The World Bank’s flagship report for 2023 has revealed that exposure to internet coverage over three years triggered a remarkable 7% reduction in extreme poverty in both Nigeria and Tanzania. The report also notes an 8% increase in labor force participation and wage employment in these countries.

The report underlines the transformative impact of internet access on poverty reduction, marking a paradigm shift in the economic situation of Sub-Saharan Africa (SSA). Over the past five years (2016-2021), the region experienced an astonishing 115% increase in internet users, catalyzing economic growth, fostering innovation, and creating job opportunities.

The World Bank has reaffirmed its commitment to digital development in Africa, having invested $731.8 million across 11 Digital Development projects over the past six years.

In the last decade, a broader allocation of $2.8 billion has been made across 24 projects. These investments align with the Digital Economy for Africa (DE4A) initiative, striving to digitally empower every individual, business, and government in Africa by 2030.

Speaking about the transformative potential of digital development, David Malpass, President of the World Bank, noted, “The digital revolution is reshaping the economic landscape of Africa. Our investments in digital development projects are geared towards creating inclusive growth, generating job opportunities, and reducing poverty across the continent.”

Despite these promising strides, the journey toward digital inclusivity faces challenges, most notably the affordability of mobile connectivity and a persistent digital gender gap. The report highlights that the cost of mobile internet remains high, with women being 37% less likely to use mobile internet compared to men.

According to the brief, Sub-Saharan Africa still lags in digital infrastructure coverage, access, and quality compared to other regions. While 84% of people in SSA had access to 3G service by the end of 2021, only 22% were using mobile internet services. Affordability remains a significant constraint, with the average cost of one gigabyte (GB) of mobile data as a percentage of monthly per-capita Gross National Income (GNI) being 10.5% in 2019—well above the 2% target recommended by the United Nations Broadband Commission.

“The minimal usage of mobile internet is a lost opportunity for inclusive growth in Africa. Closing the uptake gap would increase the continent’s potential to create jobs for its growing population and boost economic recovery in a highly digitalized world,” Andrew Dabalen, World Bank Chief Economist for Africa, stated.

The report further noted the stark digital gender gap in the region, with women being 37% less likely to use mobile internet. This disparity is a critical issue that needs urgent attention to ensure that the benefits of the digital revolution are accessible to all, regardless of gender.

Highlighting the urgency of addressing the digital gender gap, Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), stated, “Closing the digital gender gap is not just a matter of social justice; it is an economic imperative. Empowering women with digital access is key to unlocking Africa’s full economic potential.”

The National Bureau of Statistics (NBS) in Nigeria revealed that 63% of the population (133 million people) are multidimensionally poor, with only 12% of working-age Nigerians engaged in wage employment. Despite having over 5 million active internet subscriptions, Nigeria still faces challenges in achieving wider internet coverage to catalyze inclusive economic growth.

Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, acknowledged that the cost of data in Nigeria is among the cheapest globally. However, he lamented that many operators are reluctant to lay fiber in rural areas due to perceived unprofitability.

In response to these challenges, the World Bank has recognized the need for continued efforts to make digital access more equitable and widespread. The bank’s ongoing investments, along with cooperation from governments and private sector stakeholders, will play a crucial role in overcoming barriers to digital inclusivity.

Against this backdrop, policymakers and industry leaders in Sub-Saharan Africa have been urged to collaborate to address issues of affordability, accessibility, and gender disparity.

The transformative potential of digital technology in poverty reduction is immense, and concerted efforts are essential to ensure that the benefits of the digital revolution reach every corner of the continent.

Femi Otedola, the prominent Nigerian billionaire, has recently taken a significant leap into the world of cement as he acquired shares worth an impressive N6 billion in Dangote Cement Plc, Premium Times reports, citing sources.

This latest addition to his diverse investment portfolio comes at a time when Dangote Cement has soared to new heights, surpassing Airtel Africa to become Nigeria’s leading company by market capitalization, currently valued at a staggering N8.35 trillion.

The shares, strategically procured in Mr Otedola’s name, highlight his continued influence in shaping Nigeria’s corporate space.

Dangote Cement, Sub-Saharan Africa’s largest cement maker, has showcased remarkable performance, boasting an 81.4% return in the last 52 weeks and holding 17.04 billion outstanding shares. The majority of these shares, approximately 85.8%, are under the control of Dangote Industries Limited, overseen by Africa’s wealthiest individual, Aliko Dangote.

It’s noteworthy that Dangote Cement engaged in two tranches of share repurchase between 2020 and 2022, buying back 166.9 million shares to fortify its stock valuation.

Already holding a significant stake in Geregu Power Plc, a power-generating company with a market value of N1.2 trillion, Femi Otedola has proven his versatility in navigating various sectors. In 2021, his strategic moves included acquiring substantial volumes of FBN Holdings shares, the parent company of Nigeria’s oldest commercial bank, First Bank. Through a series of off-market trades, Otedola emerged as the largest shareholder, momentarily propelling FBN Holdings beyond the N1 trillion market value mark.

However, the company experienced a 2.53% decline on Thursday, settling at N967.4 billion.

Adding to his series of astute investments, Otedola made a significant purchase of Transnational Corporation of Nigeria shares in April of the same year. Amassing 2.6 billion units, he secured a considerable shareholding of 6.3%, positioning himself to become the top shareholder of the conglomerate.

The ownership dynamics, however, swiftly changed as Tony Elumelu, the largest shareholder of United Bank for Africa, strategically increased his stake in Transcorp from 2.07% to 25.9%, firmly establishing his position at the helm of Transcorp’s ownership ladder.

In a surprising twist, Otedola, known for his shrewd business acumen, eventually sold his stake in Transcorp to Elumelu. This move showcased the fluid nature of ownership in the dynamic world of Nigerian business, highlighting the strategic interplay between influential stakeholders.

Though a lot of criticisms have trailed Otedola’s acquisition of Dangote Cement shares, many see it as a smart move to expand his diverse investment portfolio, which not only reflects his dynamism and strategic acumen but also solidifies his position as one of Nigeria’s most influential and savvy business leaders.

Facebook (yes, Meta) celebrated a massive year of efficiency in 2023 – and got a massive reward. Today, the market cap of the company is worth close to $1 trillion. Yet, if anyone tells you that Facebook accelerated in value because of its efficiency, tell that person that there are more bridges available for buyers.

In a stunning turnaround, Meta, the parent company of Facebook and Instagram, is on the cusp of achieving a market capitalization of $1 trillion.

The company’s shares have experienced a phenomenal 200% surge in 2023, propelling its market cap to an impressive $966.60 billion, tantalizingly close to the coveted trillion-dollar milestone.

Meta, if successful in reaching the $1 trillion mark, will join the elite league of technology giants, including Microsoft, Apple, Alphabet, Amazon, and Nvidia, all currently valued at $1 trillion or more. Microsoft, leading the pack with a market cap of $2.93 trillion, signifies the significant achievement that awaits Meta should it cross this threshold.

In 2022 as Facebook was under massive high voltage searchlight from American regulators, triggering an avalanche in value destruction as investors fled, a pill was created: the fall on the value of the company was the best defense before regulators that Facebook was not actually a monopoly, or a beast which could not be challenged, or taken out.

In other words, as the stock value crashed, regulators ran away. And when they ran away and left the company alone, the investors re-assembled. And Facebook was able to get new fresh air.

And this is the message: business environment and political leaders can make and undo missions. In 2023, it was about us writing about Facebook and its AI, and not one investigation after another. As that was happening, advertisers returned and Facebook rose to another mountaintop.

Good People, the most important course in business is Political Economy. Every nation must understand that all market players take that course, and politicians and regulators must pay attention to the contents.  America allowed Facebook’s Meta to breathe and Meta was saved!

Meta Platforms Nears $1 Trillion Market Cap as Shares Surged 200% in 2023