Business
Africa Needs $6bn Yearly To Close Connectivity Gap — World Bank
The World Bank has estimated that Africa needs an investment of at least $6 billion annually to bridge the connectivity gap and ensure universal access to affordable and reliable internet. This revelation was made during a recent virtual conference on digital development in Africa, where experts gathered to discuss the continent’s digital transformation.
According to the World Bank, the $6 billion investment is necessary to address the significant infrastructure gaps in the telecommunications sector, particularly in rural and underserved areas. The bank noted that despite progress made in recent years, many Africans remain unconnected, with an estimated 40% of the population lacking access to the internet.
The World Bank’s Country Director for Nigeria, Mr. Shubham Chaudhuri, emphasized the importance of closing the connectivity gap, stating that it is essential for Africa’s economic growth, social development, and global competitiveness. He added that the bank is committed to supporting African countries in their efforts to develop their digital economies.
The conference also highlighted the need for Africa to develop its own digital solutions, tailored to its unique challenges and opportunities. Experts emphasized the importance of promoting local innovation, entrepreneurship, and digital skills development, to ensure that the continent is not left behind in the rapidly evolving digital landscape.
In addition, the World Bank announced plans to launch a new program aimed at supporting Africa’s digital transformation, with a focus on building resilient and inclusive digital economies. The program, which is expected to be launched later this year, will provide financial and technical assistance to African countries, to help them develop their digital infrastructure, promote digital skills, and foster innovation and entrepreneurship.
The World Bank’s report and the conference’s outcomes underscore the urgent need for Africa to prioritize digital development, to ensure that the continent is not left behind in the rapidly evolving global digital landscape. With the right investments and policies in place, Africa can bridge the connectivity gap, unlock its digital potential, and drive economic growth and social development.
Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
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As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.
The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.
High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.
The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.
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In a significant blow to Scotland’s energy sector, the 100-year-old Grangemouth refinery is set to close in 2025, citing its inability to compete with modern plants in Africa, Asia, and the Middle East. The refinery’s operator, Petroineos, announced the closure, which will result in the loss of 400 jobs.
Located in Scotland, Grangemouth refinery has been in operation since 1924, making it the country’s oldest and only refinery. However, despite its rich history, the refinery has struggled to remain competitive in the face of mounting global competition. Petroineos, a joint venture between PetroChina Internation al London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe, has invested $1.2 billion in the refinery since 2011.
However, the company has incurred significant losses, totalling over $775 million during the same period. According to Petroineos, the refinery is currently losing around $500,000 per day and expects a $200 million loss in 2024.
The company’s Chief Executive, Frank Demay, stated that the market for petrol and diesel fuels is expected to shrink further due to the upcoming ban on new petrol and diesel cars within the next decade. “Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.
Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” Demay explained. The closure of Grangemouth refinery marks a significant shift in the global oil refining landscape, with modern and efficient plants in Africa, Asia, and the Middle East gaining a competitive edge. The Dangote Refinery in Nigeria, one of the largest refineries in Africa, may have contributed to the decline of Grangemouth refinery.
The refinery will be converted into a fuel import terminal, ensuring Scotland’s energy needs are still met. However, the closure raises concerns about the country’s energy security and the impact on local communities.
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