Business

Airtel launches 5G, promises to expand

Published

2 years ago

June 20, 2023

Airtel Nigeria, one of the leading telecommunications companies in the country, has officially launched the fifth generation technology, commonly called 5G.

This brings the number of 5G network operators in the country to three as MTN and MAFAB had launched the technology which promises to deliver super-fast data services and redefine services in other sectors of the economy including medicine, agric, etc., earlier.

Femi Oshinlaja, Chief Commercial Officer at Airtel Nigeria, made this known in a tweet on the company’s official tweet handle said 5G services will be available in four major cities of Nigeria, the Federal Capital Federal Capital Territory, Lagos, Ogun and Rivers States. he added that services would be extended to other parts of the country subsequently.

Airtel Nigeria, acquired the fourth-generation (4G) and fifth-generation (5G) spectrums from the Nigerian Communications Commission (NCC) for a cumulative price of $316.7 million in January 2023.

The telco purchased 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz from the NCC for a gross consideration of $316.7 million, “payable in local currency”.

Speaking on the acquisition, Segun Ogunsanya, Chief Executive Officer (CEO), Airtel Africa, said Nigeria is a market with enormous potential for future growth in mobile services.

He said 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”.

Business

Naira Slips Further, Hits N1,600 per Dollar at Official Window

Published

1 month ago

April 4, 2025

Tunde-Olubo Bukunmi

Nigeria’s national currency continued its downward spiral on Thursday, hitting a new low of N1,600 to the US dollar at the official exchange window.

The slide marks a notable shift after the naira had hovered near N1,500 for the past quarter.

Fresh figures released by the Central Bank of Nigeria revealed the new rate, indicating a depreciation of N31 from Wednesday’s N1,569 close.

This marks one of the sharpest single-day declines in recent months.

In contrast, the parallel market echoed the weakening trend, with the naira exchanging at N1,565 per dollar—down from N1,555 just the day before.

This divergence between the official and black market rates has now widened to N35, a significant jump from the N14 difference recorded on Thursday.

The naira’s volatility continues to pose a challenge for Nigeria’s economic planners and market participants, especially as it affects the cost of imports, investor confidence, and inflationary pressures.

With analysts watching closely, all eyes remain on the central bank’s next move to stabilize the currency amidst mounting economic pressure.

ROAMAN NEWS

Business

Nigeria’s Inflation Drops to 23.18% in February

Published

2 months ago

March 17, 2025

Tunde-Olubo Bukunmi

Nigeria’s inflation rate eased for the second straight month in February, signaling a potential turning point in the country’s fight against rising prices.

According to the latest report from the National Bureau of Statistics (NBS) released on Monday, inflation dropped to 23.18% in February 2025, down from 24.48% in January. This represents a 1.30% decline within the month.

On a year-on-year basis, inflation saw a significant drop of 8.52 percentage points compared to the 31.70% recorded in February 2024.

The NBS highlighted that while the calculation was based on a different reference year, the trend indicates a notable slowdown in price increases.

The month-on-month inflation rate stood at 2.04%, reflecting the pace at which prices rose in February.

The NBS stated:

“In February 2025, the Headline inflation rate eased to 23.18% relative to the January 2025 headline inflation rate of 24.48 per cent.”

“Looking at the movement, the February 2025 Headline inflation rate showed a decrease of 1.30 per cent compared to the January 2025 Headline inflation rate.”

“On a year-on-year basis, the Headline inflation rate was 8.52 per cent lower than the rate recorded in February 2024 (31.70 per cent). This shows that the Headline inflation rate (year-on-year basis) decreased in February 2025 compared to the same month in the preceding year (i.e., February 2024), though with a different base year, November 2009 = 100.”

“Furthermore, on a month-on-month basis, the Headline inflation rate in February 2025 stood at 2.04 per cent.”

The report suggests that while prices are still rising, the pace of increase is slowing, which could bring some relief to households and businesses struggling with high costs.

The decline in inflation follows measures by the Central Bank of Nigeria (CBN) aimed at stabilizing the economy.

The CBN has been tightening monetary policy and working to stabilize the exchange rate to curb inflationary pressures.

In 2024, inflation soared to record levels, fueled by a weakening naira, rising transportation costs, and supply chain disruptions.

The recent moderation in price growth offers a glimmer of hope that these pressures may be easing.

ROAMAN NEWS