Telecom
Experts Extol Glo Xchange as a Boost to Nigerian Economy
Two of Nigeria’s foremost financial analysts have applauded Nigeria’s biggest Mobile Money Agent Network, Glo Xchange, recently launched by Globacom, the country’s national telecom carrier.
Glo Xchange was launched in partnership with four mobile money operators, FirstMonie, Stanbic IBTC, Ecobank and Zenith Bank.
Bismarck Rewane, renowned financial consultant and Chief Executive Officer of Financial Derivatives Company Limited, and Dr. Ayo Teriba, macroeconomics expert and CEO of Economic Associates, who spoke at the formal launch of Glo Xchange in Lagos, described the initiative as a direly needed ingredient for accelerating mobile money explosion in Nigeria.
Rewane said the initiative is consistent with the Central Bank of Nigeria’s policy thrust of developing and sustaining an efficient payment system that will drive an increase in the velocity of money and consequently, stimulate economic growth.
He described Nigeria as a mineral-rich and commodity-dependent economy with a nominal GDP of $510bn.
According to him, it is 12 times the size of Kenya’s economy which has profited massively from mobile money service.
He said Nigeria is the largest economy in Africa and the 26th largest in the world.
Rewane said, however, that the economy is largely cash-based, a situation which he said constitutes a barrier to rapid growth.
He said therefore that, initiatives such as Glo Xchange that help to enhance the cashless policy of the CBN, or that help to improve the velocity of money is bound to have a resounding positive impact on economic growth.
Expatiating further, Rewane said the potential GDP growth rate in Nigeria is 11 percent, whereas the actual GDP growth rate as discerned from the rebasing exercise recently carried out by the Federal Government is six percent.
He said since people don’t live on potential but actuals, it is of utmost importance to implement policies that will help Nigeria to actualize the potential growth rate.
One veritable way of achieving this, he said, is to capture the money lying outside the formal sector.
According to him, over 46 per cent of Nigerian adults currently have no access to financial services.
He said Mobile money is a strong tool for financial inclusion of this huge category of Nigerians, stressing that initiatives such as Glo Xchange, which will help with the acceleration of mobile money service is therefore highly commendable.
He added that Glo Xchange will contribute to the efficiency of Nigeria’s payment systems, lead to more efficient transactions and open a floodgate of opportunities for a lot of stakeholders from the top to the bottom of the mobile money value chain.
Dr. Teriba on his part noted that while Mobile Money service has been in Nigeria for over three years, it has failed to grow as expected because of certain reasons, including lack of an efficient and expansive agent network.
“Usually for such a service as mobile money, the bigger the network, the higher the chances of an explosion, and by extension, the bigger the benefits accruable to all the stakeholders, from the banks down to the customers,” he said.
He added that Glo Xchange, with the nationwide network of agents as unveiled by Globacom, is just the ingredient the industry has been waiting for.
He noted that the potential for growth for the initiative is immense as the platform is open to other banks to plug into.
He implored Nigerians looking for employment opportunities to see the avenues created by the initiative and utilize them for self-enhancement.
Globacom said it aims to recruit over 500,000 Mobile Money Agents within the next 5 to 6 years who will earn excellent commission monthly on sales. The recruitment of the agents has already started.
Nigeria is set to receive telecommunications equipment and fibre optic infrastructure worth $3 billion in June 2025, according to Bosun Tijani, minister of Communications, Innovation and Digital Economy.
Speaking during a panel session at the Nigeria Development Update (NDU) organised by the World Bank, Tijani revealed that the equipment valued at $1 billion was expected to arrive in the country by mid-2025.
He added that an additional $2 billion worth of fibre optic cables would soon be delivered to boost Nigeria’s telecommunications infrastructure.
According to him, the initiative aims to significantly enhance communication services across the country and bridge the connectivity gap.
Tijani also noted that a pilot phase targeting over 20 million Nigerians who currently lack access to any form of telecommunications would soon be launched.
The Nigeria Development Update (NDU) is a bi-annual World Bank report that assesses the country’s recent economic and social developments, policy directions, and provides recommendations to address emerging challenges.
Legend Internet Plc has launched FTTR by Legend — Nigeria’s first Fibre-to-the-Room (FTTR) service, redefining the standard for broadband connectivity across homes and businesses.
“Being listed on NGX is just the beginning, With FTTR by Legend, we are building the infrastructure of the future, today — not just to improve connectivity, but to transform how people live, work, and create”, said Aisha Abdulaziz, CEO of Legend Internet Plc.
This groundbreaking innovation was deployed by Legend, with strategic technology support from global telecommunications leader- Huawei. The result is a seamless digital experience that meets the demands of modern living.
The launch of FTTR follows the recent signing of a Memorandum of Understanding (MoU) between Legend Internet and Huawei Technologies.
“Our collaboration with Huawei reflects our commitment to global standards and local innovation. Unlike traditional broadband that stops at the router, FTTR by Legend brings pure fibre into every room, offering zero lag, full-house coverage, and the performance needed for smart homes, remote work, creators, and tech-forward enterprises.
The collaboration is aimed at accelerating broadband infrastructure development, enhancing local capacity, and positioning Nigeria as a digital leader in Africa. Huawei brings decades of R&D in fibre optic and smart home technology to support Legend in deploying this state-of-the-art infrastructure.
Coming on the heels of its recent listing on the Nigerian Exchange Limited(NGX), Legend Internet PLC shows no signs of slowing down. The company is celebrating its public debut with a landmark product — one that delivers ultra-high-speed fibre into every room of a building, enabling uninterrupted, gigabit-speed internet at all times.
Legend Internet’s entry into fibre-to-the-room solutions is part of a broader ambition to close the digital divide in Nigeria. While FTTR by Legend is currently being offered exclusively to high-end residences, the company plans to scale and democratize access through complementary solutions over time. This aligns with Legend’s dual-market approach.
In broadband, Legend leverages fibre optics to deliver ultra-high-speed internet directly to consumers, with a focus on reliability, speed, and innovation. In fintech, the company is expanding last-mile payment infrastructure and delivering secure, scalable tools including wallets, merchant solutions, and digital financial platforms for everyday use.
Legend’s mission is clear: to power Nigeria’s digital future — through cutting-edge technology, bold thinking, and local-first execution.
National Agency for Science and Engineering Infrastructure (NASENI) has welcomed President Bola Ahmed Tinubu’s “Nigeria First Policy,” describing it as a bold step toward accelerating Nigeria’s industrial revolution and economic growth.
In a statement issued on Sunday, NASENI’s Executive Vice Chairman and CEO, Khalil Suleiman Halilu, commended the policy’s prioritization of locally made goods and indigenous solutions in government procurement.
He said the directive would empower local entrepreneurs, manufacturers, and technology innovators by giving them the necessary support to thrive.
“With Mr. President’s directive to the Bureau of Public Procurement (BPP) to revise and enforce guidelines in favor of local suppliers, we anticipate a significant increase in patronage of Nigerian-made products,” Mr. Halilu said.
“Government is a major buyer of goods and services, and this move will translate into increased demand across key sectors.”
Describing the policy as “forward-thinking and revolutionary,” Mr. Halilu noted that NASENI has long championed local content through its own initiatives.
He highlighted products developed by the agency, ranging from Nigerian-assembled vehicles and energy systems to smart irrigation tools and electronic devices, as evidence of the quality and competitiveness of local manufacturing.
He further referenced NASENI’s ongoing Made-in-Nigeria Strategic Focus Group meetings held across the country, aimed at driving awareness and understanding of consumer attitudes toward local products.
These forums bring together experts, regulators, manufacturers, entrepreneurs, and civil society actors to identify challenges and promote solutions for increasing local patronage.
“We are determined to be at the forefront of implementing the President’s vision,” Mr. Halilu stated. “But this is also a call to action for local producers.
“It is not enough to enjoy policy support, quality and standards must never be compromised.
“We must deliver products that compete favourably with imports and meet the needs of Nigerian consumers.”
NASENI, mandated to develop Nigeria’s science and engineering infrastructure, has been engaging stakeholders across states including Katsina, Lagos, Anambra, Delta, Kano, Kaduna, and Ogun to boost innovation, address manufacturing challenges, and encourage the adoption of homegrown solutions.
President Tinubu’s “Nigeria First Policy” directs the BPP to implement procurement reforms that prioritize local content and maintain a register of qualified Nigerian manufacturers and service providers.
Mr. Halilu concluded by affirming NASENI’s readiness to lead the charge: “We have seen the capacity and competence of our local manufacturers.
“They are ready. With the right support, we can achieve true industrialization powered by Nigerian solutions.”
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