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

12 months ago

January 14, 2025

OCHEFA

366 Views

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

Up Next

Parents Slam Lawsuits Against P&G, Crest, Colgate for fluoride in kids’ toothpaste, mouth rinse

Don't Miss

South-East Private Sector Leaders Committed to Regional Investments

Click to comment

Business

MAN woos CBN, MOF for manufacturing refinancing facility

The Director -General of MAN, Segun Ajayi-Kadir, made the call for the facility in a report on the manufacturing outlook for 2026.

Published

15 hours ago

January 2, 2026

OCHEFA

48 Views

Cover image: MAN

The Manufacturers Association of Nigeria (MAN) has called on the monetary authorities ( CBN and MOF) to introduce a Manufacturing Refinancing and Rediscounting Facility (MRRF) believing that it can reinvigorate the manufacturing sector in 2026.

The Director -General of MAN, Segun Ajayi-Kadir, made the call for the facility in a report on the manufacturing outlook for 2026.

He said that the MRRF is to enable banks to refinance approved manufacturing loans at single-digit rates for up to seven years.

He emphasised that to ensure a more robust manufacturing sector in 2026 , there was need for:

1. Launch a Manufacturing Refinancing and Rediscounting Facility (MRRF) that allows banks to refinance approved manufacturing loans at single-digit rates for up to 7 years.
2. Create a publicly accessible dashboard tracking lending flows, interest rate spreads, loan approvals and sectoral disbursement patterns in real time.

3. Further reduce the benchmark interest rate by at least 200–300 basis points over the next two quarters to make credit affordable for manufacturers.

4. Craft and ensure the effective execution of the implementation strategy for the recently approved Nigeria Industrial Policy.

5. Categorize manufacturers as strategic users of gas to remove the gap between what manufacturers and electricity generation companies pay per cubic foot of gas.

6. Introduce a stable, transparent gas pricing framework for manufacturers and prioritize local gas supply before exports.

Business

Nigeria Revenue Service unveils new logo as FIRS goes to rest

Speaking at the unveiling ceremony in Abuja on Wednesday, the Executive Chairman of the NRS, Zacch Adedeji, said the launch of the logo and accompanying brand elements represents an important milestone in the evolution of Nigeria’s revenue administration framework.

Published

2 days ago

January 1, 2026

OCHEFA

25 Views

The Nigeria Revenue Service (NRS), which has replaced the now-defunct Federal Inland Revenue Service (FIRS), has unveiled its institutional brand identity (logo) as part of efforts to reposition the country’s revenue administration structure.

The agency came into operation following the signing of the Nigeria Revenue Service Establishment Act 2025 by President Bola Tinubu in June 2025, marking a major shift in the legal and operational framework governing tax administration in the country.

Adedeji noted that the new institutional identity “signals continuity of purpose, strengthened institutional capacity, and a forward-looking approach to supporting taxpayers and national development.”

Business

BREAKING: Heirs Energies Acquires 20.07% Stake in Seplat Energy from Maurel & Prom in $496-500 Million Deal

Published

3 days ago

December 31, 2025

Charles Flames

54 Views

In a major shake-up in Nigeria’s oil and gas sector, Heirs Energies Limited, chaired by billionaire Tony Elumelu, has agreed to acquire the entire 20.07% equity stake in Seplat Energy Plc from French oil company Etablissements Maurel & Prom S.A.

The transaction involves the sale of 120.4 million ordinary shares at approximately £3.05 per share, valuing the deal at around $496 million to $500 million.

The binding agreement was signed on December 30, 2025, after market close, marking Maurel & Prom’s exit from its long-held position in Seplat, one of Nigeria’s leading independent energy producers listed on both the London Stock Exchange and the Nigerian Exchange.

Tony Elumelu, Chairman of Heirs Energies and its parent Heirs Holdings, described the acquisition as a “long-term investment in Nigeria’s and Africa’s energy future,” emphasizing its alignment with goals of energy security, industrialization, and shared prosperity.

Maurel & Prom CEO Olivier de Langavant stated that the sale allows the company to monetize its stake and redirect resources toward direct investments in oil and gas assets, while expressing confidence in Heirs Energies as a strong, long-term shareholder for Seplat.

Seplat Energy, a key player in Nigeria’s energy transition with significant oil and gas operations in the Niger Delta, recently bolstered its portfolio through acquisitions, including ExxonMobil’s shallow-water assets.

This deal further consolidates indigenous ownership in Nigeria’s upstream sector, following Heirs Energies’ own growth as a major gas supplier powering domestic electricity generation.

The transaction is subject to customary closing conditions and regulatory approvals.