Business

U.S Gifts Nigeria $2 Million Broadband Study Grant

During the Technology Dialogue, the U.S. Department of State hosted a senior delegation from the Nigerian government led by the Honorable Minister of Communications, Innovation and Digital Economy Bosun Tijani.

Published

2 years ago

January 14, 2025

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The United States and Nigeria have signed a new $2,095,000 grant to assess the viability of the deployment of at least 90,000 km of new fiber optic backbone infrastructure across Nigeria.

The grant was signed during the U.S- Nigeria Technology Dialogue hosted by the Department of State in Washington, D.C.on January 10.

In a statement, the Office of the Spokesperson said that the project, funded by the U.S. Trade and Development Agency, supports Nigeria’s National Broadband Plan 2020-2025 to increase the country’s broadband penetration rate from 42.27 percent to 70 percent and ensure that at least 90 percent of Nigeria’s population has access to affordable and reliable broadband coverage.

The parties discussed enhancing the resilience and security of essential services and facilities; promoting digital trade, e-commerce, and innovation-driven economic growth; developing a skilled workforce to meet the demands of the digital age; expanding our artificial intelligence partnership related to capacity building, infrastructure, and rights-respecting approaches to governance; and promoting information integrity.

Following the formal Technology Dialogue, the delegations joined a roundtable discussion with industry representatives hosted by the U.S. Chamber of Commerce.

Industry participants included representatives from over 25 U.S. and Nigerian companies active in technology sectors, including artificial intelligence, telecommunications, digital infrastructure, satellites, aerospace, fintech, and cybersecurity.

The program featured a panel discussion on Advancing Public-Private Sector Investment in Innovation and Digital Talent Development.

This panel highlighted opportunities for public-private partnership and investment solutions to spur innovation and promote digital talent development through the U.S.-Nigeria commercial partnership.

A second panel discussion on the role of critical infrastructure in advancing the use of AI examined the interplay between the infrastructure that is essential to the development of AI and the governance frameworks that can help spur deployment of emerging technologies to support inclusive growth.

In line with the Technology Dialogue, the United States and Nigeria agreed to hold a virtual expert exchange on AI-enabled biotechnology.

This discussion will explore how the convergence of AI and biotechnology can spur progress in addressing global health, food security, and science – with a focus on sub-Saharan Africa.

Related Topics:Bosun Tijani Broadband penetration Featured

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BUA Foods target expansion into noodles industry

Rabiu described the expansion programme as a strategic investment in Nigeria’s industrial future, emphasising that the company’s growth ambitions are driven by a commitment to national development rather than scale alone.

Published

24 hours ago

July 17, 2026

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Chairman of the Board of Directors of BUA Group, Abdul Samad Rabiu disclosed that it’s food arm – BUA Foods is going into new sectors such as instant noodles because “we see it as a very important sector because of its affordability and its accessibility.”

Rabiu made the disclosure in Abuja on Thursday during the 5th Annual General Meeting of BUA Foods.

He also disclosed that as part of efforts to boost food sufficiency, “we are doubling our wheat milling capacity from over a million to over two million, wheat per annum. And that is huge.”

“We are also tripling the capacity of our edible oil business. In fact, we are setting up a brand new oil mill in Port Harcourt.

“Our ambition has never been to become bigger simply for the sake of size. We are building scale because Nigeria needs strong indigenous companies capable of competing at the highest level, investing for the long term and creating lasting value,” he said.

Business

Naira Exchange Today Rates Friday,July 17

Published

1 day ago

July 17, 2026

OCHEFA

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BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 417 Sell ₦1,423

GREAT BRITISH POUND (GBP)Buy ₦1,900 Sell: ₦1,920

EURO (EUR) Buy ₦1,600 Sell ₦1,615

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,381.53

GREAT BRITISH POUND (GBP) ₦1,866.17

EURO (EUR) ₦1,582.68

SWISS FRANC (CHF) ₦1,710.03

JAPANESE YEN (JPN) ₦8.51

CHINESE YUAN (CNY) ₦204.05

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,876.60

SAUDI RIYAL (SAR) ₦367. 87

SOUTH AFRICAN RAND (ZAR) ₦84.08

Business

IEA ratifies Nigeria as an Association Country

In response, Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, said : “I am elated with the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country;

Published

5 days ago

July 13, 2026

OCHEFA

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Photo: Nigerian Minister of State for Petroleum Resources ( Gas) Ekperikpe Ekpo (left) and the IEA Executive Director Fatih Birol, at the event. Credit: IEA

The Governing Board of the International Energy Agency (IEA) has unanimously agreed for Nigeria to join the IEA Family as an Association country.

“I am thrilled that Nigeria is joining the IEA – it is Africa’s most populous country and a major international energy player. Nigeria becoming part of the world’s energy authority marks a milestone for global energy governance. I am very thankful to President Tinubu and Minister Ekpo for their trust in the IEA,” said IEA Executive Director Fatih Birol.

Emphasising that Nigeria is home to over 240 million people and one of Africa’s largest economies, Faith Birol acknowledged that Nigeria is a major producer of oil and natural gas and is one of the continent’s most dynamic renewable energy markets.

“As Nigeria works to strengthen energy security, support economic growth and expand energy access, deeper cooperation with the IEA will bring important benefits for both sides. We look forward to building on our already strong partnership and welcoming Nigeria to the IEA, ” he said

“It is an honour for Nigeria to join this leading energy agency and I will take this opportunity to encourage the African continent to embrace the IEA, as we all work together to achieve key development goals including universal energy access and industrialisation.”

The IEA Governing Board’s decision builds on a strong history of engagement and collaboration between Nigeria and the IEA since 2014.

In September 2025, the IEA, Nigeria’s Minister of Petroleum Resources and the African Energy Commission (AFREC) jointly convened a Regional Roundtable on “Turning Methane Pledges into Action” in Abuja, bringing together energy stakeholders from across the region to advance efforts to reduce methane emissions from the energy sector.

As an Association country, Nigeria and the IEA will work more closely across a wide range of energy issues, including on the Agency’s engagement in sub-Saharan Africa.