GRBusiness
Africa’s Digital Economy poised to explode as regional integration opens new markets


BY: Ikenna Oluka
With Africa’s digital economy taking off exponentially, the continent must ready itself to maximize the potential dividends of the Continental Free Trade Area agreement, panel members told a packed auditorium in Kigali at the opening of Transform Africa Summit 2019 on Tuesday.
Key to this effort will be connectivity, data and digitization and innovation among others, conference attendees heard.
“Africa can achieve a digital single market…It is a journey and we need to break it up into doable bits, “African Development Bank Vice-president, Private Sector, Infrastructure and Industrialization Pierre Guislain, said, adding that the European Union had demonstrated that it could be achieved.
Other members of the panel Lacina Kone, Director General / CEO of Smart Africa, the conference organizers, Fatoumata Ba, CEO Janngo, Nic Rudnick, CEO Liquid Telecom Group and Elsie Kanza, Head of Africa, World Economic Forum, shared similar sentiments.
This year’s summit which is themed Boosting Africa’s Digital Economy, aims to showcase success stories in the African digital economy and promote homegrown businesses, innovations, solutions and partnerships.
In a special intervention from the audience, World Bank Digital Director Dr. Boutheina Guermazi said:
“ICT and digital literacy is not a luxury. It is an integral part of how we view development,” adding that the foundations of the digital economy – connectivity, data and voice, would depend on a fully integrated digital infrastructure.
With the ratification of the Africa Continental Free Trade Area, the possibility of new markets offer tantalizing new avenues for tech start-ups and e-businesses and a combined GDP of over $600 billion.
The internet has opened doors to access information and technology, a key component of accelerating the pace of the digital economy and connecting markets. Interconnection and interoperability create bigger markets which in turn attract investors.
The mobile phone industry is an example of the dynamism of the sector in Africa. Mobile phone subscriptions have grown in Africa from 87 million in 2005 to 760 million in 2017, growing 20% per annum. This is the fastest growing market in the world as well as the one with the most potential. Mobile network coverage ranges from 10 to 99% in Africa – an average of 70%.
Africa’s pioneering efforts in the FInTech space are illustrated by the fact that around half the world’s mobile money providers operate in sub-Saharan Africa, where as many as 80% of adults have a mobile phone. By 2020, the value of Africa’s mobile money industry is projected to top $14bn.
Single window schemes and One Stop Border Posts will accelerate intra-African trade, Guislain said, but openness and competition need to be promoted and defended. Indeed, some vested interests may fear this openness and do whatever they can to keep it from happening. We need to measure the speed of movement along Africa’s major trade corridors and ensure any remaining bottleneck gets removed, he added.
Africa also needs more private sector African champions – companies that have done well nationally and are ready to expand regionally and beyond.
“Business needs to be more of a driver. Domestic African private sector needs to go outside its borders to develop value chains…Africa has shown it can deliver,” Guislain said.
The 2019 Summit aims to provide practical ways to advance the commitments of African governments and partners to transform Africa into a fully digitized economy where technology is harnessed to fully reap the benefits of Pan-African integration efforts.
The Summit was formally opened by Rwandan Prime minister Dr. Ngirente Edouard, who talked about Rwanda’sambitious plan to prioritize digital literacy for all youth by 2024. “We expect to achieve at least 60% by 2024,” he said.
Bank President Akinwumi Adesina will attend the official opening of the summit on Wednesday by Rwandan President Paul Kagame.
An estimated 4,000 visitors from over 90 countries are expected for the three-day meeting which has become the continent’s premier digital technology summit. The next two days will see the launch of a Smart Africa Digital Economy Mapping Report, and a Smart Africa Women’s summit as well as several interactive plenaries.
SOURCE: African Development Bank (AfDB)
Finance
Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness
By ORJI ISRAEL


President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.
The tool is expected to make compliance easier and improve transparency in the system.
In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.
“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.
Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.
The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.
Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.
Energy
President Tinubu Commissions WAGL’s 40,000 CBM LPG Vessel in South Korea
…Lauds Company’s Partners for Expanding Africa’s Role in Clean Energy


President Bola Ahmed Tinubu says Nigeria is poised to deliver clean and sustainable energy solutions not just in-country but also across Africa and beyond.
The President made the remarks today at the commissioning ceremony of a 40,000 cubic meters (CBM) Liquefied Petroleum Gas (LPG) vessel, christened “MT Iyaloja (Lagos),” in Ulsan, South Korea.
The vessel owned by WAGL Energy Limited (an NNPC Ltd. /Sahara Group Joint Venture) is a dual-fuel, fully refrigerated LPG carrier. This latest addition brings WAGL’s total LPG vessel capacity to 162,000 CBM. Other vessels in the fleet include MT Africa Gas, MT Sahara Gas, MT BaruMK, and MT Sapet.
Represented by the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, the President commended WAGL Energy Limited, NNPC Limited and Sahara Group, for their strategic foresight, technical excellence and unwavering dedication to expanding Africa’s role in the global clean energy value-chain.
In his remarks, Group Chief Executive Officer (GCEO) of NNPC Ltd., Engr. Bashir Bayo Ojulari, described WAGL’s LPG Vessel as a great addition to gas development efforts in Nigeria.
The GCEO, who was represented by the Executive Vice President, Gas, Power & New Energy, Mr. Olalekan Ogunleye, added that the vessel will be crucial in realising the impact of gas in Nigeria’s economic development.
According to him, NNPC Ltd. is deepening its commitment to ensure LPG affordability, availability and access, nationwide.
“NNPC Ltd. is proud to be a major shareholder in this indigenous Company which in addition to the newly commissioned MT Iyaloja (Lagos), owns four (4) other LPG vessels in its growing fleet, delivering over 6 million MT of LPG across West Africa over the last 5 years,” he added.
Also speaking, WAGL’s Chairman/Executive Director at Sahara Group, Mr. Temitope Shonubi, noted that the company’s expansion demonstrates its vision of responsibly driving efforts aimed at bridging the continent’s critical energy infrastructure gap.”
“The addition of MT Iyaloja (Lagos) embodies the spirit of progress and empowerment championed by the iconic Alhaja Abibatu Mogaji, whose legacy we honour. Sahara Group is proud of its partnership with NNPC Ltd. and reaffirms its commitment to partnerships that drive energy access in Africa,” he added.
WAGL’s Managing Director, Mr. Mohammed Sani Bello stressed that the company is dedicated to expanding its integrated supply network across the entire energy value chain.
“WAGL already has plans to further expand the fleet within the next two years with the addition of a Small Gas Carrier and a Very Large Gas Carrier (VLGC),” he added.
The symbolic ribbon cutting of MT Iyaloja (Lagos) named in honour of Alhaja Abibatu Mogaji, MFR, (the late mother of President Bola Ahmed Tinubu), was performed by her grand-daughter, the Iyaloja-General of Nigeria, Alhaja Folasade Mujidat Tinubu-Ojo.
Transport
Tinubu Approves N16.7bn for Immediate Reconstruction of Mokwa Bridge


President Bola Tinubu has approved the release of N16.7 billion for the immediate reconstruction of the Mokwa Bridge in Niger State, which was destroyed by flooding in May this year.
The Minister of Information and National Orientation, Mohammed Idris, announced this in Abakaliki on Saturday after a meeting with the Minister of Works, Senator Dave Umahi.
Idris, who is leading a Federal Government delegation on a three-day tour of projects and citizen engagements in the South-East, said the approval underscores the administration’s responsiveness to urgent infrastructure needs.
“We want to thank Mr. President and we want to thank the Honourable Minister of Works. We jointly discussed this and approached Mr. President, who graciously approved it. It means a lot to the people. It’s N16.7 billion to reconstruct the bridge — a 10-span bridge,” he stated.
The Minister also commended Senator Umahi for his swift response in the wake of the disaster, including dispatching experts to assess the damage shortly after the bridge was washed away.
According to Idris, the approval for the bridge reconstruction will be “music to the ears of the government and people of Niger State.”
In his remarks, the Minister of Works, Senator Umahi, said President Tinubu is a compassionate and listening leader, who is committed to solving the challenges confronting the citizens.
“The President approved the immediate reconstruction of the bridge as requested by the Honourable Minister. He graciously approved because of him,” he said.
Senator Umahi said the latest round of approvals for provision of infrastructure cuts across all the geo-political zones of the country.
He listed some of the approvals to include: the reconstruction of the washed-away 5-span bridge in Wukari, Taraba State; the Lokoja Bridge; the permanent repair of the washed-away section of the Afikpo in Ebonyi to Abia and Imo State; the Keffi Flyover Bridge; the Jebba Bridge in Kwara State; seven bridges in Edo State; and a bridge in Kebbi State.
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