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WEST AFRICA

West Africa Property Investment Summit 2023: Industry Leaders Chart Course for Resilient Future

by Radarr Africa November 27, 2023

written by Radarr Africa

In a significant gathering of real estate influencers, the West Africa Property Investment Summit 2023, which took place on Wednesday, 23rd November, brought together leading figures from Kenya, Ghana, South Africa, and Nigeria. Under the theme “Rewriting the Narrative: Positioning & Strategies for the Future,” the summit served as a vibrant forum for in-depth discussions and strategic planning, aiming to shape the trajectory of West Africa’s real estate landscape.

Resilience in the Face of Macroeconomic Challenges

One of the key speakers, Mr. Tola Akinhanmi, the Head of Real Estate Finance at Stanbic IBTC, took center stage to address the challenges posed by the current macroeconomic environment. Despite grappling with inflation, exchange rate volatility, and fluctuating interest rates, Akinhanmi’s message was one of resilience. He underscored the real estate sector’s intrinsic strength, characterizing it as a long-term asset class that provides essential business infrastructure supporting people’s livelihoods, work, and recreation. Akinhanmi highlighted Stanbic IBTC’s commitment to working closely with sponsors, understanding assets, and structuring solutions that ensure stability, allowing these assets to remain relevant through various economic cycles.

Optimism for 2024: A Balanced Outlook

Oladapo Runsewe, the Projects and City Reports Lead at Estate Intel, provided a positive outlook for 2024. Citing statistics from the Nigerian Bureau of Statistics that indicated an increase in the real construction sector’s contributions to the GDP in the last quarter, Runsewe foresaw a balanced and positive effect on the market. He emphasized the inevitability of construction and development continuing, driven by the ongoing demand for housing and real estate investments. However, Runsewe highlighted the imperative for collaboration, urging industry participants and the government to join forces on a larger scale to address the substantial housing deficit, particularly in urban centers like Lagos.

Sustainability as a Driving Force

Temilola Shonola, Head of the Edge Program at the International Finance Corporation (IFC), brought attention to the importance of sustainable building practices. Shonola urged developers to embrace green building, dispelling the misconception that it is an expensive endeavor. She introduced the IFC’s free app designed to simplify the green certification process, making it accessible for builders looking to contribute to environmental sustainability. Shonola stressed that more of the market needs to adopt green building practices, not only for environmental reasons but also as a means to reduce utility costs and ensure long-term impact.

Navigating the Commercial Real Estate Cycle

Pepler Sandri, the Director of Capital Markets at JLL, delved into the complexities of the commercial real estate cycle. Acknowledging the sector’s challenges and the impact of the global COVID-19 pandemic, Sandri painted a picture of recovery and resilience. He noted that Nigeria, like many other countries, faced unique macro issues affecting its recovery. Looking ahead, Sandri expressed optimism as interest rates stabilize, predicting a potential recovery in the next 6-12 months in global developed markets. However, he cautioned that Nigeria might experience a longer recovery period, echoing sentiments from Stanbic’s chief economist, who suggested a year or two before a strong trajectory toward recovery becomes evident.

Conclusion: A Call for Collaboration and Sustainable Growth

The West Africa Property Investment Summit 2023 provided an invaluable platform for industry leaders to share insights, strategies, and collaborative approaches to propel the real estate sector forward. As the summit concluded, attendees were left with a renewed sense of optimism and determination to navigate the ever-evolving landscape of West Africa’s property market. The resounding message from the summit echoed the need for collaboration, sustainability, and strategic planning to ensure a resilient and prosperous future for the region’s real estate industry.

November 27, 2023 1 comment

Africa AFRICA NEWS Ghana

Ghana to conduct maiden all-encompassing business census in October

by Editor September 13, 2023

written by Editor

The Ghana Statistical Service (GSS), will in October 2023 conduct the country’s first all-encompassing business census to generate comprehensive data on all businesses and their characteristics.

Unlike previous censuses that focused on specific sectors of the Ghanaian economy, the 2023 edition would cover all formal and informal Micro, Small and Medium-sized Enterprises (MSMEs) across the country.

The outcome of the GH¢160 million funded census would be ready by the first quarter of 2024.

It would be preceded by trainings for enumerators and other census officials, as well as stakeholder engagements.

Speaking at a Stakeholders’ Consultative Meeting on Wednesday in Accra, the Government Statistician, Professor Samuel Kobina Annim, said that data from the census would help policymakers offer the right support for businesses to engender national transformation.

“The Ghana Statistical Service is coming in to help Ghana with the right data, not only to help governments but more importantly, to help businesses to be more resilient,” he said.

He added that the economic census would provide information on the number of businesses that employed most people, thereby, make the government come up with strategic programs to increase their capacities to do more and lessen the unemployment burden in the country.

Prof Annim explained that the meeting was to ensure that the GSS built on existing relationship with the business community and make various business associations ambassadors to communicate the needed message about the survey to all people.

In an interview with the Ghana News Agency, Mr Anthony Krakah, the Head of Industrial Statistics and National IBES Coordinator, said the GSS had for the past 100 years conducted economic censuses, but it had become necessary for the existing data to be updated.

“We did the last one in 2013, and we need to understand what’s happening to the distribution or characteristics of businesses after 10 years on, to ensure that young businesses can grow and live long,” he said.

“There were a lot of informal sector businesses that the previous Economic Census did not focus on. This time, we want to go all out and make sure that every economic activity that we can collect data on are captured to get a reflection of what businesses look like in a typical developing country like Ghana,” he added.

The IBES Coordinator explained that the data generated during the census was for statistical purposes, and not purposely for tax collection.

Mr Krakah called on business associations to support the Statistical Service in the data collection by educating their members on the essence of the census prior to the due date.

Mr Samuel Amegayibor, the Executive Secretary of the Ghana Real Estate Development Association, told GNA that the census would help provide accurate data on businesses so that appropriate strategies and systems would be built to grow them sustainably, especially during pandemics.

He encouraged businesses to contribute to the success of the census by ensuring that data from the survey was credible and solid through the provision of the right information to the Statistical Service.

He also asked the Service to make the questionnaire simple especially to informal businesses to enable them to participate in the exercise.

During an interactive session, informal sector business leaders, including market queens and spare part dealers asked the Service to make them an integral part in their education and publicity campaigns.

That, they said, would make their members easily understand and buy into the exercise and volunteer information for the success of the census.

They pledged to educate their members using local languages, including Twi, Ga, Hausa and Ewe through their public address systems at their market places and personal engagements.

In 1926, the economic census focused on industry and distributive sectors, while that of 1987 focused on industry, likewise 2003, while that of 2003 excluded businesses not in structures and household businesses.

During the last census in 2013, there were 590,033 micro,117,329 small, 9,333 medium and 2,593 large businesses in the country.

The expanded 2023 IBES will cover business under sheds, those in open spaces but at fix locations, mobile and virtual establishments.

It would also generate data that would link business and population registers, collect GPS coordinates, with additional information on digital finance and environmental responsiveness.

Source: GNA/ ghanabusinessnews.com

September 13, 2023 0 comment

AFRICA NEWS Ghana Western Africa

Ghana government set to privatize Cocoa Processing Company after $163m loss and 16 other SEOs

by Editor September 13, 2023

written by Editor

The Ghana government has hinted of entering a public-private partnership to turn around the fortunes of some 17 State-Owned Enterprises, including the Cocoa Processing Company (CPC).

Although the names of all the entities were not given, Mr. Ken Ofori-Atta, the Finance Minister, in responding to a question about the future of CPC, said government had considered some level of privatization to make it profitable.

This comes on the heels of CPC’s cumulative $163.2 million losses in 14 years (2009 to 2022)-a company that the government through the Ministry of Finance holds some 26 per cent shares.

“If you look at the SOEs, those that are joint venture partners do much better, and maybe that’s what’s needed to go forward. So, there will be more privatisation so that they won’t become a burden on government, while performing their primary task of production.” Mr Ofori-Atta said.

He said despite current economic hardship, the government remained steadfast in investing and providing quality infrastructure, including roads and telecommunication to enable businesses thrive.

He said this in a media interview after a breakfast meeting with members of the Ghana Club 100 on public-private partnerships, and ways to bridge the gap between the public and private sector for sustainable economic development.

Speaking at the forum, Mr. Edward Boateng, the Director-General of the State Interests and Governance Authority (SIGA), said the 17 companies had received Cabinet approval for their privatization.

He expressed confidence in such collaborations making public entities work profitably, while creating an enabling environment for the private sector to thrive and grow faster with less investment.

“That is why we want to collaborate with GIPC to see where we can bring foreign capital to help turn some of these entities around, by working with entrepreneurs and business people.” Mr Boateng added.

He explained that most SOEs had failed to entities had failed to be profitable because they were being managed with a “kiosk mentality, where people go into these entities and they manage them as their own little operations.”

However, through the implementation of the SIGA Act, there had been increased oversight responsibility over SOEs, making them more compliant and accountable, resulting in their growth, according to him.

“We’re working hard to change the narrative because when the narratives of the public sector changes, it basically trickles down to the private sector, which trickles down to increase in government revenues and others,” he said.

On the importance of PPP, he cited the Ada Songor salt project as a testament of collaboration, where the office of the President, Ministry of Lands and Natural Resources, and SIGA worked together with the private sector for profitability.

“Through collaboration this entity (Ada Songor salt mine) has been turned over to a private entity and arguably, now the biggest salt winner, not only in West Africa, but Africa,” he said.

About 25 per cent of Ghana’s debt burden is attributed to non-central government operations, primarily from State Owned Enterprises such as COCOBOD and entities in the energy sector.

It is for this reason that the Government under the ongoing International Monetary Fund (IMF) $3 billion loan-support programme is seeking to improve operational performance of SOEs through management reforms and monitoring to foster more competition and efficiency.

The reform of SOEs would see the implementation of a policy, where there would be a cap on salary adjustment of employees, making them earn lower than negotiated base pay increase on Single Spine Salary Structure for each year.

Source: GNA/ Ghanabusinessnews.com

September 13, 2023 0 comment

Africa AFRICA NEWS Press Releases

Africa’s policy, business leaders to meet in Ghana to push AfCFTA agenda

by Editor January 12, 2023

written by Editor

About 150 policy and business leaders from across Africa will meet in Ghana at the end of January to discuss measures to promote intra-Africa trade and investment.

The Africa Prosperity Dialogue series, also known as the “Kwahu Summit” is expected to provide a platform for African political and business leaders to set and push initiatives to transform Africa, with the overarching goal of achieving prosperity across the continent.

The maiden dialogue, which would be held from January 26-28, 2023, is being organised by the Africa Prosperity Network, in partnership with the Office of the President, the Secretariat of the African Continental Free Trade Area (AfCFTA), the Ghana Investment Promotion Centre, among other partners.

This year’s event is on the theme: “AfCFTA – From ambition to action – delivering prosperity through continental trade.”

Addressing a pre-summit media briefing in Accra on Wednesday, Dr Eugene Owusu, Executive Director and Coordinator, of Summit Secretariat, said the Summit would foster stronger partnerships between industry leaders and Heads of State on specific transformational projects to propel the implementation of the AfCFTA.

He said there would be a Business and Policy Leaders Dialogue to be held at Adukrom in the Eastern Region from January 26-27, 2023, followed by a Presidential Business Leaders’ Summit that would take place at the Peduase Presidential Lodge.

“The Presidential and Business Leaders Summit will be a high-level roundtable dialogue between the selected African Heads of State and business and industry leaders, and it is expected to culminate the adoption of a compact between the Heads of State and the business leaders.” Dr Owusu said.

The African continent is estimated to hold a market of 1.3 billion people, with a combined market size of $2.2 trillion.

The AfCFTA Secretariat, which has its headquarters in Ghana, came into force in 2019, with the aim of promoting trade and investments among African countries.

Mr Wamkele Mene, Secretary-General, AfCFTA Secretariat, welcomed the Summit, saying the establishment of the AfCFTA “is one of the important steps in Africa’s development agenda.”

He said the COVID-19 pandemic and the Russia-Ukraine war had challenged the continent to think innovatively and reduce its dependency on imports.

“Many countries in Africa depend on imports so when supply is disrupted, we experience inflation and food insecurity.” Mr Mene said.

He said 44 African countries had thus far ratified the AfCFTA Agreement, adding that Mozambique was expected to ratify the framework soon.

Mr Kojo Oppong Nkrumah, the Minister of Information, said the Government would participate in the Summit and expressed hope that it would create opportunities for businesses in Ghana as took advantage of the opportunities on the continent.

Ghana Business News

January 12, 2023 0 comment

Africa AFRICA NEWS Economy

China FM Urges Greater African Voice In Global Governance

by Editor January 12, 2023

written by Editor

Chinese Foreign Minister Qin Gang said Wednesday that Africa should have a greater voice in the UN Security Council and other international bodies, long a demand of the continent’s leaders.

Qin made the call in a statement issued as he met the head of the African Union Commission who voiced frustration at what he said was the exclusion of Africa from international governance.

“We should boost the representation and voice of developing countries, especially those of African countries, in the UN Security Council and other international organizations,” Qin said at the inauguration of the Chinese-funded headquarters for the African Centre for Disease Control and Prevention in Ethiopia’s capital Addis Ababa.

AU Commission chief Moussa Mahamat Faki said it was unfair that the African continent did not have a permanent seat on the top world body.

“For several decades now we have been fighting for a reform of the international system as a whole and particularly on behalf of the United Nations Security Council,” he said.

The UN Security Council is made up of 15 members, five of whom are permanent and have veto-wielding power: the United States, Russia, China, France and Britain.

The other 10 positions are filled by other countries for two-year stints, five of which are announced each year.

Qin, who is on his first overseas visit as foreign minister, rallied countries to work together “to make the global governance system more just and equitable”.

“Africa should be a platform for international cooperation, not an arena for competition between major countries,” he said.

Qin is on a week-long tour of Africa and will also visit Gabon, Angola, Benin and Egypt. He met Ethiopian Prime Minister Abiy Ahmed on Tuesday.

The Chinese minister was speaking a day before the French and German foreign ministers arrive in Addis Ababa on a mission to support a peace agreement signed last year to end two years of brutal war.

The African Union has sought to shake up its relations with the world and has called for two permanent African members on the powerful council, saying African issues make up most of the council’s business.

“Africa refuses to be seen as an arena for influence struggles. The African continent has a vision that is contained in Agenda 2063,” Faki said.

“We are open to cooperation and partnerships with everyone.”

President Joe Biden in September last year said the United States would back permanent seats for Africa and Latin America in addition to previous support to include Japan and India.

Biden also backed a permanent African Union role in the Group of 20 leading economies and said he was planning a visit — the first by a US president since 2015 — to sub-Saharan Africa.

Barrons

January 12, 2023 0 comment

Africa AFRICA NEWS Economy

Ukraine Donates Grain to Nigeria, Plans Grain Hubs In Nigeria, Other African Countries

by Editor January 12, 2023

written by Editor

The Ukrainian government, still engaged in war with Russia, has expressed its readiness to establish grain hubs in Nigeria and other African countries even as it has donated about 25,000 tons of grains to Nigeria to boost bilateral ties.

This was revealed on Wednesday when Ukrainian Minister of Agrarian Policy and Food, Mykola Solskyi, led a delegation to a discussion with Nigeria’s Minister of Foreign Affairs, Geoffrey Onyeama and the Minister of Agriculture and Rural Development Mohammad Abubakar in Abuja.

Speaking during the meeting, Onyeama, who expressed sympathy for Ukraine over its ongoing war with Russia, also lauded it for the grain donation, adding that the gesture was coming even when the country is still at war.

He said: “Notwithstanding the situation in which your country finds itself, you are able to reach out a hand of friendship not just to Nigeria but to other African countries. This demonstrates superhuman courage and we really admire your generosity, we thank you for this support.”

Onyeama noted that Nigeria has a long-standing relationship with Ukraine, and lamented that some of the victims of the war in Ukraine are large number of Nigerian students, whose studies have been interrupted by the war.

The Minister said: “You have built up real specialization in many disciplines and Nigerian students are the beneficiaries. We can continue to strengthen relations between our two countries and our two peoples. We will do our best at the multilateral level to bring the war to a very quick end.”

Also speaking during the meeting, Minister of Agriculture and Rural Development Mohammad Abubakar said that Nigeria is very willing and ready to provide the appropriate ports for this grain hub in the country.

He said: “We appreciate and commend you that despite the war you still found time to extend a gesture of friendship to Nigeria and also donated grains. I can assure you that the relations with Ukraine will improve, we have been having business with Ukraine, especially in the agriculture sector and I can say that over 30% of our agricultural businesses are with Ukraine, especially in the area of wheat, fertilizer and other grains. And this I can assure you will continue to improve our relationship.”

Abubakar told journalists that the purpose of the grain hubs is to have a centre where Ukraine will be bringing grains and we will be helping other African countries, which will be helpful in case of emergency and even for donations to other countries.

He said: “We are looking at the Lagos Port and also Onne Port in Port Harcourt. The grains coming from Ukraine will increase the number of grains here and the hub will eventually become a business hub with other African countries and beyond and it will help to stabilize the price,” he added.

The Agriculture Minister noted that Ukraine has the technology and know-how to help Nigeria in wheat production, stressing that capacity building will be part of the relationship which will produce a win-win situation.

On his part, The Ukrainian Minister said the grains from his country would arrive in Nigeria next month under the initiative called ‘Grains from Ukraine’.

He revealed: “Despite the war with Russia, the Ukrainian food industry wants to have closer relations with Nigeria and we are very thankful to you that your country is ready to develop these relations.

“Despite all the events going on in the world, our countries are ready to develop this cooperation. The Ukrainian government and the Ukrainian president are ready to pay a lot of attention to this development. We want to have regular contacts every year not only by our agriculture ministers but other ministers as well.”

He expressed optimism that: “Development of such hubs will make it possible to bring in high-quality grains into your country and it will influence prices in your country positively. Ukraine intends to develop two or three hubs in Africa and taking into consideration the capacity of your country, the grain hub in your country is priority number one. If we implement it well it would be a practical step towards businesses reaching a new level.”

January 12, 2023 0 comment

Africa AFRICA NEWS Economy

African commerce welcomes new steps

by Editor January 9, 2023

written by Editor

African traders have welcomed China’s changes to its COVID-19 response measures, which include no longer requiring inbound visitors to quarantine, effective on Jan 8, expecting a boom in bilateral trade.

Victorina Oningo, a Kenyan who lives in Qatar but imports car spare parts from China to Kenya, said China’s move to facilitate international travel is a big boost for her business.

Oningo, who is in Kenya to celebrate the new year with her family, said her business has been affected by the pandemic over the past three years, so she was glad to hear about the changes.

“Things are looking up for those of us who depend on travel to China to secure our supplies.”

Thadeus Musoke Nagenda, chairman of Kampala City Traders Association in Kampala, Uganda, said the news that inbound travellers to China will no longer need to go into quarantine when they arrive in the country has excited business people.

“We are happy that our traders will finally travel to China after a long period. This will make trade between the two countries easy.”

Boosting trade

It will boost trade between Uganda and one of its major trade partners, he said.

In Togo, news of China’s new COVID-19 response measures has been overwhelmingly welcomed by local traders. According to Television Togolaise, the country’s state broadcaster, the number of calls in the country to inquire about overseas travel to China has risen.

“People want to go to China,” Television Togolaise reported. “More courageous traders are already planning to make the much-awaited trip to China, and we believe they will open the way to other traders who might be hesitant about the new rules.”

Togo imported goods from China worth $442 million in 2020, the World Bank says.

China has been Africa’s largest trading partner since overtaking the United States in 2009. China is also a major investor on the continent, funding big infrastructure projects as part of the Belt and Road Initiative.

In 2020 China adopted strict measures for controlling and preventing COVID-19. Inbound visitors were required to quarantine in designated hotels for two weeks, followed by home quarantine. These and other control measures have now been scrapped.

On Wednesday, reacting to China’s relaxation of restrictions, Kenya’s Health Cabinet Secretary, Susan Nakhumicha, said her country had no plans for new measures for passengers travelling to Kenya from China, saying such a move would hurt the economy.

“In my view, I do not think it is going to be necessary for us to impose any travel restrictions on travellers from China.”

Kenya is recovering economically, she said, “so I will not rush to impose any restrictions, but my call to Kenyans is that they should continue with vaccinations for those who have not been vaccinated”.

Global.chinadaily

January 9, 2023 0 comment

Africa AFRICA NEWS Spotlight

Airtel Africa Buys 4G, 5G Spectrum in Nigeria

by Editor January 9, 2023

written by Editor

Airtel Africa PLC said Monday that it has bought additional spectrum to support the growth of its 4G services and 5G roll-out in Nigeria for $316.7 million.

The Africa-focused telecom and mobile money-services provider said that its subsidiary Airtel Networks Ltd. purchased 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz from the Nigerian Communications Commission and will pay for the transaction in local currency.

“Nigeria is a market with enormous potential for future growth in mobile services. Investment in new technologies and local infrastructure to enable this growth is a strategic priority for the group and will ensure we are able to provide reliable and affordable services to local communities across the country,” Chief Executive Segun Ogunsanya said.

Marketwatch

January 9, 2023 0 comment

Africa AFRICA NEWS Real Estate

Wisdom Kwati awarded Nigeria’s Most Respected CEO in Real Estate

by Editor December 21, 2022

written by Editor

Wisdom Kwati, the MD/CEO of Karabow Group and Wisdom Kwati Smart City, has been recognised for his outstanding performance in the real estate sector.

He emerged as Nigeria’s Most Respected CEO of the year amongst other nominees in his category after a public voting exercise. The award was conferred to him by the organizers of Business Executive Nigeria

The event which took place at Sheraton hotel Ikeja on December 16^th 2022, saw business professionals, entrepreneurs, top-tier government officials and a host of other dignitaries grace the occasion.

During a press briefing after the event, Wisdom Kwati, represented by a senior executive at Kwati Smart City expressed gratitude to everyone who voted him for the distinguished award and reaffirm the company’s commitment to providing affordable smart housing to Nigerians, through the integration of ICT technologies to all their building projects.

He said the firm has dedicated significant time to digitalization and innovation. The team has several initiatives in the pipeline to ensure that Wisdom Kwati Smart City grows from one milestone to another.

In his words, he stated, “We recognise our quest towards exceptional customer experience, operational excellence and building sustainable communities which hinge on our ability to adapt, innovate and incorporate digital technologies into our development properties, this is why we have embraced and started implementing various digital and innovation initiatives internally and externally”.

“We recently acquired Borrowlite, a company that offers short-term credit in advance on all nine electric discos in Nigeria, so residents need not worry over network issues or delay that comes with recharging prepaid meters, we will be launching this and many other innovative initiatives in 2023. He Stated.

He concluded that as Smart homes are gradually becoming a thing for most Nigerians living in luxury apartments, there is a need for every Nigerian to understand and adopt emerging technologies into their living lifestyles.

Wisdom Kwati Smart City is a real estate development company creating quality lifestyle experiences through real estate, agriculture, energy, tourism, commerce, manufacturing and education across Nigeria. The company has the vision to shape the future by redefining the real estate industry globally and building one million affordable smart homes across Africa by 2035.

December 21, 2022 0 comment

Africa AFRICA NEWS News Technology Telecommunications

Nigeria: NCC seeks identification and elimination of risks in telecom sector

by Editor December 17, 2022

written by Editor

The Nigerian Communications Commission (NCC) has embarked on a regulatory step to sensitize the industry about the need for proper and continuous risk identification with the view to managing such risks before they affect the health of the industry.

To this effect, the Commission, on Monday, hosted a two-day maiden conference at its headquarters in Abuja, where its Executive Vice Chairman, Prof. Umar Danbatta, said it has become imperative to minimize risks in the industry to ensure that services are not disrupted and that consumers obtain the best services that are globally available.

The conference with the theme: “Nigerian Telecommunications Industry: Managing the Emerging Risks and Embracing Risk Opportunities,” called for collaboration between the regulator and other stakeholders in the industry, to achieve multi-stakeholder strategies aimed at identifying and addressing emerging risks in the telecommunications sector to ensure sustainable and impacting growth.

Director of Policy, Competition and Economic Analysis, Yetunde Akinloye, who stood for the EVC, said the essence of the forum was to examine myriads of issues that challenge the implementation of the National Digital Economy Policy & Strategy (NDEPS) 2020-2030 and to enhance the development of a sustainable ICT sector in Nigeria.

“The focus of this conference is to bring to the fore the ever-rising uncertainties in the global economy and the attendant regulatory/operational risks in the areas of increased data security regulations, new partnerships and transforming business models, a fast-changing mix of mounting CAPEX burdens, shifting market structures, newly emerging disruption scenarios, regulatory and policy challenges amongst others,” Danbatta said.

The EVC told participants at the event, which also featured virtual participation, that the Commission has been at the forefront of ensuring that the telecoms industry is not adversely impacted by these uncertainties/risks. He stated that one of our Strategic Visions is to ensure a competitive market for communications services that foster fair inclusion of all players, promote local content and innovative services in ways that facilitate new investment, job creation and consumer satisfaction.

Danbatta said the NDEPS is the guiding document for the Federal Government’s activities to maximise the immense opportunities that are inherent in digital technologies to nudge the diversification of Nigeria’s economy and attain the key national objectives of improving security, reducing corruption, and expanding the economy.

“While risk management has been critical in our regulatory service delivery, we acknowledge that all stakeholders must be concerned about the varied uncertainties that confront the Industry. There is no gainsaying the fact that the Information and Communication Technologies Sector is inherently filled with several business and technology risks,” Danbatta said.

“It is, therefore, important that regulatory risks be minimised to ensure that services are not disrupted, and consumers obtain the best and latest services that are globally available. The Commission in a bid to ensure that operators in the industry enjoy a conducive operating environment has had cause to seek government interventions and collaborate with other Agencies of Government in addressing major sectoral risks.

“These risks include cybersecurity and online fraud, regulatory burden, multiple taxations, vandalism of telecommunication infrastructure, right of way challenges, access to foreign exchange, inter-industry indebtedness, among others,” he said.

In his paper presentation titled ‘X-raying Telecommunications Risk Radar: The Operators’ Perspective’, a facilitator at the event, who spoke to issues of concern to operators, Eniola Olugboyega, said that risk-taking can have a positive or negative impact on businesses. He also stated that most common losses from improper management of risk in the sector include customer dissatisfaction, fines and litigation, product failure, and loss of business opportunities, among others.

According to him, effective risk management aids effective decision-making prevents financial and reputational loss and addresses potential threats. Thus, telecommunication risk from the operators’ perspective includes regulatory risk, insecurity, data breach risk, foreign exchange risk, rising CAPEX risk, human resource risk, and the inability to take advantage of new business models.

December 17, 2022 0 comment

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