Business
Lagos, Facebook, Google to build W/Africa’s largest tech hub in Yaba
Lagos State Government has unveiled plans to construct in Yaba the biggest technology cluster in West Africa and expand the tech space to accommodate more startups.
Already, the state government has opened talks with Facebook, Google to Deliver K.I.T.E Project, a tech ecosystem to be sited in Yaba,
The Lagos State Governor, Babajide Sanwo-Olu, spoke on the development on Wednesday when he toured two major innovation and technology hubs in the state.
A statement by his Chief Press Secretary, Gboyega Akosile, said the governor was accompanied by members of the State’s Executive Council, including Commissioner for Science and Technology, Mr Hakeem Fahm, and Special Adviser on Innovation and Technology, Olatunbosun Alake.
The governor also visited the Venia Hub in Lekki and Impact Hub in Ikoyi, meeting scores of startups in the ecosystems for a roundtable discussion on expanding funding opportunities and infrastructure development.
Sanwo-Olu said the Yaba technology cluster, called K.I.T.E., would be a free zone that would allow the growth of funding and financing for innovative ideas generated by entrepreneurs in tech industry and FinTech space.
The governor said the ecosystem would also offer free labs for the use of startups to take their innovations to from ideation to the next level.
K.I.T.E. is an acronym for Knowledge, Innovation, Technology and Entrepreneurship.
The governor described technology as “the new oil” for Lagos – Africa’s largest megacity – to exponentially generate wealth and jobs for its young population, while also leveraging it in raising the status of the state to attain Fourth Industrial Revolution.
He said, “Technology is the new oil and the basic element for the Fourth Industrial Revolution globally. As a state with a massive population of young people, we need to play major role in the development of technology, which is an enabler to leapfrog into rapid socio-economic growth. We take technology as an important deliverable in our government’s development agenda.
“For us to make lasting impact in tech industry, we said to ourselves we needed to build the infrastructure to support sector. We are building a tech campus on a 22,000 square metres land in Yaba, which we christen K.I.T.E. We are working with global brands in the tech space, such as Facebook and Google, to deliver this important technology hub.
“We are currently laying 3,000 kilometres metropolitan fibre optic cables across the state to drop reliable and fast Internet connectivity in homes and work places.
“These are part of the infrastructure required as backbone for the tech industry to flourish and empower our young people in the space to take their businesses and ideas to the level of stability.”
Sanwo-Olu also said the state government had been providing support for startups through the Lagos State Employment Trust Fund (LSETF) and Lagos State Science Research and Innovation Council (LASRIC), which provide grant opportunities for innovators and tech researchers.
The governor disclosed that two out of the 20 start-ups ideas supported through LASRIC last year had secured patents for their innovations and ready to transform into fully-fledged businesses that would create jobs.
Sanwo-Olu said the state government’s intervention in the technology space was about creating opportunities for the future and providing platforms to make start-up businesses thrive.
He said, “The visit to your ecosystems today is for you to be assured that this Government is not sitting back in taking steps to ease access. We fully understand the role which technology plays in our lives and how technology is important to any society that wants to be relevant in coming decades.
“We are happy to be building the capability for Lagos, so that we can compete with other developed cities in the world.”
The governor had roundtable discussions with some of the startups to communicate the state’s effort and how the government could properly channel its interventions in the sector.
Some of the startups had the opportunity to present their business models and innovative solutions to the government’s team.
LSETF Executive Secretary, Mrs Teju Abisoye, said the agency had been providing support for over 38 partner hubs across all local government areas in the state, stressing that the objective of the funding was to support startups from idea to exit stages.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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