Business
Nigeria Ranks 71% In Readiness For Digital Transformation
The International Telecommunication Union (ITU) has in its new report ranked Nigeria very high at 71 per cent, in comparative legal, policy and governance frameworks towards G5 – advanced state of readiness for digital transformation known as G5 with Germany, Finland and Singapore leading the global chart.
A statement issued by the Director of Public Affairs of the Nigerian Communications Commission (NCC) Reuben Muoka, disclosed this, saying the report was conducted by the ITU, the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO) and the NCC and unveiled by Nigeria’s Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani in Abuja.
Nigeria, the report stated, was ranked among Africa’s top seven BEMECS 5G Readiness Index, which represents the country’s readiness to deploy and adopt mass-market 5G networks.
Titled, “Collaborative Regulation: Accelerating Nigeria’s Digital Transformation”, and presented at the Digital Economy Complex, Mbora, Abuja, by ITU’s Kagwira Nkonge, the report, among other things, presented a case study for collaborative regulation review to assess and support Nigeria’s transition towards collaborative digital governance, evidence-based policy making and agile regulation in the digital economy.
Presented to a cross section of key industry stakeholders including service providers, government agencies, representatives of multilateral institutions, West Africa Telecommunications Regulators Assembly (WATRA), Africa Telecommunications Union (ATU), among others, the report was also designed to complement existing cross-country benchmarks in which features of countries policy and regulatory environment are assessed.
The features of countries policy and regulatory environment are assessed according to the pillars of the Generations of Regulation frameworks which track telecom regulatory maturity towards digital transformation readiness, designated at G5 Advanced State of Readiness, and for which Nigeria currently stands at G4.
It also dealt with Advanced State of Readiness in benchmarked against four critical levels of accomplishments which include national collaborative governance, policy design principles, digital development toolbox, digital economic policy agenda, with Nigeria scoring 91 per cent in regulatory capacity; 82 per cent in Market Rules; 81 per cent in Collaborative Governance; 76 per cent in Legal Instruments for ICT/Telecom markets; 69 per cent in National Digital Agenda Policy, among other benchmarks.
In his remarks at the event, Dr. Tijani commended the ITU and partner agencies and consultants that actualised the report, and expressed Federal Government’s commitment “to utilise this report as a navigational aid towards attainment of our regulatory objectives and policies outlines towards achieving a robust digital economy.
He said, “That is what we will continue to do as a government, ensuring that we can put ourselves in a place to have cutting-edge modern regulations in place to ensure that business is done properly in our sector and to ensure that, where possible, increase the local content of the sector as well”.
He noted that NCC has adapted over the years in response to how its role and mandate have changed.
According to him, “Fifteen, twenty years ago, NCC was just regulating the telecommunications sector. Today, NCC regulates the foundation for which any economy would be prosperous”.
The Executive Vice Chairman of the NCC, Dr. Aminu Maida, who hosted the presentation, welcomed the indicators that promote effective regulation, attract greater investment, and development of innovative models for broader digital inclusion.
He emphasised that collaborative regulation would support Nigeria’s transition towards effective digital capacity.
Business
CBN Predicts 4.17% GDP Growth In 2025
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.
Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.
The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.
Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.
According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.
Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms.
“Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.
The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.
Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.
“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.
“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
“As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.
“Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.
Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.
He noted that the GDP signalled gradual recovery amidst global and domestic pressures.
“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.
“This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.
He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.
Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.
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