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Partech Africa Closes Its Second Africa-Focused Fund at $300M to Invest in Startups

By
Ojukwu Emmanuel
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0
Fund, money cash dollar

Partech Africa, a private equity fund launched by Partech, has closed its second Africa-focused fund at $300 million, to invest in African startups from seed to series C.

Following a strong first closing announced last year, Partech Africa II, reached its final closing with all major investors from its predecessor fund, as well as  top-tier investors making their first commitment to the Partech Africa platform and the African VC ecosystem.

Partech’s close comes as funding for Africa fell by 36% last year, and more than half of investors pulled back on funding African startups. The continent witnessed a notable decline in investor activity, with a 50% decrease in 2023 compared to the previous year.

Amidst a backdrop of global VCs and institutional investors pulling back from Africa, Partech Africa’s recent fund closure is crucial.

The global investment platform’s second Africa-focused fund success is acknowledged by the backing of over 40 international investors, which includes South Suez and Bertelsmann, family offices, and prominent Development Finance Institutions (DFIs).

Key among the DFIs are anchor investor KfW (German Development Bank), the European Investment Bank (EIB), the International Finance Corporation (IFC) of the World Bank Group, FMO (Dutch Entrepreneurial Development Bank), Bpifrance Investissement, British International Investment (BII), DEG – Deutsche Investitions – und Entwicklungsgesellschaft mbH, and Proparco

Speaking on the second fund closure, General Partner at Partech Cyril Collon said,

“We are grateful for the support and commitment of our investors: almost all Fund I investors reinvested, and some more than doubled their commitment. We are also honored to get support from a new set of strategic investors from the US, the Middle East, and Africa, and for some of whom, this marks their first commitment in African tech”.

Collon further stressed the increased significance of securing funding at all stages, from Seed to Early Growth, in the current environment. This according to him shows the dedication to supporting the development of tech companies that can drive transformative impact in African economies and contribute to global innovation.

In addition to this, Partech has also announced the establishment of its new office in Lagos, Nigeria, further solidifying its commitment to the African tech landscape. “With our presence in Dakar, Nairobi, Dubai, and now Lagos, we are strengthening our support on the ground for entrepreneurs,” said Tidjane Deme, general partner at Partech.

Partech Africa II will double down on its strategy of investing across Africa with initial tickets ranging from $1M to $15M on Seed to Series C rounds, to support African companies and founders on their growth journey in both local and international markets.

Notably, among the investments from its second fund is Revio, a South African payment orchestration platform, where Partech Africa co-led the seed round with global fintech fund QED. Additionally, the firm has made undisclosed investments in an Egyptian proptech and a Senegalese e-commerce startup.

Partech’s African fund is among several notable funds that have emerged on the continent in the past year, despite challenges for fund managers in raising capital.

Launched in 2018, Partech Africa is a leading VC fund dedicated to technology startups in Africa. The global investment platform invests in equity rounds from Seed to Series C in startups which are changing the way technology is used in education, mobility, finance, healthcare, delivery, energy, etc.

Partech believes in the power of alliance in action, working together and side-by-side with the founders its back, in the shared pursuit of success.

Poll Review – Building on PoW (Proof of Work) Blockchains

By
John Mc Keown
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0

There have been three years of pump and dumps, shilling and hacks of every species.

While there are signs of a revival, January 2024 has actually been the worst single month in blockchain/web 3 related lay-offs since the decline began around the end of the first quarter of 2022.

Generative AI has been gathering pace, and Bitcoin as a store of value has recovered.  El Salvador and the Central African Republic formally use it as legal tender. It is an individual retailers decision to accept it in payment among many countries without restrictions on how it can be traded.

The Proof of Work (PoW) blockchains are the core anchor for any fully decentralized system. I recently saw Sergey Nazrov, CEO of Chainlink being interviewed.

He said ‘Blockchains, and Cryptographic Systems are the next generation of how trust is going to be generated between counterparties’.

Though, what he fails to include, is that ‘Cryptographic Systems’ have existed for a really long time, in modern traditional finance, and before it. There are many different ‘Cryptographic System’ solutions, from PoS – (Proof of Stake) blockchains to ‘Off-chain’ Networks, which some people include (in somewhat cavalier fashion) when discussing ‘Web3’.

It’s a spectrum, with Proof of Work (PoW) blockchains as the most decentralized, and moving out gradually to continuously more centralized structures, using modern cryptographic techniques as a tool to increase speed and reduce costs, but not necessarily achieve any better security or personal autonomy than the supposed ‘centralized’ traditional systems they are aiming to replace.

More regularly now, posts are appearing on online platforms which are somewhat rhetorically querying the ‘so called’ Web3 solutions we have, and especially lamenting the level of centralization that is at the UI (User Interface).

Many people want to see a real bull run that extends beyond just Bitcoin, but there is also concerns for maintaining product quality, improving personal autonomy/privacy, and keeping identities and assets secure.

Many of the security problems and exploits experienced over the last few years have happened on off-chain centralized networks and on network bridges.

Features they have commonly shared include:

  • Smart Contracts written with Solidity.
  • Deployment of tokens with ERC 20 protocol
  • Centralized key custody (in whole or part)
  • Nominal transaction fees (makes phishing attacks on wallets viable).
  • Increased numbers of commercially owned networks involved due to layering and/or bridging scales risk to ‘last mile’ customers.

PoW (Proof of Work) Blockchains offer potential for full decentralization when built upon, and either have no exposure to the problems listed, reduce risk significantly, or eliminate it altogether.

LinkedIn Poll Analysis

The Candidates: Bitcoin, Handshake, Monero, Dogecoin.

Winner – Bitcoin   12/30 votes; 40% of vote.

PoW (Proof of Work) Blockchain with Nakamoto Consensus – 21m maximum coin supply. Halving about every 4 years. Development Features – Ordinal Protocol, Taproot Upgrade (made other protocols possible – BRC 20; BRC 721; BRC 69).

Pros – Notoriety of the Blockchain as the first ‘crypto-money’ attracts curiosity around any new development. The most easily recognisable brand. – Even folk that never heard of the term ‘Web3’ have heard of ‘Bitcoin’ Deemed the most secure blockchain in existence. Never hacked.

Cons: High Fees. High Market Cap due to transactions from BTC movements aren’t helpful to non-coin related activities. Future build fees uncertain due to ‘institutional’ creation of BTC based investment products (ETFs). ‘Coin Maxi’ community is much bigger than the ‘Building’ community. Many of the ‘Coin Maxi’ community are (at best) disinterested in builders succeeding.

Runner Up – Handshake   11/30 votes; 37% of vote.

PoW (Proof of Work) Blockchain with Nakamoto Consensus – 2.04 bn maximum coin supply. Halving about every 3.25 years. Development Features – Fork with PoB (Proof of Burn) permitted the naming protocol, – tokens as ‘Web3’ rootnames with editable DNS function and embedded editable TXT record. Soft fork released 70k high value ‘Alexa’ names. Esher Upgrade in development but not finished.

Pros: Low Fees. Low Market Cap compared to Bitcoin means a minute low visibility ‘Coin Maxi’ community of no threat to the building community. Of no current interest to institutions. Builder community contains many people with altruistic aims and a vocational disposition and are extremely helpful to each other. Coding is ‘exotic’ and beyond lowest common denominator hacking skills in the wider cryptocommunity. Equally secure with Bitcoin, and never been hacked. Being Bitcoins ‘closest relative’, attention to Handshake may rise if ETFs have some unforeseen undesirable outcomes for Bitcoin builders. The PoB protocol causes coins to be ‘burnt’ as part of the auction process, providing an extra pressure on coin supply.

Cons: Low level of awareness of the blockchain in the wider cryptocommunity.  ‘Coin Maxi’ community of Bitcoin is replaced by a name HODLing community on Handshake. Not unhelpful, but just passively hoarding name assets (Web 3 TLDs) hoping for prices to rise, but not involved with building. They account for at least 80% of the 12 million TLDs registered. The combo of low notoriety and market cap with no ownership, means core functionality is slow to improve and it’s difficult to render development investment proprietary.

3rd – Monero   4/30 votes; 13% of vote.

Monero is a PoW blockchain set up to offer an alternative to Bitcoin as a currency and transaction medium. It’s main goal has been to focus on privacy features. It is based on CryptoNote, a concept described in a 2013 white paper authored by Nicolas van Saberhagen.

It’s rumoured that it attracts illicit interest like money laundering and ransomware payments due to its strong privacy features. It’s a common medium of exchange on darknet markets.

It’s got arguably the 4th highest development community in the crypto-spectrum, but they are solely focused on strengthening and upgrading its privacy features, and are not open builders. It has an unlimited coin supply.

The blockchain is otherwise locked to building (not programable).

Pros/Cons – As the blockchain is locked to building (not programable), it is out of article scope to do Pros/Cons analysis. It is not clear why it got 4 votes. Some people like to participate in polls, even if they don’t understand. Some in a rush may have clicked the wrong option in error. Some may know Monero isn’t an eligible candidate, but it may be a ‘protest’ vote because they didn’t approve of the poll narrative, or because they felt a choice should have been available, which was absent.

4th – Dogecoin   3/30 votes; 10% of vote.

Dogecoin (PoW Blockchain) was created by Billy Markus and Jackson Palmer, making fun of the explosion in ‘meme’ cryptocurrencies at the time. They didn’t expect anyone to take it seriously, but people started buying it.  Dogecoin itself was to later become parodied by tokens such as Shiba Inu and Shiba Saga (ERC 20 tokens) and DogWifHat (a token off Solana).

Dogecoin has an unlimited supply with a fixed rise in the currency of 5 million units a year.

The blockchain is otherwise locked to building (not programable).

For reasons similar to those given about Monero, we will not be adding a Pros/Cons section. We can speculate on why it got 3 votes for the same reasons we also gave for Monero.

Nobody was tagged in the LinkedIn poll, nor was anybody given a LinkedIn Direct Message (DM) to encourage their participation in the poll.

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Explore the Top 10 Trusted Online Casinos in Singapore

By
TI Partners
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0

You are not exactly short of options for playing an online casino in Singapore.

Singapore boasts a massive casino industry, and with good reason: casino games have become a huge part of the industry.

Considering that, though, choosing the right casino can be challenging. To help you make the right choice, we have compiled a list of the top ten casinos in Singapore based on their trustworthiness.

Each of the brands listed below has been used and reviewed by our staff so that we can stand behind our recommendation in full.

Where, then, will you find the best and trusted online casino Singapore?

Requirements of a Best Online Casino Singapore

What, then, makes a trusted online casino in Singapore? Let’s look at what we believe are some non-negotiable factors every casino needs.

Casino Bonuses

First, every online casino in Singapore worth joining will come with some form of bonus and promotion program. At a minimum, this should be a welcome bonus that starts at 100%. Ideally, you want extra perks like free spins, reload, and seasonal bonuses.

Casino bonuses signify that the casino in question respects your time and money. As a player, you deserve to play in a casino that gives you respect whenever you play.

Games And Providers Selection

Another factor to take into account is the quality of games that they have on offer. The first thing to check is the kinds of games. Most choices for an online casino in Singapore will offer live casino gaming, slots gaming, and other options that might include fishing and lottery games.

It is also common for an online casino in Singapore to provide you with a sportsbook, often powered by a big-name provider. However, speaking of big names, you want to be playing on platforms that use reliable game developers like Pragmatic Play, NetEnt, Betsoft, Red Tiger Gaming, and Evolution Gaming, to name a few of the most trusted developers in the slots & online casino gaming market.

Payment Methods

Payment methods should be both trustworthy and varied. Look for platforms that allow for the safest transactions, i.e., bank transfers, credit/debit card transactions, and eWallets. If you like to use cryptocurrency, many casinos in the country now allow you to use crypto if you prefer to go down that route.

Payment methods should be verified, which is why it is extra important to ensure that any casino you use has a license. Ensure that it has a license given to it by one of the respected authorities in casino gaming, such as the Curacao Gaming Authority.

Mobile Compatibility

Lastly, make sure that the platform you will be using has a solid mobile app. Even if you prefer to play on a desktop, a good mobile app is a sign that the company is modern and stays up-to-date with the times.

When a mobile app is not provided or is outdated and slow, then it is a sign that the company might not be as modern in other aspects of its platform. In short, a mobile app is a must!

Try the mobile app, even if you intend to play on a PC or laptop. The mobile app should be slick, simple to use, and safe. It should not have problems loading games, nor should it have issues with loading times or performance.

What else might let you down if the mobile app is not up to standard?

Tricks to Find a Trusted Online Casino in Singapore

To help you find the best experience possible, we recommend that you stick to the following tricks to discover a trusted online casino in Singapore:

  • Make sure that you review the website independently. We have given you useful details below about each casino, but your preference should also be considered.
  • Look closely into the sign-up process of each online casino in Singapore that you wish to try. Some make it very easy to sign up, while others can make account creation a chore.
  • Search for the company’s name and look for a license. You want to make sure that the casino has a license and, preferably, that its games have been independently tested.
  • Spend some time looking into the games on offer – not just the providers, but the actual games. Some big-name classics will be found across more than one casino platform.
  • Know what you are looking for in a casino. Some have better all-around features, while others are focused on one area, such as live casino gaming or specific slot games.
  • Never go on the promotions you find online: always check the website of the online casino in Singapore that you intend to use, as promotions change regularly.
  • When reading about an online casino in Singapore, consider the positives and negatives; look for regular comments on the pros or cons to determine validity.
  • Look into their loyalty or bonus programs. The best online casinos offer regular new bonuses and extras to their users and offer great value for money.

Keep the above in mind, and you should find it much easier to settle on a Singaporean online casino that you feel comfortable using regularly.

Top 10 Best Online Casinos in Singapore

Are you looking to find the best online casino in Singapore for you?

Then, we recommend that you try out one of the following casinos. Each comes highly recommended for trustworthiness and quality of service.

BK8 Casino in Singapore

BK8 is a fantastic platform and easily one of the most respected choices in Singapore for an online casino. Though the payment issues can be somewhat limiting at times, BK8 makes up for that by offering some of the best bonuses and promotions in the industry.

For example, they offer a whopping 288% bonus that can grant as much as SGD2,888. That is a huge amount of money to get as a welcome bonus, even with the wagering requirements.

It also offers sports betting, one of the most extensive we have found in an online casino in Singapore.

Respected and reputed developers like Evolution Gaming and WM Casino provide the games. Besides, the government of Curacao regulates the site, making it a safe place to play. The site holds one of the most esteemed licenses in the industry.

Add on easy customer support assistance via live chat, WhatsApp, and Telegram, and it is easy to see why so many people love playing BK8 Casino. It is absolutely worth your time to try out if you are looking for a respected platform with fans in Singapore and worldwide.

me88 Casino in Singapore

me88 has been growing in stature for years and now stands as one of the best choices for an online casino in Singapore that you can trust.

With major games provided by reputable providers, you can choose classics like Gonzo’s Quest and Aztec Gold to make your money on.

If you love playing slots, you will be amazed by its 288% Welcome Jackpot Bonus, which can yield as much as SGD2,880. Other bonuses are delivered regularly, too.

Payment methods are excellent and diverse, covering everything from Visa and MasterCard to cryptocurrencies and bank transfers.

Customer support is nice and friendly, too, and available via both live chat and WhatsApp.

Overall? It is a fantastic platform that is generous, easy to use, and loads just as smoothly on desktop as it does on mobile. It is one of our favourite platforms to recommend to anyone looking at an online casino in Singapore.

Maxim88 Casino in Singapore

As one of the major partners of Evolution Gaming in Asia, Maxim88 is your go-to choice for live casino gaming in Singapore. It is known for having reputable ambassadors and partners and for having some of the best games around. They have Mega888 slots, some of the best for high-stakes jackpots.

Maxim88 also partners with big-name providers like Spadegaming and M8Bet, ensuring plenty of choices for other games. The promotions on offer are very nice, too, offering 100% welcome bonuses that can match up to SGD500 – not amazing, but a perfect starting place. There is also a weekly lucky draw totalling SGD46,264 for winning.

Payment methods – in and out – are quick, varied, and safe via eWallets and bank transfers. It’s an excellent platform overall.

96M Casino in Singapore

Firstly, a big win for 96M is their 100% welcome bonus of up to SGD300. With some outstanding wagering requirements, this is a very easy bonus to benefit from. 96M is a good choice for those looking for an online casino in Singapore that offers a good range of games, with slot games, table games, and live casino games, to mention a few options.

96M has been certified by eCOGRA, which can be very useful for anyone seeking extra credentials verification. They also hold a licence from the Malta Gaming Authority. On top of all this, 96M is a very easy-to-use platform that does not get in the way, ensuring you can have fun on desktop and mobile devices.

Withdrawals and deposits are fast and offer various measures for getting your money in and out, making 96M worth your time.

ECLBET in Singapore

Though not necessarily a household name in the industry, ECLBET makes our list of trusted online casinos in Singapore with good reason. A much-improved user interface compared to the release is one thing, but the focus and attention to detail catch our eye here.

While ECLBET is still improving on the quality of its bonuses, there is enough here to give you a chance to see what you are dealing with. They offer a great range of payment methods and have a fine range of games. This includes slot games, live casino games, sports and esports betting, 4D games, and fishing games. So, there is no shortage of offers to choose from.

Companies like Playtech and TopTrend Gaming provide games, furthering their credibility in the industry. Play’n Go and Pragmatic Play are here, too, which should give you confidence that ECLBET is serious.

Yes8 Casino in Singapore

We have to say that Yes8 has come a long way since it first opened its doors. Once limited in terms of game offers, now this site offers an exceptional range of games from some of the biggest developers on the market. This is backed up by a very easy-to-use and friendly customer support network.

Where Yes8 shines most, though, is in its bonuses and withdrawal and deposit platforms. You can use all options, including credit/debit card transfers, bank transfers, cryptocurrency, and eWallets – including PayPal. Many bonuses are also given out, including a 150% welcome bonus on your first deposit to a 10% daily reload bonus and cash back bonuses.

Though Yes8 probably needs more games to stand out, it is a highly trustworthy online casino in Singapore with a growing reputation and range of games. It’s worth testing out for newbies and industry veterans alike.

B9Casino in Singapore

B9Casino is a very easy-to-use platform offering an online casino in Singapore that provides sports betting, live casino gaming, and primarily slots gaming. Slots games are the most prominent titles here, with games from major providers like QTech and Gamatron. Live dealer games are quite varied, too, with many popular games provided by Evolution Gaming available for you to try out.

Getting money in and out of your B9Casino account is easy, too, thanks to deposit times in just 1-5 minutes and withdrawal times in around 15-30 minutes via bank transfer, ATM transfer, and cash deposits. With a 150% welcome bonus up to SGD1,000, BG9Casino in Singapore is very generous with its offers. This is backed up with future promotions and rewards for those who play here regularly.

A very generous platform with a growing audience, B9Casino is worth checking out for those searching for a new site to call home.

12Play Casino in Singapore

If you like an online casino in Singapore that offers a very fair welcome bonus, 12Play is for you. This platform provides a 100% welcome bonus up to SGD300 and only has a 25x wagering requirement – one of the lowest we have come across.

12Play also has a great range of slot games and live casino games to pick from. The website is easy to use, it looks smart, and selecting games is a real piece of cake. They have some good partnerships with big-name developers, so you should have no problem finding a game you have either played before or want to try out for the first time.

Overall, the platform is one of the best choices for an online casino in Singapore that offers sports betting in one place. Overall, it is a great place for live casino gaming, slots gaming, and sports betting all in one place. 12Play is worth testing out, for sure.

God55 Casino in Singapore

God55 might still be growing in size, but the fact they have partnerships with groups like Playtech and Microgaming helps you realise they are legitimate. They also offer a fine range of progressive jackpot games, which is rare in an online casino in Singapore.

God55 also offers impressive live casino games, ranging from roulette to baccarat, live sports and esports betting. The platform also offers a great welcome bonus, providing 255% of your initial deposit, reaching as high as SGD2,550. The quality of the bonus is one of the major reasons God55 is becoming so popular.

They also offer a great service that provides daily bonuses and extra slot-specific boosts you can use most days. On top of that, the platform boasts an excellent customer support network and easy deposits and withdrawals via bank transfers and e-wallets. If you want a relatively new name to try out, start here!

MB8 Casino in Singapore

MB8 has a long history of being played in Singapore and across Asia. They have been around for many years and have a long history of respected ambassadors such as Brazilian football star Ronaldinho. The company holds a licence with the PAGCOR – Philippine Amusement and Gambling Corporation – and has a fantastic range of games, from slots to live casino games.

Alongside a respectable sportsbook, MB8 Singapore also offers access to live casino gaming, slots gaming, fishing, and esports. Games are provided by developers like Evolution Gaming, Sexy Baccarat, SA Gaming, WM Casino, Fastspin, Mega888 and Kingmaker, to name a few.

Customer support is easy to use, too, with support coming via live chat and apps like WhatsApp and Telegram. On top of that, the ease of getting your money in and out – via bank transfer, eWallets, and cryptocurrency – makes this a very easy place to play.

Practise Responsible Gambling

If you intend to start using one of the above casinos, then please make sure that you take responsible gambling seriously. Responsible gambling allows you to enjoy all of the benefits that an online casino in Singapore can provide without allowing the risks to become inherent. To do this, focus on:

  • Avoid playing with money you do not have; never gamble with debt.
  • Should you feel unable to stop, self-exclude yourself using self-exclusion tools.
  • Identify your behaviours: are you playing for fun or to win big?
  • Speak to friends and family about your gambling: is your gambling a problem?
  • Never play when you feel unhappy or that your luck is down.
  • Avoid using gambling to try and lift your mood or to change your luck.
  • Appreciate an online casino for what it is: a way to have fun, not to become rich.
  • Contact the National Council on Problem Gambling at 1800-6-668-668.
  • As the saying goes – when the fun stops, stop!

Conclusion

Using the above lift, you should now feel more confident choosing an online casino in Singapore. The above casinos are trusted and respected and have been around for many years. This should help you feel like you are making the right choice and that your casino gaming experience can be truly enjoyable.

Look at the above sites, create an account, and see why we rate these as among Singapore’s most trusted online casinos. Remember to be responsible when playing.

Good luck, have fun, and enjoy your online casino experience using one of the above platforms!

Ministry of Communication Launches ‘Project 774 LG Connectivity’ to Bridge Nigeria’s Digital Divide

By
Samuel Nwite
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0

In a significant stride towards bridging the digital gap and enhancing internet accessibility across Nigeria, the Ministry of Communications, Innovation, and Digital Economy has launched ‘Project 774 LG Connectivity.’ This ambitious initiative aims to tackle the issue of limited internet and digital access by connecting all 774 Local Government secretariats throughout the country to the internet.

The project launch was announced by Dr. Bosun Tijani, the supervising Minister of the Ministry, on Monday. Dr. Tijani said that ‘Project 774 LG Connectivity’ is in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda and the strategic blueprint of the ministry. Its overarching goal is to promote inclusive development and ensure access to digital public infrastructure, even in the most remote areas of Nigeria that have been historically underserved or unserved.

Highlighting the broader impact of the project, Dr. Tijani stated, “Project 774 LG Connectivity will create at least 300 direct jobs as we deploy nationwide and potentially more jobs indirectly from the increase in digital access.” He underscored the project’s alignment with the ministry’s strategic goals and its crucial role in delivering efficient public services to citizens at the local government level.

Through strategic collaborations with the Nigerian Communications Satellite Limited and Galaxy Backbone, ‘Project 774 LG Connectivity’ aims to provide reliable and affordable internet access to local government offices. This initiative is not merely about connectivity but also about empowering these offices with the resources needed to enhance service delivery, promote transparency, stimulate economic growth, and foster better citizen engagement.

Dr. Tijani also addressed the issue of low demand for internet services outside major cities, which has hindered broadband infrastructure investment in certain areas.

“Private companies will tell you that there are parts of Nigeria that if they invested and put fibre optic cable, there are not enough customers there to bring a return on investment,” he said.

In response to this challenge, the Ministry is actively working to stimulate internet demand by ensuring that all public institutions across the country, including schools, hospitals, government offices, libraries, and markets, are connected.

This broader connectivity initiative seeks to address the low consumption of internet services and subsequently improve the return on investment for nationwide fiber network deployment.

Dr. Tijani’s announcement of ‘Project 774 LG Connectivity’ comes at a crucial time for Nigeria, as the country aims to leverage digital technologies to drive economic growth and foster social development.

Despite being the largest economy in Africa, Nigeria faces significant challenges in terms of internet accessibility, particularly in rural and remote areas. This lack of connectivity not only hampers access to information and essential services but also impedes economic progress.

According to recent statistics, Nigeria’s internet penetration rate stands at 55.4 percent in 2023, significantly lower than the global average. This disparity in internet access between urban and rural areas exacerbates existing inequalities and stifles the potential for inclusive growth. Dr. Tijani’s initiative seeks to address this digital divide by extending reliable internet connectivity to all 774 Local Government secretariats across the country.

The implications of limited internet access on Nigeria’s economy are profound. In today’s digital era, access to the internet is synonymous with access to opportunities. Without adequate connectivity, businesses struggle to reach new markets, entrepreneurs face barriers to innovation, and individuals are deprived of educational and employment prospects available online.

Furthermore, the lack of internet access in rural areas hampers agricultural productivity, inhibits e-commerce initiatives, and limits access to telemedicine and other vital services. This digital exclusion not only stifles economic development but also perpetuates social disparities, widening the gap between urban and rural communities.

By investing in projects like ‘Project 774 LG Connectivity,’ the Nigerian government aims to stimulate economic growth by fostering a conducive environment for digital innovation and entrepreneurship. Improved internet connectivity at the grassroots level will enable small businesses to thrive, facilitate the delivery of government services, and empower communities to participate in the digital economy.

Moreover, Dr. Tijani’s emphasis on job creation through this connectivity initiative underscores the potential for technology to drive employment opportunities and socioeconomic advancement. By creating 300 direct jobs and potentially more indirectly, ‘Project 774 LG Connectivity’ not only addresses the immediate need for connectivity but also contributes to long-term human capital development.

IMF Warns Nigeria’s Inflation May peak at 44% in 2024 as FX Crisis escalates

By
Samuel Nwite
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0

The International Monetary Fund (IMF) has issued a dire warning about Nigeria’s economic future, citing the potential for a staggering 44% inflation rate if significant monetary policy adjustments are not made by the Central Bank of Nigeria (CBN).

This cautionary forecast comes amid concerns over persistent pressure on the Nigerian naira and the looming threat of a climate shock in 2024.

According to the IMF’s recent post-financing assessment report, Nigeria faces a troubling sequence of events that could severely disrupt its economic stability. Insufficient tightening of monetary policy, coupled with ongoing pressure on the naira and the potential impact of adverse climate conditions, threatens to exacerbate inflationary pressures. The IMF projects a potential 35% depreciation of the naira in 2024, further contributing to inflationary challenges.

In a statement, the IMF outlined a downside scenario that includes insufficient monetary tightening, persistent pressure on the naira, and the occurrence of another adverse climate shock in early 2024. This scenario could lead to a decline in output, a surge in food prices, and a sharp rise in inflation, peaking at 44%.

“An adverse scenario of an inflation-depreciation spiral combined with a climate shock would increase risks to Nigeria’s capacity to repay the Fund,” noted the IMF. “Given the absence of local production and the recent liberalization of commodity imports, the exchange rate would likely depreciate further—by an estimated 35% in 2024—and contribute to a further sharp rise in inflation, peaking at 44%, before monetary policy is eventually tightened sharply.”

Despite these challenges, the IMF believes Nigeria will repay the Fund, assuming the prioritization of external debt service continues. However, the need to address urgent humanitarian concerns, including rising poverty and food insecurity, threatens this repayment capacity, which would necessitate significant trade-offs.

The uncertainty surrounding Nigeria’s net international reserves and the potential for further exogenous shocks adds additional risk to the country’s economic stability and citizens’ well-being.

Currency Woes and Inflation Surge

The Nigerian Naira has experienced a significant decline against the US Dollar in the FX market, closing the week at a concerning rate of N1,537.96/$1. This downturn is attributed to persistent demand pressures, which continue to erode the currency’s value. The situation is further underpinned by a dramatic 74% drop in forex turnover to $84.10 million, compounding the challenges facing the Naira. Both official and parallel market rates suffer from devaluation, casting a shadow over the nation’s economic stability.

Adding to Nigeria’s economic challenges, the National Bureau of Statistics (NBS) reported a significant surge in inflation to 29.90% for January 2024, up from 28.92% in the previous month. This increase in the headline inflation rate by 0.98% points compared to December 2023 highlights the persistent inflationary pressures plaguing the Nigerian economy.

The implications of rising inflation on the spending power of Nigerians are profound and far-reaching. As prices rise across the board, consumers find their purchasing power diminished, affecting their ability to afford essential goods and services.

Financial analysts warn that the current inflationary trend poses a significant challenge to the Nigerian populace. With prices soaring and wages stagnant, many households are finding it increasingly difficult to make ends meet. This situation not only impacts their standard of living but also exacerbates poverty levels and food insecurity.

Despite the CBN’s efforts to stabilize the currency through various foreign exchange policies and tightening monetary measures, the broad money supply in the country surged to a record N78.74 trillion as of December 2023, marking a 51% year-on-year increase from N52.16 trillion in 2022. This signals potential further inflationary pressures that threaten to diminish Nigerians’ purchasing power.

Financial experts have warned that the relentless rise in inflation coupled with the depreciation of the naira paints a bleak economic outlook for Nigeria. As the cost of living continues to surge, households will have to allocate more of their income towards basic necessities, leaving less room for discretionary spending. They said that this not only dampens consumer confidence but also hampers economic growth prospects in the long run.

Policy Dilemma and the Way Forward

The spotlight is now on the CBN’s first Monetary Policy Committee (MPC) meeting of 2024, anticipated next week. All eyes are on Governor Yemi Cardoso, who is expected to outline the central bank’s stance on interest rate hikes and its strategy to combat rising inflation. This meeting is critical, especially as Governor Cardoso’s policy direction might clash with President Bola Tinubu’s intention to lower interest rates in Nigeria, potentially igniting a policy conflict at a time when cohesive economic strategies are paramount.

The upcoming MPC meeting holds significant importance for Nigeria’s economic trajectory. Economists say it presents an opportunity for the central bank to reassess its monetary policy toolkit and implement measures aimed at curbing inflationary pressures.

However, they add that achieving consensus amid divergent policy preferences requires careful deliberation and consideration of the broader economic implications.

They further note that addressing these challenges requires coordinated efforts from policymakers, including decisive monetary policy actions, fiscal reforms, and targeted interventions to mitigate the adverse effects on vulnerable populations. Failure to act swiftly and effectively could exacerbate economic woes, undermining Nigeria’s growth prospects and jeopardizing its long-term stability.

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