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Telecom Sector Depletes Forex by $10.8bn in Five Years

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Telecom Sector Depletes Forex by $10.8bn in Five Years

Nigeria lost $10.8bn in the last five years to capital flight in the telecommunications sector amid lingering foreign exchange scarcity in the country.

In its ‘National Policy for the Promotion of Indigenous Content in the Nigerian Telecommunications Sector,’ the Nigerian Communications Commission said the annual outflow of forex for the sector amounted to about $2.16bn.

The document said, “According to available statistics provided by the leadership of the Association of Telecommunications Companies of Nigeria, the annual outflow of foreign exchange for the telecommunications sector amounts to approximately $2.16bn.

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The statistics were based on the average annual reports of a sample of industry players in the telecommunications space over a five-year period.

Recall that The Minister of Communications and Digital Economy, Isa Pantami, had in October 2020 said as part of efforts to promote indigenous content, the ministry had developed a policy for promoting indigenous content in the telecom sector to complement similar efforts that focused on the information technology sector.

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Entertainment

Rapper Dave Secures Chart Success with Second Album ‘We’re All Alone in This Together’

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Rapper Dave Secures Chart Success with Second Album ‘We’re All Alone in This Together’

English Rapper David Orobosa Omoregie, professionally known as Dave, has claimed his second number one album after We’re All Alone In This Together’album debuted at the top of the UK albums chart.

The rapper earned the biggest opening week of 2021 so far with 74,000 chart sales, comfortably beating Olivia Rodrigo, whose debut secured 51,000 in its first week.

The 23-year-old from Streatham, south London, also claimed the biggest opening week for a hip-hop and rap album in more than a decade, since Tinie Tempah’s debut Disc-Overy in October 2010.

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Vinyl, CD and cassette made up 56% of the sales, while 44% were from streams, including 38.5 million plays across the album’s 12 tracks, according to the Official Charts Company.

Dave’s sophomore album has received widespread acclaim for its combination of social commentary, wordplay and sparse electronic production.

It comes after his 2019 debut Psychodrama which won both the Mercury Prize and Brit Award for album of the year, topped the UK albums chart and received numerous five-star reviews.

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President Buhari Felicitates with Moroccan King on His 22nd Anniversary

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President Buhari Felicitates with Moroccan King on His 22nd Anniversary

President Muhammadu Buhari has felicitated with King Mohammed VI of Morocco on the 22nd anniversary of his ascension to the throne.

The president, in a release Friday by his Media Adviser, Femi Adesina, wished the king, on behalf of himself and the people of Nigeria, good health and prosperity.

President Buhari observed that under the King’s reign Morocco has witnessed very impressive economic and social development, while significantly contributing to the advancement of regional peace, stability and development.

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“We value the excellent fraternal relations between our two countries and look forward to building on the progress so far achieved under our renewed bilateral relation,’’ the President said.

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Nigeria’s Government Vows to Sustain Policies Aimed at Reducing Trafficking

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Nigeria’s Government Vows to Sustain Policies Aimed at Reducing Trafficking

The Government of Nigeria has reiterated its commitment to improving diplomatic ties with other countries, most especially the ones in the middle east to reduce the number of Nigerians who fall prey to human trafficking in those parts of the world.

This message was delivered by the Minister of Humanitarian Affairs, Sadiya Umar Farouk, represented by the Permanent Secretary of the ministry, Bashir Nura Alkali at an event organized by the National Agency for the Prohibition of Trafficking in Persons to mark the “World Human Trafficking Day” in Abuja.

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The Minister while describing the conditions of many Nigerians in the diaspora as appalling said the giant strides of the Federal Government at empowering youths and women through various schemes like the N-power program are meant to dissuade Nigerians from embarking on treacherous journeys abroad.

She further stressed that the Federal Government frowns at recruiters of labour who exploit rather than harness the human resources at their disposal in the country.

The Director General NAPTIP, Imaan Suleiman Ibrahim represented by Director, Legal and Prosecution, Hassan Tahir said the agency continues to actively collaborate with other agencies to nip human trafficking in the bud in Nigeria.

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