Business

FG plans 90,000km fibre-optic project

Published

2 months ago

October 15, 2024

FG plans 90,000km fibre-optic project

The Federal Government has announced plans to invest 2 billion dollars to deploy a 90,000-kilometre fibre optic project in the country.

The project is designed to expand Nigeria’s fibre optic cable capacity from 35,000km to 125,000km, to boost the terrestrial fibre optic backbone in.

The Minister of Communications, Innovation & Digital Economy, Bosun Tijani, stated this on Monday in Kano on the sidelines of a facility tour of the vandalised Digital Innovation Park.

It will be recalled that irate youths vandalised the model park during the nationwide protest in August.

Tijani said the investment would provide meaningful connectivity to communities ensuring that schools, hospitals, government establishments and businesses thrive in a digitally connected environment.

According to him, it will also accelerate growth across critical sectors of the economy including education, health, and agriculture.

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“To support this vision, the Ministry of Communications, Innovation, and Digital Economy is committed to deepening Nigeria’s digital backbone.

“Through the National Broadband Alliance and in collaboration with Kano State Government, we are simplifying the process for private infrastructure companies to invest in Kano’s digital economy.

“This partnership will facilitate further investment in connectivity, ensuring that key institutions like schools, hospitals and public offices are connected, enabling Kano to become a true digital hub,” he said.

The minister noted that today’s world, technology is the key to unlocking productivity and driving the diversification of Nigeria’s economy.

He said that many countries faced declining populations, stressing that Africa and Nigeria in particular has the advantage of growing a dynamic workforce.

“This is our moment to become a net exporter of technology talent, while also strengthening our own local industries,” he said.

According to Tijani, the Three Million Technical Talent (3MTT) programme is a federal government’s initiative aims to expose three million Nigerians in digital and technical skills.

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This, he said, aimed at addressing growing shortage of skilled digital professionals, software developers, data scientists, cybersecurity experts, who would be driving innovation and growth.

He said the Nigeria’s youthful population was uniquely positioned to fill this gap, with over 300 young people from Kano currently benefiting from the programme as the highest number of participants.

“These young people represent the future, not only of Nigeria, but of the global digital workforce”.
On the vandalised facility, the minister said the IHS Towers would provide support towards its refurbishment.

While commending the IHS for their commitment towards rebuilding the park, Tijjani described it as a symbol of Kano and Nigeria’s aspiration to be at the forefront of the global digital economy.
Earlier, Tajudeen Othman, Kano Commissioner for Science and Technology, lauded the federal government and IHS for the gesture.

Othman restated the state government’s ommitment to invest in science and technology.
Kazeem Oladepo, Senior Vice-President and Chief Operating Officer, IHS Towers, assured that the company would soon start work and equiping of the park.

FG plans 90,000km fibre-optic project

Railway

Lagos Rail Mass Transit part of FG free train ride – NRC

Published

9 hours ago

December 21, 2024

Trends Admin

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

Published

10 hours ago

December 21, 2024

Trends Admin

Port Harcourt refinery

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

Published

2 days ago

December 20, 2024

Trends Admin

CBN Governor, Olayemi Cardoso

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).

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.