Growth & Insight Archives - Inside Business Africa

Feb262021 by Joshua OlotuNo Comments

Glo claims biggest Internet subscriber growth in 2020

Telecommunications Company, Globacom, has recorded a major leap in its Internet subscriber base with a 39 per cent growth in 2020. Nigerian Communications Commission (NCC), on its website, showed that the telecommunications sector grew by 22 per cent with 28,145,458 new Internet users from 125,728,328 at the end of December 2019 to 153,873,786 in December 2020. The NCC statistics indicated that the telecoms sector was pivotal to the early escape of the country from its recent economic recession with a contribution of 12.45 per cent to its Gross Domestic Product (GDP).Globacom recorded the highest subscriber growth from 28,934,439 data users at the end of 2019 to 40,106,659 at the end of 2020, an addition of 11,172,220 new data subscribers or 39 per cent growth. This is more than ...

Dec152020 by Joshua OlotuNo Comments

Africa Enterprise Challenge Fun (AECF) Launches US $8.5Million Grant to support Clean Energy Businesses in Somalia

Growth & Insight

The Africa Enterprise Challenge Fund (AECF) (AECFAfrica.org) has launched a US$ 8.5 million grant facility to support adoption and diversification of renewable energy solutions in the Somalia and Somaliland. This is a component of the REACT Sub Saharan programme, that seeks to reduce poverty through a transformational increase in the use of renewable energy by off-grid households. “The Somali market presents a unique opportunity for us and other development partners to change the narrative on reliance of diesel-powered mini-grids as we facilitate a switch to renewable energy sources. To achieve this stimulation of market growth and engagement of private sector in renewable energy value chains is pivotal,” said Victoria Sabula, Chief Executive Officer of AECF. "In addition t...

Aug312020 by Joshua OlotuNo Comments

Facebook cushions COVID-19 impact, grants N500m to Nigeria’s SMBs

Growth & Insight

Social media platform, Facebook, has announced a ₦500-million grant to support 781 small and micro businesses in Nigeria, as part of its $100 million Global Grants Programme, announced earlier this year, which aims to support 30,000 SMBs in over 30 countries. Facebook said the move is aimed at stimulating economic recovery following the effects of COVID-19, to help empower and extend a lifeline to local small business owners who have been most affected. The US-based technology firm said the grants will be administered and managed by Deloitte in partnership with the FATE Foundation and Afrigrants. According to Facebook, it will be provided as a combination of cash and ad credits to help small businesses as they rebuild, re-engineer, and recover operations during this challenging ye...

Aug112020 by Joshua OlotuNo Comments

Group empowers 50,723 with maternal, child health sensitisation

Growth & Insight

Lift Above Poverty Organisation (LAPO) improved the health and well-being of 50,723 women and children in the first half of 2020. Acting Executive Director, Dr Ayobami Honestus Obadiora disclosed this at a strategic review meeting with senior management staff. He stated that the beneficiaries were sensitized on family planning, antenatal care, child nutrition with counselling and referral services. The organisation equally carried out health outreach at Iyekogba Community in Oredo Local Government Area of Edo State during the period, reaching 1,236 vulnerable community members with free treatment and referral services. The Executive Director expressed worry that a high percentage of women in Nigeria are vulnerable to illnesses, disability and even death due to lack of access to co...

Jun132020 by Joshua OlotuNo Comments

COVID-19: SWIT Donates Items to the Vulnerable

Growth & Insight

The National Body of the Society of Women in Taxation (SWIT) has donated nosemasks to the vulnerable in Lagos to contain the spread of COVID-19. This is as Lagos has continued to expereience spike in COVID-19 cases since the outbreak of the disease in March 2020. In addition, SWIT which is the women wing of Chartered Institute of Taxation of Nigeria (CITN), also implemented a sensitisation exercise where it educated people on the reality of COVID-19 as well as how it can be defeated, by taking to safety precautions identified by World Health Organisation (WHO). At Pacelli School For The Blind & Partially Sighted Children, one of the beneficiary centres, Chairperson of SWIT, Lagos State Chapter, Dr Titilayo Fowokan, encouraged the management, teachers and pupils to abide by...

May52020 by Joshua OlotuNo Comments

COVID-19 – Nestlé Donates N32m to Kano State

Growth & Insight

Nestlé Nigeria has donated food and beverages worth N32 million to support the COVID-19 palliative efforts in Kano State. This donation was part of the company’s contribution of over N700 million, made up of its products and cash, towards the national response efforts led by the Presidential Task Force on COVID-19. The food and beverages donated by Nestlé would support individuals and families impacted by the containment measures put in place by the state government to stop the spread of the corona virus. Present to receive the donation on behalf of Kano State, was the Special Assistant to the Kano State Governor on Food Security and Member of the Kano State COVID-19 Fund Raising Committee, Alhaji Ahmada Haruna Zago, who represented the Chairman of the Committee, Professor Muhamm...

Apr282020 by Joshua OlotuNo Comments

Elumelu Donates Six Trailer Loads of Rice to Delta Communities

Growth & Insight

Onicha-Ugbo, the hometown of the mother of the Chairman of the United Bank for Africa (UBA), Mr. Tony Elumelu and other towns in Delta north area were thrown into wild jubilation Sunday night as six trailer loads of rice donated to the communities as palliative for lockdown arrived. Onicha Ugbo and Onicha-Uku were not the only beneficiaries of donation by Elumelu, as the four local government areas in Aniocha and Oshimili got one trailer load each. The beneficiary local governments were Aniocha North, Aniocha South, Oshimili North and Oshimili South. Residents of the communities rained prayers on their son for remembering them at this trying period. According to a cabinet member of Onicha Ugbo palace, Chief Ken Iwelumo, “On April 26, 2020, Onicha Ugbo received a shipment of 60...

Apr282020 by Joshua OlotuNo Comments

BoI Grants Three Months Moratorium on Loans

Growth & Insight

The Bank of Industry (BoI) has granted three months moratorium to all loans it extended to its customers to enable them cope with the negative impact of the COVID-19 pandemic on their businesses. The Bank explained in a statement yesterday that the moratorium was in line with the recent directive of President Muhammadu Buhari on loans’ moratorium and, “advised that customers requiring more than three months can apply for a further extension, which can be up to one year (12 months).” The Bank also reduced the, interest rates on all BoI -funded projects by two per cent per annum, from the 10 per cent it was previously, to eight per cent per annum. This became effective since April 1. This, stated, has also been communicated to customers and partnering commercial banks. In additi...

Apr272020 by Joshua OlotuNo Comments

COVID-19: Ecobank Nigeria supports States with Food items

Growth & Insight

These palliatives are targeted at the most vulnerable members of the society who have been the hardest hit economically as a result of the current crises. Speaking in Lagos, Executive Director Commercial Banking, Ecobank Nigeria, Carol Oyedeji said this action would also go a long way in supporting members of the community who earn a daily wage and may not have the opportunity of working under the present environment. She noted that the donations are part of the bank’s Corporate Social Responsibility (CSR) and focused on providing support as best as possible. She remarked that “as a bank we give strong priority to people’s welfare. We are determined to assist ordinary Nigerians during the current difficulties and this is one of the ways we are achieving this. We are also offering co...

Apr272020 by Joshua OlotuNo Comments

Of Telecom Infrastructure and Heroes of Digital Economy

Growth & Insight

The ongoing lockdown imposed by the Federal Government to halt the spread of the virulent virus, Covid-19 has presented an uncommon opportunity to reflect over the invaluable role of telecommunications in upholding the Nigerian economy. Now that nearly every sector of the economy has been forced to a halt, Nigeria is able to see the value of the enormous investment that the private sector has put in the sector over the years, especially in the last decade and a half. Without a warning, the industry has in the last few weeks become the Greek mythical Atlas efficiently bearing on its shoulders the burden of an economy robbed of its nimble limbs by a stubborn and rapacious contagion. To its credit, the industry has risen to the occasion and discharged itself creditably, thanks to the v...