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”.
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Business
Banks Must Back Innovation, Not Just Big Corporates — Edun
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
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