Business
NCC Pushes for Presidential incentives to attract smartphone manufacturing to Nigeria
The Chairman of the Governing Board of the Nigerian Communications Commission (NCC), Idris Olorunnimbe, says he will seek presidential incentives to encourage global smartphone manufacturers to establish production facilities in Nigeria.
Speaking after the Digital Africa Summit Roundtable in Shanghai, China, Olorunnimbe said investors that begin factory construction before November would receive government backing, with the NCC helping to facilitate the necessary policy and regulatory support.
He said domestic smartphone production would reduce dependence on imported devices, create employment opportunities and strengthen Nigeria’s manufacturing sector while making smartphones more affordable.
According to him, producing devices locally would also reduce the impact of foreign exchange volatility on handset prices, improving access to smartphones for millions of Nigerians.
Olorunnimbe stressed that locally made phones must match international standards in quality and remain competitively priced to gain consumer confidence and compete with imported brands.
He added that stronger device regulation and expanded instalment payment options would protect consumers, improve smartphone ownership and support the country’s digital economy growth.
The post NCC Pushes for Presidential incentives to attract smartphone manufacturing to Nigeria appeared first on Business Today NG.
Tony Elumelu played a supreme role in getting investment bank Afrinvest back on track in 2011 after the global financial meltdown pushed the investment bank to the brink, its chief executive recalled in a letter to the tycoon seen by PREMIUM TIMES.
The multisectoral magnate, who is the top shareholder of United Bank for Africa, the Transcorp Group, and Seplat Energy, granted a soft loan of $1 million to Ike Chioke, the CEO of the financial institution, as a mark of urgent support when the firm direly needed the cash to recapitalise, the latter said.
“Fifteen years ago, Afrinvest was navigating one of the most challenging periods in its history, as we struggled to rebuild and recapitalise the business in the aftermath of the global financial crisis,” Mr Chioke said.
“At that critical juncture, when the future was far from certain, you made the remarkable decision to lend me US$1 million of your personal funds. You placed your confidence not simply in the prospects of a business but in me as an individual, my integrity, my determination and my conviction that Afrinvest could emerge stronger from adversity.”
This June, Mr Chioke eventually completed the repayment of the credit, according to the letter, describing the gesture as an extraordinary act of friendship, generosity and trust.
READ ALSO: Afrinvest repays undocumented $1 million from Elumelu with interest
Mr Elumelu, whose economic vision is anchored on what he calls “Africapitalism” – an investment philosophy that prioritises the private sector’s role in democratising the wealth Africa needs to power large-scale growth, has been involved in active philanthropic initiatives on the continent.
In March, his foremost charity project, the Tony Elumelu Foundation, turned sixteen, and he said the initiative had disbursed over $100 million in seed capital to 24,000 entrepreneurs in Africa and created more than 1.5 million jobs over the period.
The foundation expects to fund an additional 3,200 entrepreneurs this year, it said in September.
Mr Chioke applauded the profound impact Mr Elumelu’s financial assistance has had on Afrinvest, notably transforming it into a diversified regional financial services group with an expanding universe of clients and operations in asset management, investment banking, research & consulting, and securities trading.
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