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

1 year ago

January 14, 2025

OCHEFA

691 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

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Business

CBN revokes 46 MFBs’ licences

According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.

Published

3 hours ago

July 1, 2026

OCHEFA

13 Views

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).

CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.

She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.

Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.

Business

Naira Exchange Rates Wednesday July 1, 2026

Published

12 hours ago

July 1, 2026

OCHEFA

22 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 395 Sell ₦1, 405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

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

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370. 68

GREAT BRITISH POUND (GBP) ₦1,825.05

EURO (EUR) ₦1,572.98

SWISS FRANC (CHF) ₦1,705.00

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦203. 32

WEST AFRICAN CFA (XOF) ₦2.41

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,875. 81

SAUDI RIYAL (SAR) ₦367.19

SOUTH AFRICAN RAND (ZAR) ₦84.12

Business

FG Moves to Sheild Pig Industry from Deadly Swine Fever

Published

12 hours ago

July 1, 2026

Charles Flames

35 Views

The Federal Government has intensified efforts to protect Nigeria’s pig industry from the growing threat of African Swine Fever, a highly contagious livestock disease.

The Minister of Livestock Development, Idi Mukhtar Maiha, says the government is strengthening biosecurity measures, disease surveillance, and stakeholder collaboration to prevent the spread of the disease and safeguard livestock production nationwide.

Speaking during a technical presentation on the status of African Swine Fever in Nigeria, the Minister commended the Chief Veterinary Officer of the Federation, Dr. Yakubu Yanet Ago, for sharing lessons from a recent study visit to Denmark.

He said that the experiences gained from the visit would help Nigeria develop practical solutions to livestock health challenges and improve preparedness against disease outbreaks.

Maiha highlighted Denmark’s pig traceability and compensation system, where every pig is tracked from birth and farmers contribute to a dedicated fund that provides compensation during disease outbreaks.

According to him, such a model encourages early disease reporting, strengthens transparency, and could be adapted to support Nigeria’s livestock sector.

The Minister also pointed to Denmark’s strict biosecurity measures, including mandatory disinfection of vehicles transporting pigs and controls to prevent contact with wild animals.

He stressed that biosecurity should be viewed as an investment rather than a burden, noting that strict movement controls and farm access restrictions have proven effective in containing disease outbreaks.

To strengthen disease prevention, the Minister directed relevant departments to map livestock movement routes, identify major pig markets and commercial farms, improve animal traceability systems, and deepen collaboration with pig farmers, state governments, and development partners.

He also called for stronger surveillance systems, improved laboratory capacity, and greater investment in veterinary research.

In his remarks, the Chief Veterinary Officer of the Federation, Dr. Yakubu Yanet Ago, described African Swine Fever as a devastating viral disease with mortality rates of up to one hundred percent and revealed that outbreaks have been recorded in about twelve states.

He revealed that the Federal Government’s response focuses on improved surveillance, farmer education, and stronger biosecurity, while urging greater cooperation among all tiers of government, increased funding, and alignment with international disease control strategies to achieve long-term eradication of the disease.