All Posts in "Industry, Trade & Investment"

Friends, associates celebrate SMEDAN Director, Engr David Ozigi as he retires

By Favour Nnabugwu
The retirement of highly resected director of the Small and Medium Enterprises Development Agency, (SMEDAN), Engr. David Ozigi was celebrated by friends, family and associates gathered together in Abuja
The Registrar of the Council for the Regulation of Engineering in Nigeria (COREN), Engr. Prof. Adisa A. Bello, FNSE, who spoke on the topic Character and Integrity in Professional Practice’,  described professional integrity as the practice of maintaining ethical behaviour, strong adherence to moral and ethical principles and values such as honesty, honour, dependability and trustworthiness.
He further outlined the importance of integrity in the work place to be beneficial to both the individual and the organisation, stating that the individual gains respect, trust and confidence of his peers and bosses, thus integrity in the workplace ultimately guarantees overall success.
He stated that some of the characteristics of a man of character and integrity includes valuing other peoples time, giving credit to where credit is due. They are always honest and never take advantage of others. They give most people the benefit of doubt, they believe in others and trust others.
Prof. Adisa A. Bello described the celebrant as an epitome of Character and Integrity. He went down memory to 1985 when he had his first contact with Engr. Ozigi who was his lecturer at ATBU Bauchi where he taught Strength of Materials.
He further described all the former students of ATBU Bauchi that were taught by Engr, Ozigi as being very fortunate. Engr. Ozigi took his time even outside his scheduled lecture hours to ensure that everyone understood the courses he taught, stating that Engr. Ozigi was however very strict with compliance to instructions, punctuality and thoroughness.
Engr. Ozigi has impacted positively on many peoples lives and he maintains his composure in virtually everywhere he is. He further described Engr. Ozigi as a gentle man a lot of youth still look up to and need to emulate his character and integrity.
In his remarks the President of the Nigerian Society of Engineers (NSE), Engr. Tasiu Gidari Saad-Wudil, FNSE stated that the celebrant was a lecturer at ATBU Bauchi in the 80s (when he was a student) and was noted for hard work and strictness.
He added that he was therefore not surprised that his children are doing excellently well in their academics. He further stated that as the Chief Examiner for the recruitment of new members into NSE Maitama chapter, he was very delighted to find out that the celebrant is a member of the chapter.
Maitama chapter has maintained a very good record in the recruitment of members without compromising experience and performance required for membership. Engr. Ozigi as an examiner contributed immensely to the enviable record of the branch in that regard. Engr. Wudil concluded by praying that may God Almighty reward the celebrant abundantly for the positive virtues he has impacted on the lives of some of his former students.
Pastor Joseph Seyi Malomo, Chaplain of the Aso Chapel gave Charge
titled ” God does not believe in RETIREMENT but in Completion of Life Call” drawing his texts from Exodus 7:7; Deuteronomy 34:7 and 2 Timothy 1:9. He remarked as follows:  We gather to celebrate Engr Ozigi who has had a successful 35 years career as a civil servant; We should however, note that God does not believe in retirement amongst others.
Patoma Admin by — June 1, 2022 in Industry, Trade & Investment 0
Low capacity to galvanize youths for economic development a challenge—NEPC boss

By Favour Nnabugwu

 

 

Low capacity to galvanize the youths into productive ventures for economic development remain the country’s challenge, according to Executive Director of Nigeria Export Promotion Council, NEPC, Ezra Yakusak,

Yakusak who made this known at the official commissioning of Lelook Bags Academy in Abuja,.

Yakusak said that the country is blessed with a large portion of youthful population ready to contribute in building a strong and prosperous economy.

According to him, “You are all aware that Nigeria has a large portion of youthful population, who are energetic, ingenious, skilful and ready to contribute in building a strong and prosperous economy.

“However, the challenge has always been low capacity to galvanize the youths into productive ventures for economic development”, he added.

He felicitated with the Founder of Lelook Academy, Mrs. Chinwe Ezenwa, during the official commissioning of Lelook Bags Academy, stated that the council will do more to sustain its interventions to SMEs and other relevant players in the non-oil export ecosystem.

He said, “This project is important to Nigerian Export Promotion Council because it is a testimony to how NEPC interventions has tremendously built up and transformed a SMEs into export oriented firms.

“It is interesting to note that NEPC identified LeLook in its infancy. The Council invested immensely into it through participation in export readiness assessment sessions, product development and adaptation particularly in packaging and labelling under the NEPC -ITC -SheTrades programs. The lessons she learnt under these programs has enabled Le look brands and labels to successfully compete and break into niche export markets in abroad.

“You may also need to know that Le look has been one of the SME’s that participated in NEPC’s spearheaded and sponsored trade fairs such as the Magic fair, New York Gift Fair, Inter African Trade Fair in Egypt and South Africa and several other Match-making and business expos.

“Her labels were in high demand at the just concluded Expo 2020 Dubai. In recognition of the Le look progress and innovativeness NEPC provided further assistance to Le Look through the Export Expansion Facility Program (EFPP) for it to scale up production and the result is what we are all seeing today.

“A success story from a humble beginning to a great height. Without missing words , NEPC having prepared Le Look under its ITC/AFREXIMBANK training on “How to export under the AfCFTA and the NEPC/WATIH/USAID training on “Exporting under the AGOA” has provided veritable platform for Le Look brands to capture a major market share under the African Growth and Opportunity Act and the AfCFTA.

“The Nigerian Export Promotion Council will continue to sustain its interventions to SMEs and other relevant players in the non-oil export ecosystem in pursuit of our vision of making the world a market place for Nigerian non-oil products.”

In her remarks, chief (Mrs) Chinwe Ezenwa, “Our goal is to buy into the Federal Government’s target of diversifying the Nigerian economy and promoting the country’s non-oil exports and production.

“Having spent over 35 years in the sector, I am convinced on how to make a difference.Everywhere else, people talk about vocational skills but here we are talking about bag-making skills specifically. We thought we needed to raise people, esp women, with skills, with Nigeria having signed the African Continental Free Trade Agreement.

“Recently, we had to set up Lelook Multipurpose Society to empower women who might not be able to get loans easily, because getting a loan for a woman in Nigeria isn’t easy ”

Patoma Admin by — May 28, 2022 in Industry, Trade & Investment 0
NEPZA trains 40 personnel for security of special economic zones

By Favour Nnabugwu

 

 

The Nigeria Export Processing Zones Authority (NEPZA) has commenced training for 40 of its personnel to boost security architecture in all special economic zones in the country.

The ongoing exercise, which is being done  in collaboration with the Department of State Services (DSS), was inaugurated on Monday in Lagos.

The Managing Director of  NEPZA, Prof. Adesoji Adesugba, said that  the training was aimed at providing maximum security in the economic zones to attract both foreign and local investors.

According to Adesugba, investors look out for the security of their investments, the destination and the core infrastructure in place.

He said that  some security crises had exposed the gaps in Nigeria’s security architecture which pushed them to take every step necessary to ensure security of businesses and other investments in all economic zones in the country.

He added that the Nigerian special economic zones would have a well-designed security apparatus, in line with international best practices in special economic zones globally.

“We had done studies and discovered that there is the need for us to set up a security  unit.

“What we have done is to work with what government is already doing by working with the DSS to put things together to train a few of our own staff.

“We want to make sure that we optimise their deliverables by retraining them to fit into the Special Economic Zones Security (SEZSEC),” he said.

Mr Toyin Elegbede, the  Executive Secretary, Nigerian Economic Zones Association (NEZA), said that SEZSU would complement what the Nigerian security services were already doing.

Elegbede said that the members of the association, who used to be apprehensive,  were now assured that their investments were safer.

“It will boost business activities because the first thing an investor looks for when trying to come into a free zone is security of his or her property and investment,” he said.
A retired Customs Deputy Controller General, Mr  Austin Warikoro,   said that  the training would ensure that SEZSEC was aware of the rules and regulations guiding the customs.

Warikoro, who was one of the facilitators,  said that  the trainees would be taught the laws and procedures of customs, familiarise them  with necessary documents and how the actions of people affect the economy of the country.

Earlier, the Commandant of State Services Academy (SSA), Mr Salami Ajege, urged the participants to take the 30 days’ training seriously so that  they would learn the essentials they would need to apply  to succeed as security operatives.

Ajege said that some of the essentials include; timeliness, critical thinking, observation and memory training, resourcefulness, dedication to duty, self-confidence, discipline, diligence, multitasking and effective Communications.

Patoma Admin by — May 23, 2022 in Industry, Trade & Investment 0
NASS, MDAs urge to protect FDI through economic zones – NEZA

By Favour Nnabugwu

 

The National Assembly, Ministries, Department and Agencies (MDAs) of the Federal Government have called upon to protect the Foreign Direct Investments attracted to the country through the Special Economic Zones scheme.

The Nigeria Economic Zones Association (NEZA), an umbrella body of Free Trade Zones operators and enterprises in zones made the call in Abuja on Monday.

NEZA Executive-Secretary, Chief Toyin Elegbede while reacting to the needless and incessant invitation of private zones owners and their enterprises by committees of the National Assembly for questioning.

“With all intent and purpose, this association is worried on frequent infractions committed by the National Assembly committees aimed at undermining the laws that established both the Nigeria Export Processing Zones Authority (NEPZA) and the Oil & Gas Free Zone (OGFZA) without recourse to their limitations as enshrined in both Acts”

“While recognising the oversight functions of our lawmakers, we kindly urge them against breaching existing laws capable of eroding gains already recorded in attracting FDIs into the country through these zones,’’ the Executive-Secretary said.

Elegbede further explained that the leadership of the national assembly and its relevant committees should abide by the tenets and the legal framework that guided the free trade zones concept, adding that while NEPZA and OGFZA were accountable to the National Assembly, zones operators and enterprises in the zones were only accountable to the two regulators.

“As much as no entity is above the law, the practice and the law are that companies operating in the special economic zones exist under special arrangement with their activities regulated by the regulator. It is not the intention of the law for lawmakers to bypass the regulator to summon companies in the zones”.

“Such action will amount to a violation of the terms under which the foreign investors entered and invested several billions of US dollars in the Nigerian economy”.

“The practice, according to the law and according to international best practice, is for the lawmakers to interface with the regulators to address any issue within the zones”, Elegbede stated.

While acknowledging the powers of the national assembly to investigate and expose corruption, the Executive Secretary stated that its members regularly file annual audited reports with NEPZA and OGFZA, affirming that queries on such reports were always promptly handled.

According to him, “There is a difference between foreign investment within the economic zones and the ones outside of the zones, noting that investors within the zones operated under a special law that conferred certain privileges while the host country enjoy benefits of employment creation, wealth creation, industrialisation, backward integration, among others.

The Executive-Secretary, however said that a free zone was not a place to press for revenue generation, adding that the country stood the chance of reaping quantum benefits at long term if properly supported.

“Our members are law abiding entities operating within the laws and regulations of the country. The benefits these entities have contributed and are still contributing to the national economy remain unquantifiable”.

“We know, President Muhammadu Buhari is elated with the ongoing developments at Dangote Refinery, Lekki Deep Sea Port, Eko Atlantic, Alaro City, and the entire Lekki Free Zone Quadrants in Lagos, as he has at several fora described them as national assets. These are the tangible gains derivable from the zones concept.

“The association, therefore, calls for the protection of investors and their investments by not using the country’s regular laws to interfere with their operations, so that we can encourage new ones to invest in the country,’’ he said.

Elegbede further said, ‘We want to particularly appeal to the relevant committees of the national assembly to engage the regulators if they have issues with operations within the zones which would be in accordance with existing laws.’’

Patoma Admin by — May 18, 2022 in Industry, Trade & Investment 0
UK Export Minister, Mike Freer MP, to visit Nigeria soon

By Favour Nnabugwu

 

THE United Kingdom, UK, Minister for Exports and Minister for Equalities, Mike Freer MP, will visit Nigeria soon to tighten up trade and economic ties between the two countries.

The visit is a follow-up of the seventh UK and Nigeria Economic Development Forum which was held in April, 2022 and was hosted by the UK’s Minister of State for Trade Policy, Penny Mordaunt in London.

Minister Freer’s visit to Nigeria will include meetings with government officials and leading business representatives to discuss opportunities for UK Export Finance (UKEF) to help facilitate infrastructure development projects as well as explore the growing commercial opportunities in key sectors, including renewable energy, financial services, manufacturing, technology, security, infrastructure, and the creatives.

During his trip, Minister Freer will visit the Apapa Port, Nigeria’s largest and busiest port, to learn more about the challenges and opportunities to support trade facilitation between the UK and Nigeria.

The visit will also include a meeting and tour of Eko Atlantic, Nigeria’s first Green City, to explore ways in which the UK can help support Nigeria’s transition to clean energy.

While in Lagos, the Minister will visit the UK pavilion at the Securex West Africa Conference, Africa’s largest exhibition for security, fire, and safety industry professionals, where he will meet with leading British business representatives showcasing their innovative cyber security solutions.

Speaking ahead of the visit, Minister Freer said: “I am delighted to be here in Nigeria to strengthen our economic ties and explore ways in which we can stimulate and increase trade between our two nations.

“As Africa’s largest economy, Nigeria has huge commercial opportunities for UK businesses to take hold of. Together with our partners in Nigeria, we want to unlock the full potential of our bilateral partnership to support Nigeria’s growing economy and deliver inclusive prosperity.”

The British Deputy High Commissioner in Lagos, Ben Llewellyn-Jones OBE: “We are pleased to welcome Minister Freer to Nigeria to showcase the growing commercial opportunities available in sectors such as renewable energy and infrastructure.

“Nigeria is a vital trading partner for the UK and we are committed to working more closely together to ensure trade and investments in Nigeria are sustainable and inclusive using the UK’s world-leading innovation and technology.”

Bilateral trade between the UK and Nigeria reached £3.5 billion in the four quarters to the end of Q3 2021, an increase of 1.9%.

Patoma Admin by — May 13, 2022 in Industry, Trade & Investment 0
NEPZA applauds FG for Calabar, Kano FTZs as best industrialisation agenda

By Favour Nnabugwu
The Nigeria Export Processing Zones Authority, NEPZA, has declared the two public free trade zones is the country’s best industrialisation agenda
The Managing Director of NEPZA, Prof. Adesoji Adesugba, made the remark about the Calabar and Kano free trade zones during a road-show for the concession of the two zones in Lagos.
The event was organized by the National Council on Privatisation through its secretariat, Bureau of Public Enterprises (BPE), with the Ministry of Industry, Trade & Investment and NEPZA.
It was aimed at further attracting investors and their sundry partners to take up the ownership of the zones.
Adesugba said the planned handshake with the would-be concessionaires would positively impact on the operation of the 30-year old public facilities for global competition.
“The two zones are highly viable because of many reasons, including their vital locations, easy access to raw materials, seaports, airports, outside infrastructure, labour and importantly the boisterous nature of the two commercial cities.
“The Authority is, therefore, available to support and assist the new owners, to speedily surmount challenges that may come with taking up the management of this kind of business.
“I want to assure the private sector and particularly, companies that are set to file their bids, to count themselves lucky because of the great requisite return on investment the facilities will be offering,’’ he said.
Adesugba added that the scheme offered complete tax holiday from all Federal, State and Local Government taxes, rates, customs duties and levies.
He said the duty-free import of capital goods, consumer goods, machinery, equipment and furniture were guaranteed, adding that the scheme also permitted 100 per cent foreign ownership of investments.
NEPZA’s  MD said duty on exports into the customs territory was calculated on the value of originally imported component raw materials and not on the value of finished goods.
He added that the scheme provided an opportunity to export items on Nigeria’s import prohibition list, provided that it could be proven that at least 35 per cent value had been added to promote local content.
“The scheme offers permission to sell 100 per cent of manufactured, assembled or imported goods into the domestic market and it guarantees 100 per cent repatriation of capital and profit.
“It was imperative for the private sector to now leverage on these incentives as the scheme allows them to ride on the Africa Continental Free Trade Agreement (AfCFTA) framework to freely access the continent’s huge market,” he said.
Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, in an address, said the unrelenting efforts of the National Council on Privatization had made the process leading to the concession of the two zones seamless so far.
The minister said that the decision to privatise them was hinged on the Federal Government’s preparedness to produce world-class free zones that the country could use to solve some of it’s economic challenges.
“Government’s stance to allow for a transparent process that would bring up virile concessionaires, with the right capacity, expertise and finance to convert the zones to national economic asset, capable of generating employment for the teeming youth and Foreign Direct Investment (FDI) is topmost.”
Patoma Admin by — May 12, 2022 in Industry, Trade & Investment 0
Expenditure of household consumption rises to 25% in 2021

By Favour Nnabugwu

 

The National Bureau of Statistics, NBS, said household consumption expenditure rose year-on-year (YoY) by 1,414 percent points to 25.6 per cent in 2021 from -1.69 per cent in 2020.

However, the bureau said that government expenditure fell YoY by 80 percentage points to -34.03 per cent in 2021 from 61.5 per cent in 2020.

According to its Nigerian Gross Domestic Product (GDP) Report: Income and Expenditure approach for third and fourth quarter of 2021 (Q3,Q4’21) , the fall in Government expenditure was due to the efforts of government policies on COVID-19 during the period.

The report stated:”Overall, in 2021, real household final consumption expenditure inclined by 25.6 per cent from -1.69 per cent recorded in 2020. The observed trend in 2020 indicates that real household consumption expenditure declined in Q1 and Q2 accounting for negative growth rates informed by the COVID 19 pandemic.
“However, positive growth rates were recorded in Q3 and Q4 2020 as well as the Q4 ’21.

” In Q3 and Q4 2021, real general government expenditure grew by -39.5 per cent and -16.7 per cent respectively. “Growth rate in Q3’21 was lower by -138.6 per cent points when compared to the corresponding quarter of 2020. Similarly, Q4 2021 decreased by -28.8 per cent points compared to Q4′ 20.

“With annual growth rate standing at -34.03 per cent, the 2021 performance indicated lower growth compared to the preceding year of 2020 at 61.5 per cent due to the efforts of government policies on COVID-19.”

NBS also said that the nation’s annual GDP at basic prices rose by 77 percent points to 3.4 per cent in 2021 from -1.96 per cent in 2020.

“Nigeria’s real GDP at basic prices
In Q3 2021, the Gross Domestic Product inclined in real terms by 4.03 per cent YoY and recorded 3.9 per cent in Q4’21. This shows a sustained positive trajectory since Q4′ 20.

“However, on an annual basis in 2021, the Gross Domestic Product grew in real terms by 3.4 per cent on a YoY basis. This was significantly higher compared to -1.92 per cent recorded in 2020, and 2.27 per cent recorded in 2019. ”

The bureau further said that net exports and imports fell in 2021 resulting in a fall in the growth of net balance of trade in Q1-Q3 of 2021.

The report stated:” Net exports grew in real terms in Q3 and Q4 2021 by -38.2 per cent and 1.35 per cent respectively.
“On an annual basis, net exports grew by -55.7 per cent in 2021 compared to -13.17 per cent recorded in 2020.

” In 2020, imports of goods and services declined significantly in the four quarters of the year in real terms, recording -46.3 per cent in Q1, -70.05 per cent in Q2, -62.51 per cent in Q3 and -66.86 per cent in Q4 2020.
“On an annual basis however, the real growth of imports was worse off than 2019, at -61.94 per cent in 2020 compared to 27.26 per cent in the previous year. “Moreover, Imports grew in the four quarters of 2021 recording 55.06 per cent and 56.2 per cent in Q3 and Q4 2021.

“In response to falling growths in exports and imports in 2020, growth in net balance of trade (or net exports) was negative in Q1- Q3 2021 but positive in Q4 2021.
“On a YoY basis, Q3 recorded -38.2 per cent growth rate in real terms and Q4 indicated 1.35 per cent growth in the net trade balance.

“Annual growth rate of -55.7 per cent in real terms was recorded compared to -13.17 per cent in 2020.

“On a quarter-on-quarter basis, the net trade balance grew by –4.76 per cent and 6.38 per cent in Q3 and Q4 2021 respectively.
“This component accounted for 6.97 per cent of total real GDP expenditure at market prices in 2021.

“Operating Surplus grew negatively by -1.01 per cent in Q3, while 0.7 per cent was recorded in Q4’21 on a YoY basis in real terms.

“This indicator had recorded negative growth since Q2’20 but stood positive in Q4 ’21.

“The negative growth witnessed in the last three quarters of 2020 led to an annual real growth rate of -3.07 per cent, but improved slightly to -1.80 per cent observed in 2021. “

Patoma Admin by — May 11, 2022 in Industry, Trade & Investment 0
Custodian Investment Plc declares final dividend payment of N0.40 to shareholders

By Favour Nnabugwu

 

 

Custodian Investment Plc has announced a final dividend payment of N0.40 kobo per 50 kobo ordinary share for the financial year ended December 2021.

This takes the total dividend to N0.50 kobo, made up of the interim dividend of N0.10 per share which was paid on the 1st of September 2021, and a final dividend of N0.40 per ordinary share, subject to withholding tax and approval of shareholders.

According to the disclosure filed with The Exchange (NGX), shareholders are to ensure their names are registered in the Register of Members by the qualification date of March 25, 2022.

On Friday, April 8, 2022, the dividend which amounts to N2.35 billion will be disbursed electronically to ordinary shareholders whose names appear on the Register of Members as at Friday, March 25th 2022, and those who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.

The company’s registrar is Meristem Registrars and Probate Services Ltd and the e-dividend mandate form can be downloaded or filled online on the registrar’s website.

Custodian Investment Plc has 5,881,864,195 outstanding shares and a market capitalization of N42.35 billion at the time of filing this report. The company’s shares opened trading on the 14th of March, 2022 at N7.20 per share and closed at N7.20 per share.

Custodian Investment Plc had released its Audited 2021 financial results earlier, for the period ended 31 December 2021, reporting a profit of N10.05 billion, representing 21% decline year on year. Revenue of N11.60 billion was reported in the full-year period compared to N10.19 billion in the same period of 2020.

Earnings per share was recorded as N1.83kobo against N1.96kobo recorded in the corresponding period of 2020.
Year-to-date, the company’s shares have declined by 8.86% from N7.90 at the beginning of the year to N7.20 as at the time of writing this report.

Patoma Admin by — March 17, 2022 in Industry, Trade & Investment 0
Google to train 5000 SMEs in Nigeria, South Africa, Kenya

By Favour Nnabugwu

 

No fewer than 5000 Small and Medium Enterprises, SMEs, in Nigeria, South Africa and Kenya will receive free training from Google to help their businesses thrive through it’s newly launched programme, Hustle Academy.

Google Hustle Academy is a bootcamp-style training program designed to help entrepreneurs and small businesses owners position their businesses for investment opportunities and building viable business models for the future.

Disclosing this today, Google Head of Brand and Reputation, Sub-Saharan Africa Mojolaoluwa Aderemi-Makinde, said: “SMEs are the engine that drives growth for any economy. In Africa, SMEs account for around 80 percent of jobs and are a significant source of economic growth.
“In order to grow the economy and increase employment, it is crucial that small businesses have access to the right tools, training and funding to scale up.

“The Hustle Academy’s mission is to assist entrepreneurs navigate the business challenges they face by providing them with the appropriate tools and knowledge.

“Our hope is that through the Hustle Academy training this year, we will be able to assist 5,000 SMEs and entrepreneurs across Africa take their business to the next level and find ways to scale our efforts to help even more businesses going forward,” added Aderemi-Makinde.

According to Google, the participants wil get one-on-one mentorship, access to industry leaders and keynote events.

It said: “Business owners will undergo five days of hands-on training and receive 3000 hours of training on fundamental aspects of business to help them navigate the challenges faced by SMEs in Africa.

“The training curriculum includes strategic growth sessions including business growth strategy, building digital marketing roadmaps, discovering and evaluating funding routes and how to pitch for success among other topics.

“The program is open to businesses that have been in operation for more than a year, have developed a business strategy and defined their product or service offering, and are aiming to grow.

“They must also have made a profit in the previous 12 months or be within 1-3 months of breaking even,” Google emphasized, while advising interested and qualified businesses to apply.

Commenting on the development, Executive Secretary, Lagos State Employment Trust Fund, Teju Abisoye, said: “The Google Hustle Academy Program is a laudable initiative that will help improve business prospects and also create the impact we desire at the Lagos State Employment Trust Fund.
“I recommend this program to business owners and SMEs, to improve results and growth in Lagos business ecosystem.”

Patoma Admin by — February 9, 2022 in Industry, Trade & Investment 0
Google in invest $1bn in Airtel India

By admin

 

Google has said it will invest a total of $1 billion in Indian telecom operator Airtel India as part of a $10 billion commitment to the country.

The new funding which will be in 2 tranches will see the first $700 million channelled to the acquisition of 1.28% stake in Airtel while the remaining $300 million will be used to explore multi-year commercial agreements with the telco.

The development will expectedly see the two firms work to expand Airtel’s offerings to cover a wide-range of Android-enabled devices to consumers’ innovative affordability programs.

What they are saying about the investment
Sundar Pichai, chief executive of Google and Alphabet, while speaking on the deal said, “Airtel is a leading pioneer shaping India’s digital future, and we are proud to partner on a shared vision for expanding connectivity and ensuring equitable access to the Internet for more Indians.

“Our commercial and equity investment in Airtel is a continuation of our Google for India Digitization Fund’s efforts to increase access to smartphones, enhance connectivity to support new business models, and help companies on their digital transformation journey.”

Sunil Bharti Mittal, Chairman of Bharti Airtel, in a statement, “Airtel and Google share the vision to grow India’s digital dividend through innovative products. With our future ready network, digital platforms, last mile distribution and payments ecosystem, we look forward to working closely with Google to increase the depth and breadth of India’s digital ecosystem.”

Airtel, the second largest telecom operator in India has over 300 million subscribers and over 600 million internet users.
Nairametrics reported that Airtel Africa recently became the most capitalized company listed on the Nigerian stock exchange, surpassing Dangote Cement, the cement producing giant owned by Africa’s richest man, Aliko Dangote.

Patoma Admin by — January 30, 2022 in Industry, Trade & Investment 0