Google’s subsea cable, Equiano, has arrived in Lagos, Nigeria.
In a note announcing the arrival, Google’s West Africa Director, Juliet Ehimuan, said the cable will help improve internet speeds in Nigeria.
The cable, named after Olaudah Equiano, a Nigerian-born writer and abolitionist, will run from Portugal along Africa’s west coast to South Africa.
“Nigeria is sub-Saharan Africa’s largest economy. Still, the share of people using the internet stood at approximately 35percent as of 2020 – double what it was in 2012. Across much of the country, people lack affordable, reliable and quality access, which limits their ability to benefit from, and contribute to, the digital economy,” Ehimuan said.
“Since 2017, the Nigerian government has been actively working on its digital transformation programmes as part of plans to grow its domestic sectors.
“These initiatives have proven pivotal to the success of many industries in the country, especially the startup space. In the last five years, startups in Nigeria have produced five unicorns (startups valued at over a billion dollars). Businesses are also benefiting significantly from the usage of internet platforms, with total e-commerce annual expenditure predicted to climb to $75billion by 2025, up from its current projection of $12billion.
“Though a great deal of progress has been made, studies suggest that faster internet connections, better user experiences, and reduced internet costs will help accelerate these benefits.
“Landing this cable comes as part of critical stages leading up to its deployment later this year, and it is expected to deliver up to 20 times more capacity than the region’s prior cables. We’ve worked with established partners and in-country experts to ensure that Equiano has the greatest potential effect in Nigeria and throughout Africa.
“A recent economic impact assessment conducted by Africa Practice and Genesis Analytics states that Equiano’s arrival in Nigeria is expected to result in faster internet speeds and significantly improve people’s experiences while online. Internet speeds in Nigeria are expected to grow almost sixfold by 2025, and retail internet prices are forecasted to decline by 21percent over the same period. The same study found that by 2025, real GDP in Nigeria is forecast to be $10.1billion higher than it otherwise would have been without Equiano and that the cable would indirectly generate roughly 1.6million new jobs between 2022 and 2025.
“We are partnering with multiple key telecom players, including our landing party, the West Indian Ocean Cable Company (WIOCC), where Equiano lands to ensure that the cable can reach more businesses and end users across Nigeria and the African continent more broadly
“With Equiano, we look forward to being an even more integral part of the digital transformation journey in Nigeria.”
World Bank To Fund $30bn Projects In Nigeria, Others
The World Bank has said it is set to disburse a total of $30billion to fund existing and new projects in Nigeria and other countries as part of a global response to combat the ongoing food security crisis.
According to the bank, it is working with countries on a $12billion new projects fund for the next 15 months.
It said the projects are expected to support agriculture, social protection to cushion the effects of higher food prices, and water and irrigation projects.
It added that most of the funds would go to Africa, the Middle East, Eastern Europe, Central Asia, and South Asia.
The global bank disclosed this when it announced how it plans to be part of a comprehensive, global response to the ongoing food security crisis.
It stated that it intends to roll out this fund in existing and new projects in agriculture, nutrition, social protection, water, and irrigation.
It said, “This financing will include efforts to encourage food and fertiliser production, enhance food systems, facilitate greater trade, and support vulnerable households and producers.”
World Bank Group President, David Malpass, said, “Food price increases are having devastating effects on the poorest and most vulnerable.
“To inform and stabilise markets, it is critical that countries make clear statements now of future output increases in response to Russia’s invasion of Ukraine. Countries should make concerted efforts to increase the supply of energy and fertilizer, help farmers increase plantings and crop yields, and remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage.”
The bank added that its current existing portfolio includes balances of $18.7billion in projects with direct links to food and nutrition security issues, covering agriculture and natural resources, nutrition, social protection, and other sectors.
It stated, “Altogether, this would amount to over $30billion available for implementation to address food insecurity over the next 15 months. This response will draw on the full range of Bank financing instruments and be complemented by analytical work.”
FG Postpones FAAC Meeting Over AGF’s N80bn Probe
The Federal Government has announced the postponement of May, 2022 Federation Account Allocation Committee (FAAC) meeting.
The sudden postponement may not be unconnected with the ongoing investigation of the suspended Accountant General of the Federation, Ahmed Idris, over alleged fraud to the tune of N80billion.
The FAAC meeting is a monthly meeting where the federation allocates monthly revenue among the three tiers of government.
The meeting had earlier been scheduled to hold virtually between May 18 and 19, 2022.
The Ministry of Finance, Budget and National Planning, said this in a letter signed by Director, Home Finance,Stephen Okon.
The ministry said the meeting was postponed due to “certain circumstances.
“I am directed to inform you that the Federation Account/Allocation Committee (FAAC) meetings earlier scheduled to hold/virtually on the 18th and 19th May, 2022 have been postponed due to/certain circumstances,” the circular reads.
“In view of the foregoing, I am to further inform you that the new date for the meetings will be forwarded to you in due course.
“While we regret the inconveniences this change might cause you, please accept the assurances of the Minister’s warm regards,” the letter read in part.
The Economic and Financial Crimes Commission (EFCC) had on Monday arrested and detained Idris over an alleged N80billion fraud.
The Minister of Finance, Budget and National Planning, announced indefinite suspension of Idris, last Wednesday.
Ahmed said the suspension “without pay” was to allow for “proper and unhindered investigation” in line with public service rules.
Nigerian Out-Of-School Children Hit 18.5m
Nigeria has 18.5million out-of-school children (OSC), the highest number in the world, and out of the figure, 10million are girls, the United Nations Children Fund (UNICEF) has said.
The Chief of UNICEF Field Office in Kano, Rahama Farah, stated this at a media dialogue on ‘Girls’ Education under the Girls’ Education Project 3, GEP 3’, funded by the Foreign, Commonwealth and Development Office (FCDO), and implemented by UNICEF.
“For those lucky to be in school, their condition is also not enviable given the situation of public schools in the country. Only recently, the Universal Basic Education Commission (UBEC), said 50per cent of schools in Nigeria lack basic furniture”Farah said.
The Executive Secretary of the commission, Hamid Bobboyi, said this in Abuja at a one-day civil society organisations’ CSO-Legislative Roundtable Meeting where some National and State Houses of Assembly members were present.
According to him, emerging constraints in basic education delivery in the country may necessitate an increase in the consolidated revenue funds from the current two per cent to four per cent.
He buttressed his position for an increase in funding on the security challenges bedevilling the country, insisting that rising student population also poses urgent need for teaching facilities.
Also speaking, the Chairman of Senate Committee on Basic Education, represented by Senator Frank Ibezim, decried the failure of State Universal Basic Education Boards (SUBEBs), to sustain some UBEC-initiated projects such as classrooms and libraries earlier introduced by the commission in all constituencies in the country.
While commending UBEC over the construction of classrooms in schools across the country, he lamented the poor maintenance culture, noting that there is no school in the country that does not have a dilapidated block.
A representative of MacArthur Foundation, Mr Dayo Olaoye, called on stakeholders to review the impact of the country’s annual budget on education, stressing that it was not enough that the country is increasing its budget to the sector.
“As we think about reforms, let us think beyond buildings that have been delivered, let us start thinking about how many children have been brought to school,” he said.
“If classrooms are dilapidated, and there are not enough furniture, what about teachers and the quality of the ones available? The Registrar, Teachers Registration Council of Nigeria (TRCN), Prof. Josiah Ajiboye, said there are over 300,000 unqualified teachers in the system.
“Education is very important to be left in the hands of quacks and that is why at TRCN, we are stepping up efforts at ridding the system of unqualified hands. We implore teachers and their employers to take advantage of the various windows TRCN is providing to improve the quality of teachers in the country so as to get better results from our education system,” he said.
For the General Secretary of the Nigeria Union of Teachers (NUT), Dr Mike Ene, there is need for better funding of the education sector.
He noted that in many states, teachers are overwhelmed by the number of pupils and students they handle.
“In so many states, there is inadequacy of teachers. Some states have not recruited teachers in the last 10 years and yearly, teachers are leaving the system through retirement, resignation or even death. Worse hit by poor staffing are schools in the rural areas. Such schools are called hard-to-staff schools.”
It is in that regard that the welfare packages announced by the Federal Government are very much necessary,” he said.
Also speaking on the issue, the National President of the National Association of Parent-Teacher Association of Nigeria (NAPTAN), Alhaji Haruna Danjuma, decried the manner some state governments are implementing the Basic Education Policy of the government whereby pupils and students in primary and junior secondary schools are to enjoy free education and are given textbooks in some core subjects.
“Some states are not doing well in that respect. They have abandoned the programme. They are not funding education as it ought to be funded. Even counterpart funds that some states should put down to complement the funds from UBEC are not provided. Some states have even misused UBEC funds and are suspended from getting further grants.
“We are talking now about our tertiary institutions that are grounded by workers’ strikes, the basic education level, which is the foundation, is not faring better too. Something urgent must be done to redress the situation before the sector collapses finally,” he noted.
Business4 days ago
ANLCA Raises Alarm Over Foreign Dominance Of Business
Business4 days ago
Clearing Cost For Containers Jumps By 67%
Business4 days ago
SON, NCDMB Collaborate In Local Content Promise Greater Efficiency
Business4 days ago
NPA Bans Barge Movement At Night
Business4 days ago
PenCom Declares Contributory Pension, Sustainable
Business4 days ago
Debt Servicing Gulps 86% Of Nigeria’s Revenue S’Africa Pays 20%
Politics4 days ago
Section 84(12): Buhari, Malami Drag NASS To S’Court
Politics4 days ago
Tallen Explains Withdrawal From Senatorial Race