Business
NCC Seeks Synergy To Unlock Opportunities Through 5G
The Nigerian Communications Commission (NCC) has urged stakeholders in the telecom industry to synergise in order to tap from the opportunities that the deployment of the Fifth Generation (5G) will expose the economy to.
Such areas include emerging International Mobile Telecommunications (IMT) technologies.
Chief Executive Officer of the NCC, Prof Garba Dambatta, said unlike the previous generations of mobile networks, the 5G technology is expected to transform the role that telecoms technology plays in society.
According to him, “5G is certainly expected to enable further economic growth and pervasive digitalisation of a hyper-connected society, in which not only are people connected to the network whenever needed, but also many other devices/things, thus, creating a smart society with almost everything connected (that is Internet of Everything).
“5G technology will also enhance mobile broadband with very low latency and consequently enable new use cases such as Virtual Reality, Augmented Reality, Quantum Computing, Smart City initiatives and Mission Critical Operations amongst others,” he said.
Speaking at a Digital Sense Forum in Lagos, he said “the realisation of the full potential of this promising technology comes with vast socio-economic benefits and responsibility.
“Therefore, to drive these benefits, there is a need for vigorous collaboration between government and non-government actors to ensure the development of focused policies, robust regulatory framework and build-out resilient networks”.
He identified the stakeholders for the synergy to include government (policy makers national regulatory authorities (regulators), mobile network operators (MNOs), consumers and industry based organisations.
These stakeholders, he explained, play a critical role in unlocking the vast potential of 5G, and that this potential can be achieved by collaboration and partnership with various stakeholders in the telecoms industry ecosystem, while ensuring the provision of robust government policies and excellent regulatory framework being implemented.
Dambatta said within any administration, government is required to put in place excellent policies that would foster innovation and development.
“As policymakers, the government should also consider to undertake its own independent economic and social assessment and viability of deploying new technologies (such as 5G in this case) with a view to providing a clear regulatory direction that will enable all relevant stakeholders including the network operators to make informed decisions that will ensure the deployment of these technologies in a manner that is most beneficial to the nation and its citizens,” he said.
According to him, the government has already developed some policy documents such as the Nigerian Digital Economy Policy and Strategy (NDEPS 2020 – 2030) which aims to accelerate the National Digital Economy for a Digital Nigeria.
The objectives of this document, he explained further, among others, include; developmental regulation, Digital Literacy and Skills, Solid Infrastructure, Digital Service Development and Promotion, and Digital Society and Emerging Technologies.
Meanwhile, Government has also developed a Nigerian National Broadband Plan (NNBP 2020 – 2025) which has a target to deliver data download speeds across Nigeria of a minimum of 25Mbps in urban areas, and 10Mbps in rural areas, with effective coverage available to at least 90per cent of the population by 2025 at a price not more than N390 per 1GB of data (that is two per cent of median income or one per cent of minimum wage).
In order to achieve these ambitious targets, the plan, he continued, is focused on four critical pillars.
The pillars are: “infrastructure, policy, funding and incentives. Similarly, a National Policy on 5G Networks for Nigeria’s Digital Economy was developed to address the provision of the required Spectrum and the enabling environment to ensure full deployment of 5G technology to effectively cover major urban areas by 2025; and to ensure the security of the 5G ecosystem as well as the protection of data amongst many others”.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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