High Interest Rate Slows Down Businesses – NASME

Published

13 years ago

May 20, 2013

Nigerian Association of Small and Medium Enterprises (NASME), has said that soaring interest rates of commercial banks were impediments to the growth of entrepreneurs.

Director of Public Relation, of NASME Mr Nerus Ekezie, told journalists that interest rates being charged by banks constituted a “disservice” to local businesses.

He said that the interest rates were on the high side and this had stunted the growth of young businesses.

“It is more disturbing that the banks charges as much as 26 per cent on short-term loans.

” How can the businessmen make gains and return the borrowed funds?”

Ekezie urged the Central Bank of Nigeria (CBN) to come up with appropriate monetary policies to relieve the commercial banks.

On the issue of infrastructure, he advised the government to be pragmatic in its approach in solving the nation’s epileptic power supply.

The director said that if the nation would experience unprecedented level of development it should get the power sector working.

Konga Launches Tech Sales Drive In Nigeria

Published

2 weeks ago

May 6, 2026

The Tide

As demand for connected tools continues to rise among consumers and businesses, Konga has launched a month-long technology sales campaign aimed at boosting access to digital devices and services in Nigeria.

The e-commerce platform said its “Konga Tech Month” campaign, which runs from 1 to 31 May 2026, will offer discounts of up to 50 per cent on a range of products, including smartphones, laptops, televisions, refrigerators and accessories.

The company, in a statement said the campaign was designed to address increasing demand for genuine and reliable technology products in Nigeria’s expanding digital economy, where more individuals and businesses are relying on digital tools for communication, education and productivity.

Konga said it partnered with global technology brands including Samsung, LG, ASUS, HP and Starlink for the campaign.

A key feature of the initiative is the participation of Starlink, which Konga said has designated the retailer as an authorised support centre in Nigeria. The arrangement allows customers to access in-person assistance at selected Konga retail outlets for product purchases, installation guidance and troubleshooting support.

The company said customers would also have access to special discounts on Starlink kits during parts of the campaign.

Konga added that shoppers purchasing products from the official Samsung and LG stores on its platform will benefit from free delivery, while its same-day delivery service, KongaNow, will enable faster fulfilment of urgent orders.

The company encouraged customers to use its mobile application to access app-exclusive offers, flash sales notifications and selected free shipping deals.

Konga said the campaign aligns with broader efforts to improve digital adoption in Nigeria by making technology products more affordable and accessible, adding that direct partnerships with original equipment manufacturers would help ensure customers receive authentic products while improving consumer confidence in online technology purchases.

The company described the campaign as part of its strategy to strengthen its position in Nigeria’s e-commerce and technology retail market through pricing incentives, logistics improvements and partnerships with global brands.

Ict/Telecom

Telcos Explain Service Disruptions ……As Nigerians Consume 4m Terabytes Data

Published

2 weeks ago

May 6, 2026

The Tide

Telecom operators have explained the constant disruption to telephone services in the country, blaming it on persistent fibre disruption and vandalism.

This is coming as Nigerians further prioritise data usage in the first quarter of 2026, with statistics showing that the citizens increased their consumption to four million terabytes within the period.

Chairman, Association of Licensed Telecom Operators of Nigeria (ALTON), Gbenga Adebayo, while speaking at the on a television programme, at the weekend, painted a grim picture of an industry under siege.

Adebayo revealed that the persistent issues of dropped calls and slow Internet are not due to neglect by operators but are the direct result of an “industrial nightmare” of sabotage, vandalism, and criminality.

He described telecom operators as the ‘infrastructure of infrastructures” that supports every other sector, from banking to security regretting however, that this critical backbone is cracking under the weight of constant attacks.

In a startling revelation, Adebayo exposed the disparity between the safety of international infrastructure and the vulnerability of domestic networks.

He noted that the undersea fibre optic cables in the Atlantic have suffered barely one outage in two years.

In stark contrast, the terrestrial fibre optic cable running from Lagos to Kano is cut an average of 40 times every single day.

“If you have fibre cut as many as 40 times a day across the national network, there is no way that that will not impact the quality of service,” Adebayo stated flatly.

He explained that these cuts, often caused by reckless excavation or road construction, bleed the industry dry financially and force congestion onto remaining network routes.

Recall that the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr Aminu Maida, said operators suffered 1,883 fibre cuts in the first three months of the year.

Beyond fibre cuts, the ALTON chairman highlighted the rampant theft of diesel, batteries, and generators at cell sites. He cited a bizarre situation in a Lekki community — one of Nigeria’s wealthiest corridors — where residents lacked public electricity for four months but demanded flawless service.

Operators, he revealed, are often forced to pay local community groups just to transport diesel to sites under the cover of darkness.

Perhaps the most alarming revelation was the security situation facing technical staff.

Adebayo disclosed that there are vast territories in Nigeria where engineers cannot respond to faults after 6:00 p.m. due to the threat of attacks by armed vandals and non-state actors.

Despite the doom, Adebayo noted a silver lining. He said the recent 50 per cent tariff adjustment approved by the government has restored investor confidence. He confirmed that capital is finally flowing back into the sector after years of stagnation.

Adebayo who warned that money alone would not fix the problem, issued a passionate call to the government, demanding that vandalism of telecom infrastructure be treated with the same severity as crude oil theft.

In a related development, March subscription statistics from the Nigerian Communications Commission showed that Nigerians consumed more than four billion gigabytes of data in 90 days in the first quarter of 2026.

Specifically, from January to March, Nigeria recorded 4.06 million terabytes of data, the highest level since the NCC began tracking the data. The development further confirmed data as the new ‘oil’ as more Nigerians do stuff online.

Ict/Telecom

Platform Petroleum Unveils ICT Hub For Niger Delta Youths

Published

2 weeks ago

May 6, 2026

The Tide

In a move to boost the digital education and technological empowerment in Rivers State, the Platform Petroleum Limited has inaugurated the O.B. Lulu-Briggs ICT Centre for Digital Innovations in Obonoma, Akuku-Toru Local Government Area .

The state-of-the-art facility, commissioned recently, represents a significant intervention aimed at bridging the digital divide and expanding access to information and communication technology across riverine communities in the Niger Delta.

Commissioning the centre, former Catholic Archbishop of Abuja, John Onaiyekan, commended the initiative, describing it as a timely investment in human capital development and a catalyst for educational advancement in underserved areas.

The ICT centre equipped with over 280 interconnected computer systems, positioned it as a major hub for computer-based testing (CBT), digital training, and innovation-driven learning.

It is expected to serve residents of Akuku-Toru, Asari-Toru, and Degema local government areas, thereby reducing the need for students and job seekers to travel to urban centres for examinations and digital services.

Chairman of Platform Petroleum Limited, Dumo Lulu-Briggs, said the project was conceived in response to the increasing demand for digital literacy in a rapidly evolving global economy.

He emphasised that the centre goes beyond infrastructure, serving as a gateway to global opportunities for young people in the region, particularly in an era shaped by artificial intelligence, automation, and technological innovation.

According to Lulu-Briggs, equipping youths with relevant digital skills remains critical to enhancing their competitiveness and enabling them to participate meaningfully in the global knowledge economy.

The facility, named after his father, Olu Benson Lulu-Briggs, forms part of the company’s corporate social responsibility initiatives targeted at promoting education, enterprise, and socio-economic development in host communities.

Beyond its CBT capabilities, the centre also features dedicated spaces for training, collaboration, and enterprise development, alongside residential and support facilities designed to enhance learning outcomes.

In his remarks, Lulu-Briggs urged host communities to take ownership of the facility by ensuring its protection and proper use, stressing that its long-term value depends on collective responsibility and commitment.

The O.B. Lulu-Briggs ICT Centre is widely regarded as a strategic investment that will not only improve access to digital education but also strengthen Rivers State’s emergence as a growing hub for technology and innovation in Nigeria.

Stakeholders at the inauguration described the project as a transformative intervention capable of narrowing the digital gap, stimulating innovation, and creating sustainable opportunities for thousands of young people across the region.

Dignitaries at the event included Vice Chairman Ojunekwu Augustine Avuru and Managing Director/CEO John Anim, as well as traditional rulers, religious leaders, community stakeholders, and youth representatives.

King Onunwor