News
Nigeria to Play Pivotal Roles in Upscaling African Global Tech Ecosystem
The Nigerian Government through the Federal Ministry of Communications and Digital Economy has assured that it would intensify effort at partnering with the industry stakeholders to help evolve, enable broad opportunities, foster innovation and build the African tech innovation ecosystem.
This assurance was made today at the maiden edition of the Global Tech Africa (GTA) Summit, an initiative designed to help Africa transform and ignite a flame of innovation that will illuminate the path towards creating a digital future in the continent.
The event was organised in collaboration with the National Information Technology Development Agency (NITDA), United States Consulate General, Ascends Studios Foundation, and Future Map Foundation.
In his welcome address, the Permanent Secretary Ministry of Communications and Digital Economy Dr. William Nwankwo Alo who was represented by the Director of Information Communication Technology, (ICT) Mr. Samuel Okoye noted that the Summit presents a pathway for embarking on a journey to explore the immense opportunities that lies at the intersection of innovation, technology, and human progress.
Dr. Alo emphasised that the potential of technological advancements is to bridge gaps, foster inclusivity, and ignite economic growth, therefore, the Summit catalyses the unlocking of these potentials and empowers Africans to become global leaders in technology.
He said the Pan-African Summit would foster a collective vision and help in harnessing technological power that could uplift communities, improve healthcare, education, access to information, drive sustainable agriculture, and improve innovation in all sectors of the economy.
“Today, we stand on the precipice of a transformative journey — one that will redefine the future of Africa and her people, and I believe with this kind of summit, which has congregated some of the best minds in the industry, we will shape a destiny where access to technology is no longer a privilege but a fundamental right for all Africans,” he added.
On his part, the Director General of NITDA, Kashifu Inuwa CCIE while delivering his keynote address said Africa is blessed with abundant talent, untapped potential, and a vibrant youthful population to play pivotal roles in the global tech ecosystem.
He posits the necessity of recognising the importance of uniting to reap the potential that lies ahead in the areas of e-commerce, fintech, and digital economy in general under the banner of Global Tech Africa (GTA).
Expressing optimism, he said that GTA would provide a powerful platform to unlock all these opportunities in Africa; though he expressed some skepticism about this, but he is convinced that with the playbook that has been developed to propel the realisation of these potentials, and has identified three steps that would ensure the unlocking of these potentials in a digital economy.
He believed that there is no reason for Africa to be left out in this Fourth Industrial Revolution after being left out in the first, second and third Industrial Revolutions.
“The Fourth Industrial Revolution is about talent and technology. In Africa, we have the talent. The developed world has the technology. Technology will not work without talent; therefore, they need us to develop the technology while we need the technology to boast our economy,” he said.
While noting the need for talent development in Africa by saying that by 2030, there is going to be 85 million talent deficits globally, which will result in 8.5 trillion US dollars annualised value, Inuwa maintained that “Nigeria have proven that we have the talent. We have done that in sports, the music industry, the film industry, and we can do it in the technology ecosystem.”
He called for the need to embrace and create value via the ecosystem, saying that no one succeeds in isolation.
He said, “Looking at it globally, innovation is not evenly distributed but in clusters as ecosystem; therefore, the reason for this platform is to create a strong ecosystem in Nigeria and in Africa by partnering with all the key stakeholders that are captured under five categories in the ecosystem.
He listed the ecosystem partners as the high institutions that produce human capital, corporate organisations that absorb the human capital, entrepreneurs who can start and grow businesses, venture capital that can invest in those innovative ideas and lastly the government that makes policies and provide infrastructure in un-served and underserved communities.
Referring to the World Intellectual Property Organisation, (WIPO), the Director General noted that innovation ecosystem is worth more than five billion US dollars.
Citing Coferry report, Inuwa said a country or a region with a strong innovation ecosystem creates jobs at twice the rate of countries or regions with a weak innovation ecosystem, adding that according to Statista, digitally transformed enterprises contributed 13.5 trillion US dollars to the global GDP in 2018 and are projected to contribute 53.3 trillion US dollars this year, in 2023.
“That means innovation is winning when it comes to wealth creation, and we need the ecosystem to be able to benefit from it. This is what we are trying to build with GTA,” he said.
Apologetically he asserts that currently, the ecosystem is weak and needs to be reinvented through rebuilding the trust among stakeholders to aid the social contract within the system.
He described the government’s role from two angles as the rule-based and non-rule-based regulations. Stating that the objectives of all regulatory instruments are to create a market to enable innovation within the ecosystem, protect consumers and make service delivery more efficient.
In his conclusion, he appealed to the audience to welcome the goals of GTA Summit as a platform that places Africans at the forefront of innovation, growth, and prosperity.
“As a nation and continent, together we can make it possible; and together, we can unlock the boundless potentials in our continent, forging a future where technology drives positive change and creates opportunities for all,” Inuwa assured.
Other speakers at the event were, Will Stevens, the United State Consular General; Steffi Czerny, Co-founder, Digital Life Design (DLD); Bunmi Akinyemiju, Co-founder, Venture Garden Group; Emmanuel Tarfa, GTA Team and the Chief Convener, Dr Inya Lawal.
Sapphire Technologies, energy recovery systems specialist has formed a strategic partnership with Horizon Shores Nigeria Ltd., marking its entry into the African market.
Sapphire Technologies said in a media release that the collaboration will enable the deployment of its FreeSpin In-Line Turboexpander technology, an energy recovery system designed to capture and convert otherwise wasted pressure energy into clean electricity.
Through the partnership, Sapphire Technologies said it aims to provide clean power solutions across Nigeria’s midstream and upstream sectors. The solutions will enable oil and gas operators to enhance energy efficiency, reduce carbon emissions, and improve economic outcomes, the company said.
“Our partnership with Horizon Shores is a milestone for Sapphire Technologies as we expand into one of Africa’s most dynamic energy markets”, said Freddie Sarhan, CEO of Sapphire Technologies.
“By leveraging our FreeSpin In-line Turboexpander technology, Nigeria could see significant gains in energy efficiency and economic resilience, reducing dependence on traditional power sources and fostering a greener future”.
Nigeria is a significant player in the global oil and gas market, with an estimated 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of natural gas reserves, Sapphire Technologies noted.
The country’s oil and gas market is expected to reach a production capacity of 4.6 billion cubic feet per day in 2024, highlighting its potential for further growth, the company said.
This context underscores the importance of Sapphire Technologies’ partnership with Horizon Shores in bringing clean energy solutions to this dynamic market, it said.
“This partnership with Sapphire Technologies allows us to integrate state-of-the-art energy recovery systems, meeting Nigeria’s energy needs while supporting our commitment to environmental sustainability”, said Oluseun Olusola of Horizon Shores Nigeria Ltd.
“With Sapphire’s FreeSpin technology, we’re opening new pathways to decarbonize our industry while achieving long-term economic benefits”.
Sapphire Technologies and Horizon Shores plan to deploy over a dozen turboexpander projects in Nigeria over the next three years.
News
Jiji Honoured as Best in Retail Range Excellence, Unveils Mega Black Friday Discounts Across categories
Jiji, Africa’s online marketplace, has been awarded the prestigious title of “Best Retail Organization in Range Excellence” at the Africa Retail Awards 2024.
The event was hosted by the Africa Retail Academy and Lagos Business School – Pan Atlantic University in partnership with Nairametrics and KPMG.
This accolade highlights Jiji’s exceptional dedication to delivering a wide and diverse product range that meets the needs of millions of buyers and sellers across Nigeria.
The recognition comes as the organisation gears up for its biggest sales event of the year – Black Friday 2024. With the award highlighting the organisation’s vast product offerings, this year’s Black Friday campaign promises to be the most exciting yet for shoppers seeking unbeatable deals across various categories.
Statistics by the National Retail Federation predicts that holiday spending will grow 2.5-3.5% YoY this 2024, reaching around $985 billion, while online shopping is expected to increase 8-9% YoY by end 2024, reaching around $296 billion in sales.
What’s the deal this Black Friday?
To celebrate its win and further demonstrate commitment to Nigerian consumers, Jiji is launching a Black Friday campaign featuring jaw-dropping discounts of up to 85% across its product categories.
Starting from today until November 29, 2024, shoppers can take advantage of significant savings on everything listed on Jiji from smartphones and electronics to fashion, furniture, and beauty products.
“We’re honoured to receive the ‘Best Retail Organization in Range Excellence’ award. This recognition reflects our dedication to offering an expansive selection of products that cater to diverse consumer needs,” – Majolie Obaje, Regional head of PR & Marketing, Jiji
“As we kick off our Black Friday campaign, we’re excited to give our customers access to incredible deals across over 15 categories. We remain committed to promoting the power to bargain, affordability, and convenience for our 12m+ users on Jiji. Customers all over Nigeria are set to save big while they get more value for their money.” – Majolie Obaje, Regional head of PR & Marketing, Jiji
What should shoppers expect?
Jiji has teamed up with verified top sellers to bring exclusive offers, providing a wide range of discounted items across categories including popular ones like:
Phones & Tablets: Buyers can explore incredible prices on smartphones, tablets, laptops, and gaming consoles. Verified sellers are offering discounts of up to 85%, making it the perfect time to upgrade tech devices for less.
Fashion: Shoppers looking to revamp their wardrobes will find unbeatable deals on outfits, shoes, and accessories. Jiji’s fashion category offers everything from trendy streetwear to luxury items at fantastic discounts.
Home, Appliances & Furniture: Customers can elevate their living spaces with affordable furniture, home appliances, and air conditioners, all available at up to 85% off. It’s a prime opportunity for families to enhance their homes at pocket-friendly prices.
Health & Beauty: Luxurious fragrances, skincare products, and makeup essentials are all on sale, with significant markdowns that make it easy for beauty enthusiasts to grab their favourite items without breaking the bank.
Exclusive Black Friday shopping tips for buyers?
To ensure customers get the best out of this year’s Black Friday campaign, Jiji offers dedicated landing pages to their favourite items where they can easily discover the hottest deals. The company also advises shoppers to:
Search early and frequently: New deals are added regularly, so checking in often will help buyers get the most desired items.
Act fast: With limited-time offers and high demand, products may sell out quickly.
Prioritise safety: Jiji emphasises the importance of following its safety tips when completing transactions. The platform encourages buyers to meet with sellers in public places, inspect items to be sure they meet their request, and only pay if satisfied.
What’s the impact on Nigeria’s e-commerce industry?
Jiji’s unique approach to offering a broad product range at competitive prices and its meet-inspect-pay model have been instrumental in shaping Nigeria’s e-commerce space.
This Black Friday, the platform’s campaign not only reinforces its position as a market leader but also highlights the growing trend of online shopping among Nigerian consumers. Reports show consumers are increasingly concerned that in-store prices are not competitive with online prices, with 20% of consumers saying they’ll increase their online spend this 2024.
Jiji’s recognition by the Africa Retail Awards comes at a time when consumer expectations are evolving. There’s now a strong preference for platforms that provide variety, convenience, and value.
The organisation’s ongoing efforts to strengthen the platform, and its strategic collaborations with top sellers, reflect its adaptability to market trends and commitment to delivering a superior shopping experience.
Economic and Financial Crimes Commission (EFCC) has arrested Timber Kesiye Wabote, the former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), over allegations of misappropriating $35 million in public funds linked to the failed Brass Project in Bayelsa State.
Wabote’s arrest follows the earlier detention of Akintoye Adeoye Akindele, the Managing Director of Atlantic International Refinery and Petrochemical Limited, who faces charges of money laundering, misappropriation, and diversion of funds.
The investigation centers around a project that was meant to develop an Energy Infrastructure Park in the Okpoama Community, Brass Local Government Area, Bayelsa State, including a refinery, jetty, gas plant, power plant, data center, and tank farm with the capacity to process 2,000 barrels of oil per day. NCDMB, under Wabote’s leadership, had reportedly provided counterpart funding of $35 million for the initiative.
However, the project was abandoned in December 2020 with minimal progress made despite the substantial funds allocated. Investigations revealed that Akindele was paid the $35 million by NCDMB to oversee the construction of the refinery and associated facilities. The funds were reportedly misappropriated, leaving little to show for the investment.
Preliminary findings suggest that Wabote, during his tenure as NCDMB Executive Secretary from 2016 to 2023, was involved in multiple such investments, including the Brass Free Trade Zone initiative. Wabote’s arrest is tied to the mismanagement of the $35 million intended for the refinery project.
The EFCC is currently holding Wabote at its Abuja facility, while investigations continue into the case, with other suspects also under scrutiny.
EFCC spokesman, Dele Oyewale, confirmed Wabote’s arrest on Wednesday but declined to provide additional comments on the matter.
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