Business

From Cloud to AI: Milestones shaping Africa’s next tech revolution, By Abideen Yusuf

Published

8 months ago

October 28, 2025

From Cloud to AI: Milestones shaping Africa’s next tech revolution, By Abideen Yusuf

What we can learn from the last 30 years of technology evolution to position Africa for success in the next 30

1995 was in some respects a banner year for the nascent technology industry – the PalmPilot was a smash hit, PlayStation took the world by storm, and a company named after a rainforest started selling books online. The desktop computer was revolutionising access to computing, and Windows 95 had just been launched, rapidly becoming the world’s most popular operating system.

Thirty years later, people have a powerful computer in their back pocket – their smartphone, gamers across the globe can play together online, and technology is present in every facet of our lives. Life as we know it has been transformed by crucial innovations at key moments, enabling technology to be more accessible to billions of people, and opening avenues towards a vibrant global digital economy. These innovations have changed technology from something you use – hardware – to something that is accessible through many channels.

Today, the world is on the brink of another transformative era. Harnessing the power of AI, not only can companies and corporations introduce new efficiencies and speed of operations, but anyone with an idea can build something, opening the door for non-technical people to get involved in the technology world, from anywhere in the world. Harnessing local skills, ideas, innovation and know-how, entrepreneurs and companies can stoke the fires of a global AI economy. So, what can we learn from previous key innovations that changed the landscape?

The move to cloud computing

A pivotal moment in the tech industry was the move to the cloud. With this evolution, it was no longer about hardware, it was about solutions. The adoption of cloud technology provided scalable, cost-effective solutions that are accessible to individuals and enterprises of all sizes.

This would not have been possible without the development of critical infrastructure including improved broadband connectivity and the establishment of datacentres to provide cloud access.

The focus of hyperscale cloud providers on developing datacentres early on played a critical role in the rapid diffusion of cloud in Africa and enabled African enterprises to leapfrog some of the traditional IT constraints, fostering innovation and economic growth.

Microsoft was the first hyperscale cloud provider to launch an enterprise-grade datacentre region on the continent, while the launch of Edge Nodes in Nigeria and Kenya has enhanced network speed and cloud service accessibility for local businesses.

This infrastructure has enabled countless businesses to leverage secure, enterprise-grade cloud services, accelerating their AI transformation journeys.

Robust technology infrastructure ecosystem development continues to be vital to economic growth, with future plans for additional data centres and edge nodes across the continent scaling infrastructure for the AI digital economy.

Mobile delivered widespread access

Mobile technology is the next innovation that dramatically increased access to digital services, which is particularly relevant in Africa, where remote locations and underdeveloped infrastructure were barriers to entry.

With mobile phones being more affordable and widespread than traditional computers, millions of people could now find information, education, and services that were previously out of reach.

African entrepreneurs have developed life-changing services using mobile technology, with pioneers like M-PESA revolutionising the way people conduct transactions, allowing those without access to traditional banking to save, transfer money, and pay for goods and services.

It’s hardly surprising that even today, mobile connectivity is a key driver of digital transformation and socioeconomic growth in Africa. In its recent report on the mobile economy in sub-Saharan Africa, the GSMA found that the mobile ecosystem supported 1.5 million jobs directly and more than 2.2 million jobs in other sectors in 2023.

Now, integration of AI in mobile technology is transforming smartphones into highly intelligent and adaptive devices, while governments and businesses are increasingly using 4G and 5G networks alongside technologies like AI and IoT to enhance productivity and service delivery.

What cloud computing and mobile technologies have in common is the democratisation of access to technology. Both have been pivotal in increasing the reach of technology, yet both are dwarfed by the possibility introduced by widespread access to, and adoption of, artificial intelligence.

The era of AI builds on previous innovation

By harnessing local skills, ideas, innovation and know-how, African entrepreneurs and companies can stoke the fires of a global AI economy. The opportunity is enormous. According to PwC’s Global Artificial Intelligence Study, it is estimated that AI will contribute more than $1.2 trillion to Africa’s economy by the year 2030. With the IDC forecasting global AI-centric system spending to surpass $300 billion by 2026 and ICT spending in Sub-Saharan Africa to exceed $110 billion by 2027, Microsoft is focused on helping organisations fully leverage AI’s potential, with investments into critical areas such as skills development, infrastructure and support for startups and entrepreneurs.

In Nigeria, we are already seeing the green shoots of AI opportunity. By fostering tech start-ups through initiatives such as Microsoft’s Founders Hub, working with organisations to take advantage of AI tools, and leveraging AI to address local challenges in sectors such as finance, healthcare, agriculture and infrastructure, Africa can create sustainable economic growth that provides opportunities for people to thrive without seeking greener pastures elsewhere in the world.

Partnerships such as the one between the Microsoft Founders Hub and the NVIDIA Inception programme will help startups develop innovative African AI solutions.

The African financial services industry (FSI) is making positive strides, with local and pan-African fintech startups such as Wall-X and CoTrust Equity adopting AI tools to offer new and personalized services for consumers and small businesses alike. Companies like Terragon and Trucki are helping drive African-led innovation in fields as diverse as marketing and haulage management, while others like ICE Commercial Power are helping small businesses and underserved communities to connect to reliable and affordable clean energy.

A unique opportunity to evolve from being a tech consumer to a producer

The challenges that Africans face – financial inclusion, access to quality education, access to healthcare, AI-enabled agritech, and growing the formal and informal economies – are relevant to countries worldwide. The solutions that Africans develop can be applied globally to solve these societal and economic challenges. Of course, technology without skills is a hollow promise. Support from private sector partnerships such as the AI National Skilling Initiative (AINSI) will help to build a generation of AI-skilled digital natives.

If Africa can deliver on the promise of its youth population, and develop the digital skills and innovations needed globally, the next 30 years promise to be a new golden era for the continent.

Developing a thriving digital economy that provides opportunities for Africans to stay in their communities while benefitting from much-needed jobs and revenues, the continent could become a net exporter of mutually beneficial AI-driven solutions.

Abideen Yusuf is Country Manager, Microsoft Nigeria

Insurance

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements

Published

14 minutes ago

July 9, 2026

Trends Admin

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements

Lasaco Assurance Plc has reinforced its reputation as a reliable insurance provider after paying N17.60 billion in claims during its 2025 financial period, reaffirming its commitment to settling genuine claims promptly despite prevailing economic challenges.

The company said the impressive claims payout reflects its unwavering dedication to protecting policyholders and honouring its obligations whenever insured losses occur.

According to recent industry data, the N17.60 billion paid in claims underscores Lasaco Assurance’s financial strength and its resolve to deliver on its promise to customers across its motor, property, life and other insurance portfolios.

For millions of Nigerians who rely on insurance to protect their vehicles, homes, businesses and livelihoods, prompt claims settlement remains one of the most important measures of an insurer’s credibility. Lasaco said its latest claims record demonstrates its continued focus on customer satisfaction and dependable service delivery.

The company noted that every genuine claim is carefully assessed and settled in line with policy terms, reinforcing public confidence in its operations and strengthening trust in the Nigerian insurance industry.

Beyond its claims performance, Lasaco Assurance Plc has also recorded significant progress in strengthening its capital base.

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The insurer recently concluded a successful rights issue, achieving a 104.5 per cent subscription from existing shareholders, a development the company described as a strong vote of confidence in its long-term growth strategy and corporate leadership.

The successful capital raise has further positioned the company to expand its operations, improve service delivery and enhance its capacity to meet the evolving insurance needs of individuals, families and businesses across Nigeria.

Lasaco also disclosed that it is on course to meet the National Insurance Commission (NAICOM) recapitalisation requirements well ahead of regulatory deadlines.

According to the company, the ₦18.47 billion fresh capital injection, alongside other ongoing strategic initiatives, provides a solid financial foundation that will enable it to remain competitive and continue delivering value to policyholders for years to come.

Management said the strengthened capital structure will further improve the company’s underwriting capacity, claims-paying ability and overall financial resilience, giving customers greater confidence that their insurance policies are backed by a financially stable institution.

The insurer reiterated that prompt claims settlement remains at the heart of its business philosophy, assuring existing and prospective customers that it will continue to honour valid claims without unnecessary delays.

Industry analysts note that timely claims payment is one of the key indicators of an insurer’s financial health and operational efficiency. They believe companies that consistently fulfil their claims obligations are more likely to strengthen customer confidence and contribute to the growth of insurance penetration in Nigeria.

As the Nigerian insurance sector continues to evolve under ongoing regulatory reforms, Lasaco Assurance Plc says it remains committed to innovation, financial stability and customer-centric service, positioning itself as a trusted partner for individuals and businesses seeking reliable insurance protection.

Lasaco Assurance pays N17.60bn in claims, assures policyholders of prompt settlements

Business

Dangote cuts petrol price again as crude oil surge threatens fuel price relief

Published

6 hours ago

July 9, 2026

Trends Admin

Dangote cuts petrol price again as crude oil surge threatens fuel price relief

Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, despite renewed pressure in the international oil market caused by a sharp increase in global crude oil prices.

The latest adjustment comes as Nigeria’s downstream petroleum sector records mixed pricing trends, with wholesale petrol prices remaining largely stable across major depots while diesel prices climbed in several locations, particularly in Lagos.

According to the latest depot pricing data released on Wednesday, Dangote Refinery reduced its petrol loading price by ₦1 per litre, bringing the ex-depot price down from ₦1,076 to ₦1,075 per litre.

Although the reduction appears marginal, it reinforces the refinery’s commitment to maintaining competitive pricing in Nigeria’s deregulated downstream petroleum market.

The latest adjustment follows Dangote Refinery’s recent decision to slash its ex-gantry petrol price by ₦50 per litre to ₦1,075, marking its fourth major reduction within one month and bringing cumulative cuts to ₦200 per litre since late May.

The refinery has consistently maintained that its pricing decisions are driven by production economics, inventory costs and operational sustainability rather than short-term movements in international crude oil prices.

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According to the company, a significant portion of the crude currently being refined was purchased when global oil prices were much higher, limiting the extent of immediate reductions despite recent improvements in market conditions.

The refinery has also aligned its coastal loading price with the new ex-gantry rate and expanded fuel sales to all qualified petroleum marketers after ending its previous consortium sales arrangement, a move expected to improve product availability and encourage greater competition across the country.

In another development, MRS Oil Nigeria reduced its wholesale petrol price by ₦2 per litre, lowering its depot price from ₦1,076 to ₦1,074 per litre, making it one of the cheapest suppliers in the Lagos market.

However, other major marketers, including NIPCO, Sahara Energy, Aiteo and African Terminal, retained their previous petrol prices, reflecting relative stability in the wholesale market despite growing competition.

Across Lagos depots, wholesale petrol prices remained within a narrow range of ₦1,074 to ₦1,075 per litre, indicating that marketers are adopting cautious pricing strategies while closely monitoring developments in the global energy market.

Unlike petrol, diesel (Automotive Gas Oil – AGO) recorded widespread price increases across several depots in Lagos.

African Terminal increased its diesel price from ₦1,410 to ₦1,450 per litre, while Duport, Ibachem, Ibeto and T-Time implemented similar ₦40 per litre increases, pushing their depot prices to ₦1,450 per litre.

In contrast, the Port Harcourt market recorded lower diesel prices.

Matrix Depot reduced its AGO price by ₦50 per litre, from ₦1,550 to ₦1,500, while Sigmund trimmed its diesel price from ₦1,463 to ₦1,460 per litre.

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Petrol prices in Port Harcourt remained unchanged, with Matrix maintaining its PMS depot price at ₦1,100 per litre.

In Warri, competition among marketers resulted in slight reductions in petrol prices.

Nepal and Optima each lowered their depot prices by ₦2 per litre to ₦1,083, while Parker reduced its price by ₦1 to ₦1,084 per litre.

Other marketers, including Matrix, Rain Oil, Prudent Energy and A.Y.M. Shafa, maintained their petrol prices at ₦1,085 per litre.

Diesel prices in Warri, however, moved in the opposite direction.

Prudent Energy raised its AGO price by ₦70 per litre, from ₦1,480 to ₦1,550, while A.Y.M. Shafa retained its diesel price at ₦1,435 per litre.

In Calabar, Soroman maintained its petrol price at ₦1,100 per litre, while Fynfield increased its diesel price by ₦30, from ₦1,450 to ₦1,480 per litre.

Meanwhile, developments in the international oil market have raised fresh concerns over the sustainability of recent fuel price reductions.

On Wednesday, the global oil market witnessed a strong rally as renewed geopolitical tensions and concerns over tighter crude supplies pushed prices sharply higher.

The international benchmark Brent crude gained 7.32 per cent to trade at $79.59 per barrel, while West Texas Intermediate (WTI) rose 6.79 per cent to $75.22 per barrel.

Energy analysts say a sustained increase in global crude prices could eventually reverse the downward trend in domestic fuel prices because crude oil accounts for the largest share of refining costs.

Although Nigeria’s growing domestic refining capacity—led by Dangote Refinery—is expected to reduce dependence on imported petroleum products and improve market competition, experts note that exchange rates, international crude oil prices, logistics costs and broader market dynamics will continue to influence fuel prices under the country’s deregulated downstream petroleum regime.

For consumers, transport operators and manufacturers, the latest petrol price adjustment offers modest relief. However, industry observers caution that the direction of future fuel prices will largely depend on developments in the global oil market and the cost of crude available to local refiners.

Dangote cuts petrol price again as crude oil surge threatens fuel price relief

Business

Dangote launches free petrol delivery in Lagos, Abuja, five other states

Published

23 hours ago

July 8, 2026

Trends Admin

Dangote launches free petrol delivery in Lagos, Abuja, five other states

Dangote Petroleum Refinery has launched a free delivery programme for Premium Motor Spirit (PMS), popularly known as petrol, to customers in Lagos, Ogun, Rivers, Kaduna, Delta states and the Federal Capital Territory (FCT), Abuja, while maintaining its ex-depot price at N1,075 per litre.

The refinery announced the initiative in a notice published on its official X (formerly Twitter) account on Wednesday, describing the programme as part of efforts to improve the distribution of locally refined petrol, reduce logistics costs for marketers and ensure more efficient fuel supply across Nigeria.

According to the company, the free delivery service is available to customers purchasing a minimum of 250,000 litres of petrol. The current rollout covers six strategic locations, with plans to expand the initiative to other parts of the country in subsequent phases.

In addition to free transportation, the refinery introduced a 10-day credit facility for qualified bulk buyers, a move expected to ease cash flow challenges for marketers, improve inventory management and encourage wider distribution of fuel nationwide.

The latest initiative comes days after Dangote Petroleum Refinery held a meeting with stakeholders in Nigeria’s downstream petroleum sector to discuss cost-reflective petrol pricing, supply stability and measures to make fuel more affordable for consumers.

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The meeting ended with marketers and industry operators expressing support for further reductions in petrol prices as local refining capacity continues to improve.

The free delivery programme also follows the refinery’s latest reduction in its ex-depot (gantry) price of petrol from N1,125 to N1,075 per litre, marking the fourth downward price review by the company in recent weeks.

Industry analysts believe the consistent price cuts reflect increasing production capacity at the refinery, improved operational efficiency and growing competition in Nigeria’s deregulated downstream petroleum market.

The refinery has also widened access to its products by allowing all licensed petroleum marketers to purchase directly, ending its previous consortium sales arrangement. The move is expected to promote competition, improve product availability and reduce supply bottlenecks across the country.

By absorbing transportation costs to the six pilot locations, Dangote Petroleum Refinery is expected to lower operational expenses for marketers. Analysts say the savings could translate into lower retail pump prices if passed on to consumers.

Commenting on recent market trends, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, disclosed that the retail price of petrol has dropped by about N125 per litre within the last three weeks.

According to him, pump prices currently range between N1,155 and N1,299 per litre, depending on transportation costs, location and individual marketers’ pricing structures.

Maigandi attributed the reduction to increased local supply from the Dangote Petroleum Refinery, heightened competition among marketers and the refinery’s successive reductions in ex-depot prices.

Industry experts believe the combination of lower gantry prices, free product delivery and easier access to supplies for marketers could further stabilise Nigeria’s fuel market, improve nationwide availability of petrol and moderate pump prices in the coming weeks.

The development represents another milestone for Dangote Petroleum Refinery as it expands its influence in Nigeria’s energy sector through increased domestic refining, improved fuel distribution and market-driven pricing strategies aimed at reducing the country’s dependence on imported petroleum products.

If successfully implemented on a wider scale, the initiative is expected to enhance fuel supply efficiency, strengthen competition in the downstream petroleum sector and deliver cost savings that could ultimately benefit millions of Nigerian motorists and businesses.