Economy
5G: NACCIMA Welcomes Approval, Seeks Collaboration with Private Sector
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has welcomed the approval by Federal Executive Council (FEC) of the Fifth Generation Network, commonly referred to as 5G technology.
Its Director-General, Amb. Ayoola Olukanni, commending the development in a statement to newsmen on Thursday, said it reflected government’s commitment to the growth of the telecommunication sector.
The Federal Executive Council (FEC) had on Sept.
8 approved the policy to deploy the Fifth Generation network, popularly known as 5-G.Olukanni said the 5G network would not only contribute to the growth of the Nigerian economy but would help boost education, and activities in the health sector.
The NACCIMA DG said that it would assist Nigeria’s security outfits to combat, crimes, banditry and kidnapping in different parts of the country.
He advised that the implementation should be carried out in close collaboration with the private sector.
“Certainly, the 5G network in which the Telcom Companies will also play a crucial role will expand business opportunities for young Tech Entrepreneurs.
“This is because they have demonstrated the capacity to leverage on technology to create innovative businesses and start-ups in the area of fintech, agrictech and smart-apps for farming services, creativity and other sectors of the economy.
“NACCIMA is also delighted that the 5G policy which is a component part of the 2020-2025 National Broadband Plan is now coming on stream.
“The Association is therefore calling for full integration of the private sector in the implementation of that National Broadband Plan designed for expansion of the Digital Economy,” he said.
He reiterated that the current NACCIMA administration, led by its National President, Ide John Udeagbala, had made harnessing of Information and Communication Technology one of its priorities and was ready to work with all stakeholders.
“This is to ensure that the new 5G policy and National Broadband Plan truly becomes a platform to scale up business opportunities, especially for young people who see several opportunities in it and have decided to embrace tech entrepreneurship as a way out of unemployment.
“With the 5G policy, Nigeria has truly taken a major step forward to significantly improve its digital infrastructure and the private sector must be given a key role to play to fully harness the potentials,” he said. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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