[Nigeria Business Week] Andrea Ayemoba: Domestic savings, capital formation meet infrastructure demands
In very recent developments, the importance of 5G in Nigeria has been high on the agenda. After months of planning, it would seem that the Nigeria Communications Commission is set to roll out 5G network in the coming weeks, though the Commission has made clear that this would require strong infrastructure. This could only lead to a higher level of efficiency not just in the telecom/technology space, but in all industries that rely on tech products and services for success.
The Energy sector is one. To improve electricity supply in the country, the Electricity Regulation Commission is planning an app to report power outages. Also relevant to the energy industry is a recent infusion of millions of pounds in aid by the United Kingdom toward sustainable and low-carbon energy.
The Federal Government is taking huge strides to strengthen the infrastructure and agriculture industries in Nigeria. Infrastructure facilities will see increased spendings in the trillions of naira as approved by the central government. The Executive Council is also focused and has directed billions on naira toward highway construction and maintenance, as well as animal and agriculture production.
Agritech is also a product of the magic of technology, with farmers, entrepreneurs and food security experts using tech to promote the food sufficiency. The IMF has joined in to assert that food security is crucial to Nigeria’s economic growth and the Bank of Agriculture is providing loans and credits to civil servants in Lagos engaged in farming.
Trading has shown positive trends, international transactions in the last quarter coming in the excess of $1b in the last quarter. The Nigerian stocks have risen high in the past few days as a direct result of investors’ faith in the financial sector. SMEs and women are set to receive financial support as credit facilities are being made available through a major bank, with the growth of the economy as the overall, unilateral objective.