Business
Nigeria’s ICT Sector Contributes 15.97% to Q3 2023 GDP
The Nigerian Information and Communications Technology (ICT) sector contributed 15.97% to the country’s real Gross Domestic Product (GDP) in the third quarter of 2023. The latest figures, released by the National Bureau of Statistics (NBS), showcase a notable increase compared to the 15.35% recorded in the same period last year.
The ICT sector encompasses diverse activities, including Telecommunications and Information Services, Publishing, Motion Picture, Sound Recording, and Music Production, as well as Broadcasting. According to the NBS, the sector demonstrated a robust growth rate of 6.69% in real terms year-on-year for Q3 2023. This growth is attributed to the dynamic activities within the telecommunications sub-sector, which alone contributed 13.50% to the GDP in real terms.
The telecommunications industry, dominated by major players like MTN, Globacom, Airtel, 9mobile, and Internet Service Providers (ISPs), is not only driving its own growth but is also acting as a catalyst for economic activities across various sectors.
On the nominal GDP front, the ICT sector made a substantial contribution, accounting for 11.57% of the total Nominal GDP in the third quarter of 2023. This figure marks a notable increase from the 9.58% recorded in the same quarter of the previous year. However, it is slightly lower than the 14.83% contribution in the preceding quarter.
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Examining the quarter-on-quarter performance, the sector exhibited a growth of -10.30% in real terms. Despite this dip, the overall contribution of 15.97% to the total real GDP in Q3 2023 reflects both resilience and significance, outperforming the same quarter of the previous year (15.35%) while slightly trailing the preceding quarter (19.54%).
The growth and contribution of the ICT sector underscore its pivotal role in Nigeria’s economic development. As technology continues to advance and digital transformation becomes increasingly crucial, the ICT sector’s positive trajectory is expected to persist, shaping the nation’s economic landscape for the foreseeable future.
Dangote’s Refinery Prepares for Listing on Nigerian Exchange
Aliko Dangote, Africa’s wealthiest individual, has revealed, through a recent interview with the Financial Times, that his company, Dangote Industries, is set to list its $20 billion oil refinery on the Nigerian Exchange Limited. Dangote highlighted that the challenges related to crude oil supply have been successfully resolved, marking a significant milestone for the ambitious project.
The move aligns seamlessly with Dangote’s broader business strategy and is poised to impact the company’s valuation and investor engagement positively. The billionaire entrepreneur expressed confidence in the project, stating, “We have resolved all the issues with crude oil supply. We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”
Nigeria, as Africa’s largest oil producer, paradoxically imports refined petrol despite having four dysfunctional refineries. This has led to the erosion of the country’s foreign exchange reserves as oil explorers export crude to foreign refiners, only to import the refined products back into Nigeria.
Dangote’s refinery, with a planned capacity of 650,000 oil barrels per day, is expected to be a game-changer in addressing Nigeria’s refining challenges. Despite doubts arising from persistent delays and cost overruns, Dangote assured that the refinery would start operations in December.
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The initial rollout is set at 540,000 barrels per day, with the refinery producing diesel, kerosene, and jet fuel. At full capacity, it is anticipated to generate 27 million liters of diesel, 11 million liters of kerosene, and 9 million liters of jet fuel. Dangote emphasized that the project’s significance extends beyond national borders, given its potential to reduce Nigeria’s dependence on imported refined products.
A key development is the finalized deal for the “first cargo of about 6 million barrels,” scheduled for delivery in the coming month. The refinery’s crude supply will be sourced from various producers in Nigeria, including the country’s state oil company.
French Minister Reacts As Zenith Bank Expands European Presence with Paris Office
A significant development in French-Nigerian relations has occurred with Zenith Bank’s decision to locate its European office in Paris, strengthening commercial connections.
Oliver Becht, the French Minister of Trade and Competitiveness, showed his excitement during the signing of the Memorandum of Understanding at the bank’s Lagos headquarters.
“We are delighted to welcome Zenith Bank’s first European Union office in France. It’s definitely a sign of mutual trust,” Becht said, expressing gratitude to Jim Ovia, Chairman of Zenith Bank, for the wise choice.
Zenith Bank Wins The Most Valuable Nigerian Banking Brand For 2021
With the words, “We hope the presence of Zenith Bank in France will help foster new business projects between our two continents,” the French Minister highlighted the possibilities for cooperation. This choice could be seen as a turning point in the economic ties between France and Nigeria.
Becht met with Engie Energy Access Nigeria in parallel developments, with an emphasis on the development of the solar sector. Becht praised Engie Energy Access for its dedication to sustainable development and emphasised the important role that foreign investment in the energy sector plays in Nigeria’s economic development.
“The importance of foreign investment in the energy sector to promote economic growth and social development in Nigeria cannot be overstated,” Becht emphasized.
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Unravelling The Origin of Black Friday
Unraveling the Tapestry of Black Friday: A Journey Through Time
As consumers gear up for the annual shopping extravaganza known as Black Friday, the origin of the term has remained shrouded in a fascinating history. Beyond the bustling malls and online deals, the roots of Black Friday delve into financial crises, factory workers’ protests, and a city’s attempt at rebranding. In this blog, we peel back the layers of time to explore the intriguing journey that led to the creation of America’s modern shopping holiday.
1. A Dark Prelude: The Financial Origins of Black Friday
1869: A Dark Day for Gold Investors:
The term “Black Friday” made its debut in 1869, marking a day when financial investors drove up the price of gold, triggering a catastrophic crash in the U.S. gold and stock market. This historical event, unrelated to shopping, laid the groundwork for the term’s eventual connection to Thanksgiving.
20th Century Labor Woes:
In the early 20th century, factory workers in the U.S. began taking the Friday after Thanksgiving off, impacting production. Business owners dubbed it “Black Friday,” attributing negative connotations to the day due to its perceived economic impact.
2. Philadelphia’s Attempt at Rebranding: The Birth of Shopping Black Friday
1966: The Army-Navy Game Connection:
The term’s association with post-Thanksgiving shopping gained momentum in the late 20th century. A 1966 article discussed the significant traffic and crowded sidewalks in Philadelphia between Thanksgiving and the Army-Navy football game. Businesses attempted to rebrand it as “Big Friday” to shed the negative associations, but the effort proved futile.
From “In the Red” to “In the Black”:
The true transformation of Black Friday into a shopping holiday occurred in the 1980s when stores transitioned from operating at a loss, or “in the red,” to finally earning a profit, being “in the black.” This shift in association with retail earnings paved the way for the modern Black Friday.
3. Black Friday Evolution: Beyond One Day of Deals
From Single Day to Extended Shopping Extravaganza:
Black Friday’s significance expanded beyond a single day, with retailers extending deals over several days to avoid shopping frenzy-related injuries and deaths. The original retail calendar, marking Dec. 24 as the end of the season, has evolved as more stores stretched out deals to capture consumer interest.
The Rise of Pre-Black Friday Sales:
To cater to changing consumer behavior, retailers introduced pre-Black Friday sales and events throughout November. This shift aimed to capitalize on early holiday shopping trends, ensuring sustained consumer interest.
4. Black Friday and Cyber Monday: A Dynamic Duo
Weekend-Long Celebration:
Black Friday has morphed into a weekend-long celebration, culminating in Small Business Saturday, encouraging consumers to support local businesses. The shopping extravaganza further extends to Cyber Monday, the online equivalent of Black Friday.
From Mall Crowds to Online Clicks:
Cyber Monday, coined in 2005, acknowledges the trend of increased online shopping on the Monday after Thanksgiving. Ellen Davis of The National Retail Federation recognized this day as one of the biggest online shopping days of the year, offering an alternative to traditional in-store experiences.
Conclusion:
As shoppers lace up their sneakers and prepare for the Black Friday hustle, understanding the historical tapestry behind the term adds a layer of richness to the annual shopping tradition. From financial crises to labor protests and the evolution of retail calendars, Black Friday has transformed into a multifaceted phenomenon that extends beyond brick-and-mortar stores. The journey through time unveils the intricate threads that weave together to create America’s modern shopping holiday.
Top 5 Black Friday Deals on Must-Have Smart TVs
Smart TV’s
As the Black Friday frenzy sweeps across the nation, it’s the perfect time to snag incredible deals on those big-ticket items you’ve been eyeing all year. In the realm of home entertainment, Smart TVs take center stage, and this Black Friday brings a lineup of irresistible offers. Let’s dive into the top 5 Black Friday deals on TVs that promise not only outstanding visuals but also significant savings.
1. Insignia 50-inch F30 Series 4K Fire TV: Ignite Your Viewing Experience
Deal: $200 (Original Price: $400) Buy Now
For the budget-conscious yet discerning viewer, the Insignia 50-inch F30 Series 4K Fire TV is a steal at just $200. Dive into a world of vibrant colors and crisp details without burning a hole in your pocket. Black Friday has never been more lit!
2. Hisense 65-inch A6 Series 4K Google TV: A Bigger Canvas, a Better Experience
Deal: $350 (Original Price: $420) Buy Now
Upgrade your viewing real estate with the Hisense 65-inch A6 Series 4K Google TV, now available for $350. Immerse yourself in the brilliance of 4K visuals and seamless Google TV integration. At this Black Friday price, it’s a deal that deserves a prime spot in your living room.
3. TCL 65-inch 5-Series QLED 4K Google TV: Where Quality Meets Affordability
Deal: $400 (Original Price: $600) Buy Now
TCL continues to redefine value with the 65-inch 5-Series QLED 4K Google TV. For $400, experience the richness of QLED technology and the convenience of Google TV. Don’t miss out on this Black Friday opportunity to bring quality home entertainment into your life.
4. Samsung 75-inch TU690T Series 4K Tizen TV: Size, Style, and Savings
Deal: $580 (Original Price: $850) Buy Now
Go big with the Samsung 75-inch TU690T Series 4K Tizen TV, now priced at $580. This Black Friday deal combines size, style, and savings, offering a cinematic experience without the premium price tag. Elevate your home theater game with this standout TV.
5. LG 65-inch B2 Series OLED 4K WebOS TV: Luxury Viewing at a Fraction of the Price
Deal: $1,200 (Original Price: $1,900) Buy Now
Indulge in the pinnacle of TV technology with the LG 65-inch B2 Series OLED 4K WebOS TV, available for $1,200. This Black Friday, witness OLED brilliance and WebOS convenience at a price that reflects true luxury. Elevate your entertainment space with this exquisite TV.
Black Friday is the ultimate moment to turn your home into an entertainment haven without breaking the bank. These top 5 TV deals offer a perfect blend of performance, features, and savings. Seize the opportunity, upgrade your viewing experience, and make this Black Friday a celebration of cinematic delight in the comfort of your own home!
Innovating Business with Technology in Southeast Nigeria
Unlocking Innovation: Revolutionizing Business and Investment in the Southeast through Technology
Innovating Business with Technology in Southeast Nigeria:
Innovating Business with Technology in Southeast Nigeria is imperative in this digital age, as technology emerges as a driving force behind the success and growth of businesses and investments in the region. Failing to recognize the transformative power of technology can result in lagging, missing out on opportunities for brand expansion, lead generation, and operational streamlining. Unfortunately, Southeast Nigeria, like many regions, grapples with a significant hurdle – the digital divide.
This divide delineates the gap between those proficient in technology and those lacking such expertise. In the Southeast, where formal or technological education isn’t always a prerequisite for business establishment, many entrepreneurs and investors encounter challenges in embracing technology. Nonetheless, their resilience propels business growth, albeit without fully integrating technological advancements.
However, the time has arrived for a paradigm shift. Transitioning from traditional, manual methods to technology-driven processes is challenging but holds immense long-term benefits. Embracing and implementing technology in business and investment operations is paramount for regional development and innovation.
In this blog, we will delve into the landscape of business and investment in Southeast Nigeria, using it as a case study to illustrate how technology can seamlessly integrate into various industries. From startups to established enterprises, we will explore avenues to leverage technology for heightened efficiency, profitability, and sustainability.
Furthermore, we will tackle the obstacles associated with incorporating technology into business and investment activities, offering practical solutions to bridge the gap and foster widespread adoption. Through this exploration, our goal is to empower entrepreneurs and investors in Southeast Nigeria to embrace innovation and unlock their full potential.
Tech Integration for Growth: How Southeast Nigerian Businesses Can Harness Technology to Drive Sustainability and Investment
In today’s digital landscape, Innovating Business with Technology in Southeast Nigeria is not just advantageous—it’s essential. Businesses in the region must recognize the pivotal role of technology in driving growth and sustainability. The integration of digital tools and platforms offers a multitude of opportunities, from attracting investment to enhancing profitability. However, many businesses in Southeast Nigeria face challenges in effectively integrating technology into their operations.
One crucial area where technology fuels growth is by enhancing operational efficiency. Through automation of manual processes and leveraging data analytics for informed decision-making, businesses can streamline operations, reduce costs, and increase productivity. For example, logistics companies can optimize delivery times and minimize wastage using GPS tracking systems, while retailers can efficiently manage inventory and track sales with point-of-sale systems.
Moreover, technology plays a pivotal role in elevating customer experiences. With the advent of e-commerce and social media, businesses must establish a strong online presence to remain competitive. Engaging customers on social media platforms, offering seamless online payment solutions, and delivering personalized experiences through Artificial Intelligence are vital strategies for differentiation and customer retention.
Furthermore, investing in cybersecurity measures is paramount to safeguard sensitive data and mitigate cyber threats. Protecting confidential information not only upholds business integrity but also enhances reputation as a trustworthy custodian of customer data.
Ultimately, for Southeast Nigerian businesses to fully harness the potential of technology for growth, they must invest in developing the requisite skills and expertise. This involves training employees, fostering partnerships with technology providers, and staying abreast of industry trends and developments. Embracing innovation and technology is not just a choice—it’s a necessity for businesses aiming to thrive in today’s dynamic business landscape.
Overcoming Challenges: A Practical Guide to Seamless Tech Adoption for Businesses in Southeast Nigeria
1. Digital Literacy:
2. Infrastructure Limitations:
3. Cybersecurity Concerns:
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Success Stories: Inspiring Transformation through Technology in Business in Southeast Nigeria
Innovating Business with Technology in Southeast Nigeria is essential for businesses aiming for success in today’s rapidly evolving market. Embracing digital transformation has become a cornerstone for enterprises in this region, leading to improved efficiency, heightened profitability, and expanded market reach through technology. In this article, we’ll highlight compelling success stories that exemplify how businesses in Southeast Nigeria are reshaping their operations.
An exemplary case is Innoson Vehicle Manufacturing (IVM), which strategically employed technology to elevate its sales performance. By shifting from traditional advertising methods to digital marketing channels, such as online platforms, IVM experienced a surge in sales and gained brand recognition. Establishing a robust online presence through a website enabled IVM to thrive in the competitive Nigerian automobile industry.
Another standout example is the Rad5 Tech Hub in Abia State, showcasing the transformative power of technology. This innovative hub supports a network of over 1,000 software engineers, designers, and tech entrepreneurs across Southeast Nigeria. Through investments in cutting-edge technologies like school management systems and e-commerce platforms, Rad5 Tech Hub has empowered its clients to streamline operations and drive efficiency. By prioritizing technology, this hub has spearheaded positive changes, making businesses more environmentally friendly and technologically advanced.
These success stories underscore the importance of investing in technology for businesses in Southeast Nigeria. In a rapidly advancing technological landscape, enterprises that embrace digital transformation gain a competitive advantage. Through technology investment, businesses can optimize processes, enhance productivity, and broaden their customer base.
Businesses in Southeast Nigeria must view technology not as an optional expense but as a strategic investment. By prioritizing technology, enterprises can unlock growth opportunities, foster innovation, and bolster profitability. Drawing inspiration from success stories like IVM and Rad5 Tech Hub, businesses in Southeast Nigeria can embark on a tech-driven journey toward a prosperous future.
In conclusion, the significance of technology in driving business innovation cannot be overstated. Investing in technology isn’t just about securing the future of your business; it’s about contributing to the overall growth and development of society. By embracing technology, businesses in Southeast Nigeria can revolutionize their operations and thrive in the digital era.
Sync Clinches Grand Prize at Zenith Tech Fair Hackathon 2023
Sync has been declared Champions in the hackathon segment of the Second Edition of the Zenith Tech Fair, titled “Future Forward 3.0.” The event, which transpired on November 23-24, 2023, at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos, saw winners clinching a total prize money of N59 million.
Out of over 500 participants, the top ten finalists emerged, with Sync, a platform fostering team collaboration and workflow management, securing the grand prize of N20 million. Sync offers capabilities in project management, task planning, messaging, payments, scheduling, and people operations.
Skill Up With Kahdsole, a social-tech startup providing a comprehensive platform for learning technical and vocational skills, claimed the first runner-up position, winning N15 million and earning a mentorship program with Seedstars. Tribapay, the second runner-up, operates as a payment processing gateway facilitating cross-border transactions in Nigeria and Ghana. They secured N10 million and a mentorship program with Seedstars.
Dr. Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank Plc, expressed his enthusiasm for this year’s Hackathon in his welcome address at the Zenith Bank flagship Tech Fair, highlighting it as a pinnacle moment in the overall event.
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Elon Musk Unveils Grok, xAI’s Chatbot for Premium+ Subscribers
Elon Musk has officially confirmed the upcoming release of xAI’s first AI chatbot, Grok. It is scheduled for availability to X Premium+ subscribers next week. Musk revealed that Grok, developed by a team of engineers with experience from Google, OpenAI, and Deep Mind, offers distinct features, setting it apart from prominent large language models like ChatGPT and Bard.
Grok is based on a knowledge base known as ‘The Pile’ and trained on data from X. It boasts capabilities such as real-time information access, unbiased news delivery, and a touch of humor and sarcasm in its responses. It incorporates image and audio recognition features, distinguishing it from ChatGPT.
Spectacular Features of Grok:
Some standout features of Grok include a 25,000-character context window, a live search engine based on X, swift response times, and compatibility with Tesla vehicles. While surpassing OpenAI’s GPT-3.5 in benchmarks, Grok appears to be slightly less capable than GPT-4, which powers Microsoft Copilot.
Elon Musk’s announcement on Twitter highlighted the availability of Grok for all X Premium+ subscribers starting next week. This move is expected to contribute to the growth of X’s premium subscriber count, addressing a challenge the company has been grappling with recently.
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User Experience:
As outlined by a user named Nima Owji in a post on X, Grok will be an in-app feature exclusive to Premium Plus subscribers, incentivizing users to opt for higher-tier plans. This strategic introduction of Grok aligns with X’s broader efforts to enhance its premium subscription offerings, catering to various user preferences and needs.
X’s Premium subscription model comprises three tiers, including Basic, X Premium, and the newly introduced X Premium Plus. Each tier offers different features, with X Premium Plus, priced at $15.59 per month, providing an ad-free experience and access to the Creator Hub. The unveiling of Grok signifies another step in X’s ongoing evolution and commitment to delivering innovative and enhanced user experiences.