Business
NCC, NigComSat sign MoU on 5G technology
This Nigerian Communications Commission and the Nigerian Communications Satellite Limited (NigComSat) have signed a Memorandum of Understanding (MoU) for the takeoff of the Fifth Generation (5G) technology in Nigeria.
The MoU by the two Federal Government agencies under the Ministry of Communications and Digital Economy signed in Abuja is expected to lay the foundation for the acquisition of foreign spectrum suitable for the deployment of the 5G technology in the country.
NCC Board Chairman, Prof Adeolu Akande, said the time had come for the country to key into the 5G technology.
He said, “In recent times, precisely from the last quarter of 2019, several administrations have begun to license Spectrum for commercial deployment of 5G.
“As we speak today, 5G services have already been deployed in United States of America, South Korea, United Kingdom, China, South Africa, Kenya and many more.”
According to him, telecommunication evolution has led to improvement in user experience witnessed from the 2G to the 3G and later 4G.
“The global impact of 4G brought about increases in mobile usage and network performance. 5G will build on this momentum, bringing substantial network improvements, including higher connection speeds, mobility and capacity, as well as low-latency capabilities,” he added.
Speaking on the how the MoU would work for the new technology, NCC Executive Chairman, Prof. Umar Dambatta, said, “It will facilitate the release of contiguous bandwidth in one of the most suitable Frequency Spectrum band(s) for early deployment of fifth Generation Network (5G) services in the largest market in sub-Saharan Africa.
“Among the frequency spectrum bands allocated to 5G by the International Telecommunications Union (ITU), the C-band (3.4GHz – 3.9GHz) stands out because its balancing point between coverage and capacity provides the perfect environment for 5G connectivity.
“The C-band is most suitable and appropriate for immediate deployment of 5G services taking into consideration availability of device ecosystem with 60-70 per cent of global commercial 5G network deployment currently in the band, thus the importance of this Spectrum for early deployment of 5G services in Nigeria cannot be over emphasised.
“For optimal 5G service performance, an average of contiguous 100 MHz of spectrum in the C-band is required by an Operator. However in Nigeria, only 120 MHz of the band (3.4 – 3.52) GHz is available for mobile services while the remaining 680 MHz (3.52 – 4.2) GHz of the band is used by NigComSat (NG-1R) satellites.
“The commission initiated negotiation with NIGCOMSAT which in our estimate could make some adjustment to its satellite operation and release part of its spectrum holding in the band to facilitate the deployment of 5G in Nigeria.
“The impeccable team at NigComSat proved us right. Ladies and gentleman, permit me to use this medium to appreciate the Management of the NigComSat under the distinguished leadership of my sister – Dr. Abimbola Alale – for demonstrating that the interest of our dear country is paramount to our organisational or personal interest.
He added, “The two agencies discussed on how to relocate the operations of NG-1R to the standard C-band 300MHz (3.9GHz – 4.2GHz) potion of the band, which is more suitable in terms of Satellite service offering because end user terminal are cheaper there, while leaving the non-standard C-band 400MHz (3.5GHz – 3.9GHz) portion of the band for 5G use.”
“The cost of relocating the NG-1R is expected to be offset from the proceeds of the auction of the 5G Spectrum.
“The two agencies have developed a Memorandum of Understanding (MoU) detailing all the aspect of this undertaking.”
NigComSat Chief Executive Dr Abimbola Alale comended the committees set by the two agencies for doing a thorough job.
Business
Naira loses N81 to dollar in one day
Naira loses N81 to dollar in one day
The naira lost N81.34 against the US dollar at the foreign exchange market on Thursday
FMDQ data showed that the naira fell to N1,154.08 per dollar on Thursday from N1,072.74 on Wednesday.
This represents a 7.04 per cent loss against the dollar compared to N1,072.74 per dollar traded the previous day.
At the parallel market, the naira also depreciated N1,100 per dollar on Thursday from N1, 040 on Wednesday.
This is the second time the naira would be depreciating against the dollar in three days amid fears of depleting foreign exchange reserves.
Nigeria’s foreign reserves dropped to $32.29 billion as of April 15.
Business
Govt paying N600bn for fuel subsidy monthly — Rainoil CEO
Govt paying N600bn for fuel subsidy monthly — Rainoil CEO
The CEO of Rainoil Limited, Gabriel Ogbechie, has claimed that the federal government resumed the payment of the controversial fuel subsidy following the devaluation of the Naira in the foreign exchange market.
Ogbechie made this statement on Tuesday during the Stanbic IBTC Energy and Infrastructure Breakfast Session held in Lagos.
He pointed out that with Nigeria’s daily fuel usage at 40 million liters and the foreign exchange rate at N1,300, the government’s subsidy per liter of fuel falls between N400 and N500, culminating in a monthly total of approximately N600 billion.
He said; “When Mr. President came in May last year, one of the things he said was that Subsidy is gone. And truly, the subsidy was gone, because immediately the price of fuel moved from 200 to 500 per liter. At that point truly, subsidy was gone.
“During that period, Dollar was exchanging for N460, but a few weeks later, the government devalued the exchange rate. And Dollar moved to about N750. At that point, subsidy was beginning to come back.
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“The moment the two markets officially closed, officially the market went to about N1,300. At that point, that conversation was out of the window. Subsidy was fully back on petrol. If you want to know where petrol should be, just look at where diesel is. Diesel is about N1,300 and petrol is still selling for N600.
Furthermore, he said that NNPC being the only petrol importer in the country implies that there is an ongoing subsidy, as prices had to be fixed.
Earlier yesterday, the former governor of Kaduna State, Nasir El Rufai, said the federal government is spending more on petrol subsidy than before.
In addition, the Special Adviser to the President on Energy, Mrs. Olu Veŕheijen, said that the Federal Government reserves the right to pay fuel subsidy intermittently to cushion hardship in the country.
“The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene.
“If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently and that does not negate the fact that subsidy has been removed,” she said.
Govt paying N600bn for fuel subsidy monthly — Rainoil CEO
Business
Breaking: Dangote brings diesel price down to N1000/litre
Breaking: Dangote brings diesel price down to N1000/litre
Dangote Petroleum Refinery has announced a further reduction in the price of diesel.
When it commenced operation a few weeks ago, Dangote Petroleum Refinery pegged the price of diesel as N1,200.
While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 percent reduction from the previous market price of about N1,600 per litre.
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However, on Tuesday, a further reduction of N200 was noticed in the price, with the product now pegged at N1,000.
This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.
The President of Dangote Group, Aliko Dangote, had during the Eid-el-Fitr celebration said if the cost price of diesel comes down, the inflation rate will be substantially reduced.
Dangote spoke when he visited President Bola Tinubu in his residence in Lagos State to celebrate the end of the Ramadan fast with him.
Breaking: Dangote brings diesel price down to N1000/litre
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