with stakeholders to achieve the broadband targets.
WATT Secures $13 Million Funding to Power Nigeria with Solar and Electric Vehicles
WATT Renewable Corporation (WATT) is a Nigerian company that provides hybrid solar solutions to mobile network operators, financial service providers and commercial and industrial businesses in Africa. WATT has secured $13 million USD in funding from Empower New Energy, a renewable energy financier and co-developer that finances, builds and owns clean power plants for energy users.
This is the largest investment made by Empower to date, and it will enable WATT to enhance its renewable energy portfolio, adding 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers in Nigeria. This funding will also support the reduction of approximately 3,000,000 liters of diesel consumption per year, which translates to about 7,039 metric tons of CO2 emissions avoided annually¹. This represents a significant step towards a cleaner and greener environment, aligning with global efforts to combat climate change.
WATT is committed to providing sustainable economic development in emerging communities through its projects. Plans include hiring more local talent through the addition of 100 new direct and indirect job opportunities, fostering skills and expertise within the Nigerian workforce, and contributing to the country’s socio-economic growth and technological advancement.
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Starlink and Jumia Join Forces to Bring Satellite Internet to Africa
Starlink is a satellite internet service operated by SpaceX, the company founded by Elon Musk. Starlink aims to provide high-speed, low-latency broadband internet in remote and rural locations globally.
Jumia Technologies AG is an e-commerce platform that operates in 14 African countries, offering online retail, logistics, and payment services.
Starlink and Jumia have announced a partnership to enhance satellite broadband service across Africa. The partnership will enable Jumia to offer Starlink’s internet service to its customers, merchants, and partners, as well as to use it for its own operations. The partnership will also benefit Starlink by expanding its customer base and reach in Africa, where internet penetration is low and demand is high. Starlink plans to launch its service in Africa by the end of 2023.
The partnership will have a positive impact on Africa’s digital economy, innovation, and development, as it will provide access to reliable and affordable internet for millions of people and businesses.
SAGLEV Partners with Ardrove to Offer EV Charging Services at Petrol Stations
SAGLEV Inc. is a Nigerian company that provides hybrid solar solutions to mobile network operators, financial service providers and commercial and industrial businesses in Africa. SAGLEV also manufactures and distributes electric vehicles (EVs) under its own brand, aiming to accelerate the transition from fossil fuel vehicles to electric vehicles in emerging markets.
Ardrove PLC is a Nigerian company that owns the franchise for AP and Enyo petrol stations, which are among the leading fuel retailing networks in the country. Ardrove also offers other services such as car wash, lubricants, gas, and convenience stores.
SAGLEV and Ardrove have announced a partnership to offer charging services for electric vehicles across Nigeria. The partnership will enable SAGLEV to install its EV charging stations at selected AP and Enyo petrol stations, which will provide convenient and accessible locations for EV owners to recharge their batteries.
The partnership will also benefit Ardrove by diversifying its revenue streams and attracting more customers to its petrol stations, as well as supporting the adoption of clean energy and reducing greenhouse gas emissions in Nigeria. The partnership is part of SAGLEV’s vision to develop an electrical mobility and battery-storage power brand spanning Africa’s automotive-multimodal transportation. SAGLEV plans to launch its EV assembly plant in Lagos by December 2023, which will have a capacity of 2,500 vehicles per year.
Nigeria to Launch $617.7 Million I-DICE Programme to Create Millions of Jobs in Tech Space
The Investment in Digital and Creative Enterprises (I-DICE) programme is a $617.7 million initiative funded by the World Bank and the Federal Government of Nigeria to support the development of the digital and creative sectors in Nigeria. The I-DICE programme aims to create millions of jobs in the technology space by providing training, mentoring, infrastructure, and financing to digital and creative entrepreneurs, start-ups, and small and medium enterprises (SMEs) across the country.
The I-DICE programme is expected to launch in November 2023, following the approval of the World Bank Board of Directors in June 2023. The program will be implemented by the Ministry of Communications and Digital Economy, in collaboration with other ministries, agencies, and partners.
This program is part of President Bola Ahmed Tinubu’s administration’s vision to transform Nigeria into a digital economy that is inclusive, innovative, and competitive. The programme aligns with the National Digital Economy Policy and Strategy (NDEPS) and the National Policy on Innovation and Entrepreneurship (NPIE), which aim to foster digital literacy, skills, innovation, and entrepreneurship among Nigerians.
The I-DICE programme will have four components
(i) Digital Innovation Hubs, which will provide physical and virtual spaces for digital and creative entrepreneurs to access training, mentoring, equipment, and networking opportunities
(ii) Digital Innovation Challenge Fund, which will provide grants and equity financing to innovative start-ups and SMEs with high growth potential
(iii) Digital Innovation Enabling Environment, which will support the development of policies, regulations, standards, and infrastructure to facilitate the growth of the digital and creative sectors; and
(iv) Programme Management and Monitoring and Evaluation, which will ensure the effective coordination, implementation, and oversight of the programme.
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Nigeria to Launch $617.7 Million I-DICE Programme to Create Millions of Jobs in Tech Space
Google for Startups Accelerator AI First is a 10-week equity-free accelerator program for Seed to Series-A startups based in Africa or building Africa-centered solutions with technology. The Accelerator program is sector-agnostic but will only accept applications from startups leveraging Artificial Intelligence & Machine Learning from any vertical.
Google has unveiled the first cohort for its Google for Startups Accelerator: AI First program and 3 Nigerian startups make the list. The Nigerian startups are:
Famasi Africa, a startup that is building the OS for pharmacies in emerging markets.
Izifin, a Nigerian company providing an end-to-end credit infrastructure via API for small businesses.
Vzy, which is revolutionizing website building with AI-driven tools that craft sites in mere minutes.
According to Google, the selected startups will undergo a 10-week accelerator journey. Beyond benefiting from Google’s AI expertise and a $350,000 allocation in Google Cloud Credits, they will also benefit from mentorship sessions, technical guidance, and networking opportunities to enhance their reach and impact. Congrats to those lucky startups!
Credit: Ebuka Adimora and Aya