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UK-Africa Investment Summit will Create New Partnerships – Says UK Minister

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Andrew Murrison, UK’s International Development Minister has said that the UK-Africa Investment Summit will help forge closer trading partnerships to deliver more investment, jobs and growth benefitting people and businesses across Africa and the UK.

He made the statement during a visit to Clarke Energy in Merseyside, Liverpool Wednesday, 15th January, 2020 where he opened a new engine repair workshop at the engineering company, to make power plants across Africa, including in Nigeria, more efficient and support Africa’s drive for clean energy.

Opening the workshop, Minister Murrison met the Overhaul and Repair Centre Manager, Dave Nicholls, to see first-hand how high efficiency gas engines are being repaired in Knowsley in Merseyside and sent back to African nations. Similar units being deployed across Nigeria, Kenya, Tanzania and Cameroon will improve the reliability of power to businesses and communities, helping to keep the lights on and power flowing in countries with unstable energy systems.

During the visit he heard how the engineering company will provide 10MW in electrical output in Kano and has secured contracts with Nigerian companies Mamuda Group, a conglomerate with over 7,000 employees in the region, and a beauty and personal care & home care firm Aspira Nigeria. By supplying natural gas engines, this will help reduce costs, lower emissions and benefit whole communities.

Dr Murrison also announced a new DFID-funded testing lab for solar products ensuring that solar panels and appliances meet global standards and households have access to good quality, reliable clean energy.

Following his visit, Minister Murrison said:

“Clarke Energy is just one great example of how UK businesses – including those from Liverpool – are already leading the way in investing in Africa.

“Clarke Energy’s investment in Africa shows how UK expertise, technology and innovation are improving access to cleaner forms of energy, which can be replicated by businesses across the UK and Africa.“

Touring the engineering company, Minister Murrison learned more about the business’s ambition to change the future of Africa’s energy supplies and the use of green energy across the continent.

The Director for Marketing and Compliance at Clarke Energy, Alex Marshall, said:

“The knowledge the UK Government has both locally in the North West of England and across Africa is outstanding and helped us to navigate what can be a tough market with political considerations, language and cultural differences.

“Being part of what’s set to be the world’s third largest mosque is a key milestone in our exporting journey and our work with the UK government has been core to that success. If a business from Knowsley can export on such a large scale, with the right support and hard work, anyone can make a success of trading overseas.”

The visit comes ahead of the UK-Africa Investment Summit, held in London on 20 January 2020, which will bring together UK and African leaders, businesses, and entrepreneurs.

By 2050, more than 2 billion people will live in Africa and 1 in 4 global consumers will be African.

Businesses like Clarke Energy are ensuring that the British economy is seizing this opportunity and are investing in the trading partners of the future today.

At a Media Briefing last Monday in Lagos, Harriet Thompson – the British Deputy High Commissioner said:

“The UK-Africa Investment Summit is a major opportunity to support growth, development and job creation in Nigeria, including HE President Buhari’s commitment to expanding agriculture, manufacturing and infrastructure.”

“Nigeria will be highly visible: the only country to participate in every AIS event, and Nigeria’s companies will be out in force: one in seven of the African companies attending will be Nigerian. Every session of the Summit will feature Nigerian participants. We want them to come back with new partnerships that will boost investment and create jobs and sustainable economic growth in Nigeria

“This is a prime opportunity for Nigeria to make its pitch to quality British companies and investors, demonstrating not only the scale and breadth of commercial opportunities here in Nigeria, but also Government’s commitment to improving the business environment. Global competition for investment is fierce. Nigeria will need to compete for its share, addressing those areas that businesses still find a challenge, such as customs and tax procedures.

“The UK Government stands ready to assist, and to bring our companies here to be part of the growth story we want to see. That’s ultimately the goal of the Summit: to attract investors for the mutual benefit of Nigeria and the UK.”


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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FG to Launch $2Bn Fibre Network Project in Q4 2025

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Federal government has said it commence a $2 billion fibre network expansion project in the fourth quarter of 2025.

FG to Launch $2Bn Fibre Network Project in Q4 2025

The initiative aims to enhance the country’s digital infrastructure, boost internet accessibility, and drive economic growth.

Under the project, an additional 90,000 kilometres of fibre optic cables will be deployed, expanding Nigeria’s existing network from 35,000 km to 125,000 km.

This expansion is expected to improve internet connectivity, increase broadband penetration to over 70%, and significantly reduce access costs by more than 60%.

Dr Bosun Tijani, minister of Communications, Innovation, and Digital Economy, stated that the Federal Executive Council had approved the creation of a special purpose vehicle to oversee the project’s implementation and funding.

The government will invest $1 billion directly, while the remaining funds will be sourced through loans and partnerships with organisations such as the World Bank.

This initiative aligns with Nigeria’s broader digital transformation agenda, reinforcing its commitment to becoming a leading digital economy in Africa.

Improved fibre optic infrastructure is expected to drive technological advancements, attract investment, and create job opportunities across various sectors.

By enhancing internet accessibility nationwide, the project will support Nigeria’s growing tech ecosystem, facilitate e-governance, and enable digital inclusion, particularly in underserved rural areas.

The government’s investment in broadband infrastructure is seen as a strategic move to position the country as a regional hub for digital innovation.

The launch of the fibre network project marks a significant step toward closing Nigeria’s digital divide, fostering economic development, and ensuring that more Nigerians have access to affordable, high-speed internet.

 

 

 

 

 

 


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MTN’s Earnings Hammered by Free Falling Naira in Nigeria

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Karl Toriola, chief executive officer, MTN Nigeria
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MTN Group has reported a 69 per cent decline in full-year earnings, citing the impact of Nigeria’s naira devaluation and operational difficulties in Sudan.

MTN's Earnings Hammered by Free Falling Naira in Nigeria

Karl Toriola, chief executive officer, MTN Nigeria

The company with headquarters in South Africa announced on Monday that its headline earnings per share—a key profitability measure fell sharply to 98 cents for the year ending December 31, down from 315 cents in 2023.

The financial downturn was largely attributed to Nigeria’s ongoing foreign exchange crisis, which has led to chronic dollar shortages and multiple currency devaluations.

In a bid to stabilize the naira and attract investment, the Central Bank of Nigeria implemented devaluation measures that significantly affected businesses operating in the country, including MTN.

Rising inflation and high interest rates further exacerbated the situation, increasing operational costs and contributing to the telecom giant’s financial slump.

MTN Nigeria, a key subsidiary of the group, bore the brunt of the economic turmoil. Its pre-tax loss surged by over 200 per cent, reaching N550.3bn ($355.76m).

In response, the company has initiated several measures aimed at restoring profitability, including renegotiating tower leases and implementing a tariff hike, which received regulatory approval in January.

Despite the challenging economic environment, Ralph Mupita, CEO, MTN Group said the company remains optimistic about the recovery prospects in Nigeria.

“That pain which we’ve had for 18 months is abating somewhat,” Mupita stated during a media briefing. “The business is growing very strongly. So, I’m actually very bullish and confident that we’ll see a strong recovery in Nigeria.”

Beyond Nigeria, MTN’s performance in Sudan was also hampered by the country’s ongoing armed conflict.

The unrest led to network impairments totalling 11.7bn rands ($643.40m), significantly affecting operations in the capital, Khartoum, where services had been down since April 2023.

However, the company has reported gradual improvements, with some sites being restored in previously conflict-ridden areas.

Despite the downturn, MTN’s overall group service revenue stood at 177.8bn rand, reflecting a 15 per cent decline.

However, in constant currency terms, the company noted a 14 per cent rise in service revenue, buoyed by growth in data, fintech, digital, and enterprise services, particularly in its home market of South Africa, where service revenue increased by 3.1 per cent.

To reassure investors, MTN declared a final dividend of 345 cents per share and projected a minimum dividend of 370 cents for the 2025 financial year.

While the company continues to navigate economic and geopolitical challenges across its markets, the management said it remains focused on strategic initiatives aimed at stabilizing its operations and ensuring long-term profitability.

The telecom giant said it is actively engaging with regulatory authorities, implementing cost-cutting measures, and leveraging its digital transformation strategy to drive revenue growth.

With confidence in Nigeria’s long-term market potential, MTN said it is optimistic about a turnaround despite the current headwinds.


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Galaxy Backbone Unveils a 4year Integrated Digital Transformation Strategic Plan

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Galaxy Backbone Limited (GBB), Nigeria’s foremost digital infrastructure and services provider, has unveiled a bold and comprehensive four-year strategic plan (2025-2028) aimed at accelerating the integrated digital transformation Strategy (IDTS) plan for government and businesses in Nigeria.

This strategy is designed to enhance digital service delivery, strengthen connectivity, and support Nigeria’s vision of a fully integrated digital economy.

Developed in collaboration with key stakeholders, the strategy focuses on five core pillars that will drive efficiency, innovation, and sustainability in Nigeria’s digital landscape.

The first focuses on building a Resilient Digital Infrastructure; ensuring that government and businesses have access to secure, high-speed, and scalable digital platforms. By building and maintaining a robust digital backbone, GBB aims to support the nation’s growing demand for seamless connectivity and data security.

The second pillar, Integrated Digital Ecosystems; fosters collaboration between government, businesses, and local communities, creating a more connected Nigeria. Through this initiative, GBB seeks to break silos and establish a unified digital experience that enhances communication, innovation, and service delivery.

To meet the evolving demands of governance and business, the strategy prioritizes Innovative Service Delivery; ensuring that digital solutions are tailored to address economic, social, and administrative needs. By leveraging cutting-edge technologies, GBB is committed to driving efficiency, economic growth, and improved public service delivery.

Now, recognizing the critical role of trust in the digital era, the fourth pillar of the strategy places a strong emphasis on Digital Leadership & Trust. GBB is dedicated to fostering a culture of cybersecurity, transparency, and accountability, ensuring that Nigeria’s digital infrastructure is not only efficient but also secure and reliable.

To sustain long-term impact, the fifth pillar, Financial Sustainability; remains a key priority. By investing in innovative technologies and expanding its digital services, GBB aims to drive revenue growth while ensuring affordability and accessibility for all users.

At its core, this strategic roadmap is designed to enhance government efficiency, boost economic development, and improve the overall digital experience for Nigerians. So, as part of its commitment to achieving these goals, GBB is actively engaging with government agencies, private sector players, and international and local partners to foster collaboration and accelerate implementation.

Through strategic partnerships, the organization is poised to lead Nigeria into a new era of digital excellence, ensuring that businesses and government institutions alike are equipped for the future.

Galaxy Backbone, through its IDTS plan, remains steadfast in its mission to drive Nigeria’s digital transformation through world-class infrastructure, secure connectivity, and innovative solutions that power progress.


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