Tag: Nigeria

  • NITDA Calls for Blockchain Adoption in Asset Management and Economic Development

    NITDA Calls for Blockchain Adoption in Asset Management and Economic Development

    Kashifu Inuwa, Director General of the National Information Technology Development Agency (NITDA), has urged industry stakeholders, government officials, and experts to harness the transformative potential of Blockchain technology in asset management and economic development.

    Speaking at the Tokenised Economic Conference and Exhibitions, themed Tokenised Economy 2024: Real-World Assets Tokenisation, Inuwa emphasized the importance of Blockchain technology in revolutionizing key sectors of Nigeria’s economy.

    The event, organized by Cyberchain in collaboration with BAZE University and NITDA, served as a platform for industry professionals to explore opportunities in digital assets finance, real estate, capital markets, and other sectors.

    In his keynote address, Inuwa, represented by Engr. Salisu Kaka, Director of e-Government and Digital Economy Development at NITDA, outlined the benefits of asset tokenization using Blockchain technology.

    Inuwa explained that tokenization involves converting physical or digital assets into digital tokens recorded on a blockchain.

    These tokens serve as digital representations of real assets, allowing them to be sold, held, and traded in a digital format, which improves liquidity and accessibility.

    He emphasized the potential of Blockchain technology to automate processes, increase liquidity, lower investment barriers, and enhance transparency, particularly in real estate markets.

    “Tokenization offers several advantages over traditional real estate financing, such as automating processes, increasing liquidity, and improving transparency. It is considered a promising development for the future of real estate markets,” Inuwa said.

    He praised Lagos State’s plan to tokenise real estate, describing it as a bold move that could set a precedent for other states.

    Inuwa further suggested that tokenizing other key sectors, including agriculture, oil and gas, securities, bonds, and derivatives, could significantly accelerate wealth creation and economic growth in Nigeria.

    However, Inuwa stressed the importance of a clear regulatory framework to boost investor confidence and the development of infrastructure that supports the tokenized economy.

    He highlighted NITDA’s efforts in promoting Blockchain adoption across all sectors, particularly through the National Blockchain Policy (NBP) and its steering committee.

    “Nigeria has the potential to become a leader in the tokenised economy in Africa. By investing in infrastructure, education, and a supportive regulatory environment, Nigeria can unlock the full potential of tokenisation and drive economic growth,” Inuwa concluded.

    In his remarks, Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), emphasized how tokenization democratizes wealth by making traditionally exclusive investments, like real estate and art, accessible to a broader audience.

  • Starlink Announces 97% Increase in Monthly Subscription Prices for Nigerian Users

    Starlink Announces 97% Increase in Monthly Subscription Prices for Nigerian Users

    Starlink, the satellite internet provider, has announced a hike in its monthly subscription rates for both new and existing customers in Nigeria, Okay.ng reports.

    In a message sent to its customers on Tuesday, Starlink revealed that the new pricing structure will see the standard residential package rise to ₦75,000, while the mobile regional (roam unlimited) plan will now cost ₦167,000, and the mobile global (global roam) package will increase to ₦717,000.

    The new rates are effective immediately for new customers and will take effect for existing users on October 31, 2024.

    “Due to excessive levels of inflation, the Starlink monthly service price will increase,”the company explained in an email obtained by Okay.ng.

    The standard residential plan, which includes a 1 TB fair usage policy, will now cost ₦75,000 ($48), a significant increase from its previous rate of ₦38,000 ($24).

  • Emirates Resumes Operations in Nigeria, Lands in Lagos After Two-Year Suspension

    Emirates Resumes Operations in Nigeria, Lands in Lagos After Two-Year Suspension

    Emirates Airlines has officially resumed flight operations in Nigeria after a two-year suspension, with the airline’s flight EK 783landing at Murtala Muhammad International Airport (MMIA) in Lagos on Tuesday at 3:32 pm, Okay.ng reports.

    The flight’s arrival at the old terminal of the MMIA marks the Middle East airline’s return to Nigeria, following a suspension of services in November 2022 due to the airline’s inability to repatriate $85 million in revenue trapped in the country.

    This was the second time Emirates halted operations in Nigeria, with the first suspension occurring in August 2022.

    Prior to the flight, Moha Madugu, a Senior First Officer at Emirates, took to X (formerly Twitter) to express his excitement at operating the airline’s inaugural return flight to Nigeria.

    “A very special day for me today, I have the honour of operating our inaugural return flight to Lagos, Nigeria. Today I will be flying both the Emirates and Nigerian flag very high. Thank you, Emirates. A flight time of slightly over eight hours today. #EkoOniBaje,” Madugu posted.

  • Nigeria’s Foreign Exchange Inflows Reach $57 Billion by August 2024, Says CBN

    Nigeria’s Foreign Exchange Inflows Reach $57 Billion by August 2024, Says CBN

    Nigeria’s foreign exchange (FX) inflowsreached an impressive $57 billion by August 2024, according to a report from the Central Bank of Nigeria (CBN).

    The update was revealed by Mr. Muhammad Abdullahi, the CBN’s Deputy Director of Economic Policy, during a meeting with foreign investors in Washington D.C..

    Abdullahi highlighted significant improvements in the country’s FX situation, pointing to a near doubling of capital importation to $6.9 billion as of August 2024, compared to $3.9 billion recorded throughout the entire 2023 financial year.

    The report also noted a remarkable increase in diaspora remittances, which surged to a record $3.5 billion, surpassing the $3.2 billion total received in 2023.

    In addition, the CBN reported a 100% FX outflow through the autonomous market, indicating enhanced efficiency in the foreign exchange market.

    The bank’s direct intervention in the market has reduced significantly, now accounting for just 5% of the total market turnover