General News
How Edge Computing Can Transform Businesses in Nigeria
By Valentine Chime
I recall reading a story, at the peak of the COVID-19 pandemic, about a top executive of a major technology company who had taken ill and while in isolation, was unable to hold virtual meetings because he could not figure out how to navigate his way around Zoom or Microsoft Teams.
While we may, rightly or wrongly expect a top tech executive to understand seemingly basic technology, the fact is that in today’s hyper-energized tech space, innovation moves so quickly that it is easy for most people, including business leaders, to be overwhelmed.
Nevertheless, business leaders often must chart a technological path for their organisations and, therefore, need to stay updated on potentially game-changing technologies for their businesses.
Tech-savvy business leaders drove the generational shift to cloud computing and are at the forefront of the increasing recognition of Edge computing as the future of business in Nigeria and globally.
As MD of a leading-Edge computing provider in Nigeria, inq. Digital Nigeria, I am keenly aware of the immense benefits that Edge computing can bring to Nigerian businesses and would like to discuss some of these here.
As you may know, Edge computing is essentially a distributed information technology architecture which allows client data to be processed as close to the originating source as possible, thereby minimizing the need for data to be transmitted to a remote processor.
The elimination of data transmission and the attendant reduction in latency, i.e., the time it takes for data to be moved from one point to another, results in a massive improvement in processing speed.
Although data is currently processed at supersonic speeds, consumers are demanding even faster transactions and as more data is generated and shared, edge computing will be crucial in meeting our speed and reliability requirements.
So how can it help businesses in Nigeria? Let’s start with the Fintechs, with Nigeria being the fintech capital of Africa (attracting 63% of funding raised by African start-ups in 2021) and the rapid growth of the country’s fintech ecosystem enabled by the ability of developers and consumers to enjoy high- speed processing services.
Edge computing will unleash the untapped potential of the fintech ecosystem by providing lower latency and more reliable processing capabilities, which will form the backbone for optimising current fintech applications and developing innovative services in the future.
Based on current statistics, the agricultural sector remains, by some distance, the largest contributor to Nigeria’s GDP, accounting for over 25% of 2021 GDP. It, therefore, remains the backbone of the Nigerian economy and Edge computing can help to increase the sector’s yield, profitability and contribution to GDP.
Edge computing solutions can help farmers track soil condition, crop growth, weather and climatic changes, input usage and stock, crop yield, quality, and water usage among others. This data can help farmers improve yield by improving planning, farming methods and output.
The data can also help farmers anticipate and address environmental factors in addition to continually improving crop growing algorithms towards ensuring that crops are in peak condition when harvested.
In Manufacturing, Edge computing can be used to monitor processes: applying machine learning and real-time analytics to identify production errors and enhance product quality.
Edge computing can enable the addition of various types of sensors throughout the plant which will provide and analyse data relating to the production processes, output of the various production stages, product quality and stock levels for production inputs.
This data can help manufacturers accurately forecast production supplies and outputs as well as optimise the manufacturing process to minimise waste and increase efficiency.
What about the Nigeria healthcare industry businesses that are enjoying significant private investment? This private sector-led growth is producing data-driven hospitals and Health Maintenance Organisations (HMO).
Electronic records are replacing paper-based patient notes used by doctors, and the availability of electronic records provides the possibility for this data to be analysed in order to optimise healthcare delivery.
Edge computing can support the collection and analysis of patient records by hospitals and HMOs with the resulting data guiding patient care by hospitals and financial planning by HMOs.
Healthcare data can also be provided to patients to encourage the adoption of healthier lifestyles and reduce the need for repeated or prolonged hospitalisation.
Today, many Nigerian companies maintain a fleet of vehicles as staff buses, operational vehicles and status cars for executives.
Edge computing can significantly help to improve fleet management by helping to gather data such as vehicle location, speed, road and traffic conditions, weather and service cycles, which can enhance fleet planning and management.
Edge computing can also help to considerably improve workplace safety by analysing, in real-time, data from cameras, sensors and safety devices to alert businesses to potential or actual safety issues which can subsequently be proactively addressed to minimize accidents.
Tracking and analysing workplace safety data can also help businesses monitor compliance with safety protocols and provide a basis for the review of these protocols where necessary.
The potential applications of edge computing in Nigeria highlighted above are only a sample of the numerous ways in which Edge computing can significantly improve business operations and profitability in Nigeria. inq. Digital is proud to be at the forefront of Edge computing in Nigeria and I am incredibly optimistic about the opportunities that this technology can unlock for Nigerian businesses.
Valentine Chime is Managing Director, inq. Digital Nigeria
Nigeria Customs Service (NCS) is set to introduce an electronic declaration system to streamline and enhance compliance for travelers carrying cash into or out of Nigeria.
Speaking in an interview with the News Agency of Nigeria (NAN) in Abuja, Abdullahi Maiwada, NCS spokesperson, emphasized that the initiative aligns with efforts to strengthen Nigeria’s anti-money laundering framework and reinforce financial regulations.
“The Nigeria Customs Service (NCS) has announced the deployment of an Electronic-Currency (E-Currency) declaration form as part of its anti-money laundering measures for travelers carrying cash into and out of Nigeria,” NAN reported. The system will require travelers carrying amounts exceeding the legal threshold to declare them before arrival or departure.
Maiwada further explained the process, stating, “We have developed a system where, even before leaving your point of origin, you can scan a QR code, access the form, fill it out, and we will be able to see it from here.”
He noted that the initiative, set for rollout soon, will enhance monitoring and facilitate information sharing with relevant authorities.
Under the Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023, travelers carrying over $10,000 (about N15.4 million) or its equivalent in negotiable instruments must declare the funds to Customs authorities.
To boost awareness, the NCS is working with airline operators to inform travelers through onboard announcements and plans to reinstate signage at airports and border points in English and French.
The move comes as part of broader efforts to tighten financial controls following a recent case at the Murtala Muhammed International Airport (MMIA), where Customs officials seized $578,000 from a passenger attempting to evade currency declaration regulations.
General News
Aquaterra Energy Secures Multi-million-dollar well Intervention Contract with Intrepid Energy in Nigeria
Aquaterra Energy, a leader in offshore engineering solutions, has secured a multi-million-dollar, multi-year contract with Intrepid Energy Limited (IEL) to deliver a bespoke subsea well intervention equipment package for a project in Nigeria.
Aquaterra Energy’s turnkey well access package will enable IEL to conduct intervention operations across multiple mature oil wells in the region, supporting enhanced reservoir production.
The contract includes the supply of a complete seabed-to-surface intervention system and package, spanning from the subsea tree to surface intervention equipment.
Key components include Aquaterra Energy’s TRT tieback tooling, which provides production bore and annular access, a lightweight well pressure control system, and an ISO 13628-7 qualified open water intervention riser with an integrated tensioning system. In addition to equipment provision, Aquaterra Energy will also deliver ongoing offshore engineering support throughout the project.
The 7- 3/8” lightweight well access solution, has been specifically engineered for deployment from jack-ups and lift boats. This innovative approach offers a cost-effective and operationally efficient alternative to floating vessels, reducing intervention costs while maintaining high safety and performance standards.
Andrew McDowell, Delivery Director at Aquaterra Energy comments: “Our expertise in offshore engineering allows us to develop tailored intervention solutions that address the operational challenges of subsea well access.
This system has been engineered for efficiency, ease of deployment, and safety, helping IEL optimise intervention activities across Nigeria while reducing costs. By delivering a complete, integrated package, we are simplifying complex operations and enabling operators to maximise production potential.”
Engr Seun Alonge, CEO at Intrepid Energy Limited adds: “Working with Aquaterra Energy marks a significant step forward for our intervention operations in Nigeria. Their specialised technology enhances our ability to execute intervention programmes efficiently, maximising performance across our assets.
By combining Aquaterra’s technical expertise with our deep understanding of the local operating environment, we’re confident this collaboration will enhance production outcomes and create lasting value for our operations in the region.”
The project is set to support intervention operations over multiple years, with Aquaterra Energy providing ongoing technical expertise, with a dedicated team of engineers providing ongoing service support throughout the project.
George Morrison, CEO at Aquaterra Energy: “Delivering reliable and efficient well access solutions for shallow water subsea operations is central to how we support offshore operators.
This collaboration with IEL reinforces our commitment to providing cutting-edge engineering solutions that enhance efficiency and reduce operational costs. With West Africa playing an important role in the global energy sector, we’re proud to continue supporting its offshore industry with our expertise and innovative technologies.”
Federal government has temporarily suspended the controversial annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) after fierce opposition from businesses.
Jumoke Oduwole, minister, Industry, Trade, and Investment, announced the decision during a Ministerial Consultative Meeting in Abuja on Wednesday.
The move follows mounting pressure from private sector groups, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN), who slammed the Financial Reporting Council (Amendment) Act 2023 for burdening companies with excessive fees.
The Act mandates cumulative annual charges for non-listed entities and imposes a harsh 10% monthly penalty on unpaid dues, compounding until full payment, a provision that sparked widespread backlash.
At the meeting, major industry players like NECA, MAN, the Nigerian Association of Chambers of Commerce (NACCIMA), oil producers, and telecom operators warned that the fees would cripple businesses already struggling in a tough economy.
Oduwole clarified the suspension, stating, “The government has decided to direct the Financial Reporting Council to pause in the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.”
She assured stakeholders that the halt would last no longer than 60 days, with a technical working group—including FRC officials and private sector representatives—set up to reassess the policy.
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate. We are going to set up a technical working group comprised of the FRC and the organised private sector who have formally written in, and this will be reviewed,” Oduwole emphasized.
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