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.
The Chair of the CARICOM Council for Trade and Economic Development (COTED), Hon. Kerrie Symmonds, has emphasized the critical role of the Council in addressing the challenges facing businesses in the region due to the turbulence in the global trading system.
Minister Symmonds, who is also the Minister of Foreign Affairs and Foreign Trade of Barbados, made the call at the opening of the Sixtieth Regular Meeting of COTED at the CARICOM Secretariat Headquarters in Georgetown, Guyana.
According to Minister Symmonds, the global trading system and economy are now confronted with unprecedented turmoil, which has resulted in cancelled export orders, new and unexpected tariffs, and uncertainties that are affecting the business community.
He stressed the importance of ensuring that CARICOM’s exports enter global markets with minimal barriers.
“The question of whether our exports can enter markets with the least possible barriers and whether imports reach us in a timely, safe, and affordable manner, will all impact the performance of our economies and determine whether we thrive or struggle as a Community,” Minister Symmonds stated.
The meeting, which took place from June 10-11, brought together CARICOM trade ministers to address key issues, including the Caribbean Single Market and Economy (CSME), the proposed implementation of the revised Common External Tariff (CET), and progress of the Sectoral Working Group reviewing CARICOM Rules of Origin.
The ministers also discussed external trade issues, such as the impact of the America First Policy on CARICOM, negotiations on CARICOM-Colombia trade agreements, and Belize’s partial scope agreement with El Salvador.
Other agenda items included regional standards, report on the industrial policy, and public procurement mechanisms.
The meeting aimed to find solutions to the challenges facing the region’s trade and economy, and to promote economic growth and development in the CARICOM community.
Foreign investment outflow from the Nigerian stock market (NGXchange) has risen by 250.86 percent, Quarter-on-Quarter, QoQ, to N420.37 billion in the first Quarter, Q1’25, from N119.81 billion in the corresponding period of 2024, Q1’24.
The Nigerian Exchange Limited, NGX, disclosed this in its foreign portfolio report.
According to the report, foreign investment outflow also exceeded inflow by 20 percent or N20.11 billion in Q1’25. Despite the outflow, foreign investment inflow rose by 275 percent, Year-on-Year, YoY, to N349.97 billion in Q1’25 from N93.37 billion in Q1’24.
The NGX also revealed that N2.23 trillion equity transactions were recorded by both domestic and foreign investors in Q1’25.
The figure surpassed the N1.54 trillion recorded in the same period of 2024, representing an increase of N690 billion or 44.8 percent.
In March 2025, foreign transactions outperformed domestic transactions by circa 26 percent.
According to the NGX, foreign transactions increased significantly by 1,541 percent to N699.89 billion in March 2025 from N42.65 billion in February 2025.
On the other hand, domestic transactions decreased by 10.98 percent Month-on-Month, MoM, to N415.62 billion in March 2025 from N466.82 billion in February 2025.
Domestic inflow and outflow also declined in the reviewed period.
Liberia’s Minister of Commerce and Industry, Magdalene E. Dagoseh, has highlighted the country’s immense investment potential at the 2025 Liberia Investment Conference.
The two-day forum, which brought together investors, policymakers, and business leaders, aimed to explore investment opportunities in Liberia.
Minister Dagoseh emphasized Liberia’s commitment to creating a conducive business environment, citing minimal financial barriers and a welcoming regulatory framework.
“Liberia is a place of authority of opportunity, where transformation can take place at all levels,” she stated.
The conference showcased Liberia’s investment potential in various sectors, including agriculture, mining, infrastructure, and services.
The agriculture sector, for instance, offers opportunities for investment in crop production, livestock farming, and agro-processing.
She remarked that by investing in Liberia, companies can tap into the country’s growing market and contribute to its economic development.
Diaspora Watch reports that Liberia aims to attract foreign investment, stimulate economic growth, and reduce poverty by showcasing its investment potential.
With its strategic location, natural resources, and growing economy, Liberia is an attractive destination for investors.
The 2025 Liberia Investment Conference marked a significant step towards achieving these goals, highlighting Liberia’s investment potential to a global audience.
Liberia’s investment potential is enormous, and the country is committed to creating a conducive business environment to attract investors and drive economic growth.
-
News4 days agoTerror Leader Calls for Attacks on Trump, U.S. Officials Over Israel Support
-
News4 days agoU.S., China Reach Preliminary Trade Deal Including Rare Earth Mineral Access
-
News4 days agoSouth Africa Flood Disaster Leaves at Least 49 Dead, Dozens Missing
-
Opinion2 days agoAfrica’s Oil Industry Gets a Boost from Artificial Intelligence
-
News2 days agoCalifornia Governor Gavin Newsom Accuses President Trump of “Brazen Abuse of Power
-
News2 days agoIran Condemns Israel for Airstrikes, Warns of Retaliation and Global Consequences