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)
Selloffs in Dangote Cement, MTN, others Push Equity own by 1.23%
Selloffs in the shares of Dangote Cement, Conoil, MTN Nigeria, among others, on Friday, dragged the equity market’s performance indices down by 1.23 per cent to close the week’s trading sessions.
Specifically, investors lost N672 billion or 1.24 per cent, as the market capitalisation, which opened at N54.
The All-Share Index also lost 1.24 per cent or 1.228.32 point, to settle at 98,751.98, as against 99,980.3 recorded on Thursday.
Consequently, the Year-To-Date (YTD) return on the index dropped to 32.07per cent.
Selloffs in Dangote Cement, MTN Nigeria, Fidelity Bank, Sovereign Trust Insurance and Nestle made the market performance to be on a negative terrain.
Analysis of the market activities showed trade turnover drop when compared to the previous session, with the value of transactions down 22.01 per cent.
A total of 367.62 million shares valued at N6.78 billion were exchanged in 9,168 deals, compared to 542.95 million shares valued at N8.70 billion exchanged in 9,650 deals posted previously.
Meanwhile, Dangote Cement and Conoil led the losers table by percentage terms of 10 each to close at N135, N90.90 per share respectively.
MTN trailed by 9.96 per cent to close at N200.70, Thomas Wyatt Nigeria lost 9.78 per cent to close at N2.03, while Sovereign Trust Insurance shed 6.52 per cent to close at 43k per share.
On the gainers table, The Initiative Plc and FTN Cocoa Processors led by 10 per cent each to close at N1.98 and N1.65 per share respectively.
Juli Plc followed closely by 9.97 per cent to close at N3.75, Champion Breweries Plc gained 9.94 per cent to close at N3.76 and PZ Nigeria rose by 9.93 per cent to close at N33.75 per share.
On the activity table, Transcorp led in volume with trade of 57.00 million shares valued at N792.05 million, while Access Corporation sold 31.77 million shares worth N667.8 million.
United Bank of Africa (UBA) traded 28.50 million shares valued at N674.07 million and Fidelity Bank transacted 28.07 million shares worth N297.65.
Also, First City Monumental Bank(FCMB) sold 27.92 million shares worth N227.22 million.
However, market breadth closed positive with 43 gainers and eight losers on the trading floor.(NAN)
We Currently have $30bn Investment Commitments – FG
The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, says Nigeria currently has about 30 billion dollars investment committment from various investors.
Uzoka-Anite said this at the ongoing Ministerial Media briefing in Abuja on Friday.
According to her, the commitments will be redeemed over the course of five to eight years.
She said investments, commitments, and pledges were also received from our oil and gas free zone, adding that last week, some of them committed an additional 10 billion dollars in investments.
“I hosted the managing director of SHELL who explained to me about the investment plans of shell.
“ I know a lot of us are aware that shell is leaving; he came to explain to me what they mean by that.And I can tell you that they are not leaving.
“Rather, they are expanding and increasing their investments in Nigeria; they are selling their onshore assets and increasing their investment in gas and offshore assets.” she said.
Uzoka-Anite, who envisaged more investments into the country, said it would not have been possible without the commitment of President Bola Tinubu led administration.
She said that with increased investments comes job opportunities and economic growth, which wss part of the priority of the government. (NAN)
Nigerian Breweries Records N106bn Loss in 2023
Nigerian Breweries Plc has recorded a net loss of N106 billion for the year ended 2023, as against N13.93 billion posted in its 2022 financials, indicating 860 per cent loss.
Mr Uaboi Agbebaku, Company Secretary, Nigerian Breweries stated this in the audited financial result of the company for the year ended 2023 sent to the Nigerian Exchange Ltd.
Agbebaku said the gross profit of the company for the year under review also fell by 0.3 percent to N212.5 billion, compared to N213.20 billion posted in the previous year.
He stated that the operating profit of the company declined by 15.
The company secretary said that the firm recorded loss in its operating profit due to higher input cost and one-off reorganisation cost despite strong and aggressive cost savings and other efficiency measures.
According to him, the company however was able to grow its revenue by nine per cent to N599 billion, compared to N551 billion posted in the previous year, which was aided by positive price mix.
Agbebaku stated that the Nigeria business landscape experienced significant shifts in 2023, with substantial impact on businesses and livelihoods nationwide.
He explained that the Naira notes redesign which resulted in cash shortage that severely hampered social and economic activities nationwide set the tone for a turbulent year.
Agbebaku said: “High double-digit inflation rates with food inflation at more than 30 per cent and removal of subsidy on fuel.
“Coupled with the impact of the devaluation of the naira which resulted in a foreign exchange loss of N153 billion further exacerbated the already difficult environment for the populace and businesses.
“In a difficult operating environment, the Board will ensure that the company builds on its more than 77 years’ experience of operating in Nigeria to cope with current realities.
He said the company would continue to be resilient and forward-thinking, leveraging on its broad portfolio, strong supply chain footprint and passionate workforce to drive long-term value creation for its shareholders and other stakeholders.(NAN)
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