Business
Mobile Technology, a Catalyst for Innovation and Socio-Economic Development
Mobile Technology, a catalyst for innovation and socio-economic development
By:
Some forty years ago we made the unimaginable possible by enabling people to make voice calls from anywhere. Fast forward to today and there are more mobile subscriptions than the number of people living on our planet.
Communications technology has gone from being a luxury to becoming a basic human need and for millennials and younger, connectivity is now nearly as important as the air they breathe.
We know that connectivity improves lives every day, including the small things many of us now take for granted, like using digital wallets in communities without traditional banking, smartphones to navigate our way across town, wearables to track our health and fitness, to big things that might once have seemed unimaginable, like doctors being able to make an accurate diagnosis of a patient remotely.
Unfortunately, this reality remains a dream for over one-third of the world’s population who are unable to leverage the social, economic, and environmental benefits that accompany broadband connectivity. With the requisite infrastructure investments, ecosystems, and policies, many more people can enjoy these benefits and we can transform the planet.
Digital Acceleration
While earlier generations of mobile networks enabled voice and some basic data connectivity, fourth generation (4G) mobile communications, along with smartphones and their ecosystem of applications spawned a new App economy worth over six trillion US Dollars, or seven percent of global output, and has transformed the way we live, interact, and conduct business.
The trend towards digitalization was accelerated with onset of the Covid-19 pandemic. During these difficult times, we enabled two years of digital transformation in a matter of months. And the pace of acceleration has set the bar for the speed of innovation.
The confluence of the global pandemic and digital acceleration has increased our comfort with online collaboration and communication tools – using technology to shrink distance and simulate physical presence. And while we cannot eliminate the need for human contact, millions of people are now comfortable replacing physical events with virtual ones, opening new possibilities for how we work and live.
Simulation of physical presence online will become part of the new world in what some call the metaverse, and others Web. 3.0. As with the early digital disruption, the asset light industries of entertainment and media are poised to lead this transformation.
Industry Transformation
With 5G, however, the transformation of asset heavy enterprise will usher in a new form of industrialization based on digitalization.
The convergence of digital-physical world will provide a vast number of benefits to product development and creation – allowing control of physical objects in a virtual world. ‘Digital twins’, virtual replicas, will be used in the automation of industry, helping with predictive maintenance in smart factories, and optimizing logistics flows.
Future connectivity will allow real-time collaboration regardless of location and therefore broaden access to expertise and talent pools, wherever they are in the world, making the brain-drain a relic of the past.
Mobile drives economic development
The role of mobile technology as a catalyst for innovation and socio-economic development cannot be overstated. Studies conducted by Ericsson and Imperial College in London have shown the clear link between mobile broadband penetration and GDP growth – a 10 percent increase in the mobile broadband penetration drives 0.8 percent increase in GDP
.
This effect is even stronger in lower-income countries and hence the potential to leapfrog in the economic development by investing in mobile broadband infrastructure.
A catalyst for tackling the climate crises
Despite these economic benefits, digital transformation is also a contributor to the urgent climate challenge that confronts humanity, particularly through the energy consumed by the networks and data centers we build and operate.
While the ICT industry is responsible for 1.4 percent of global carbon footprint, research by Ericsson shows that ICT solutions can enable reductions in global greenhouse gas emissions by up to 15 percent.
Foundational pillars for transformation
We see three foundational pillars for enabling digitalization: the need for a robust and reliable network infrastructure; a conducive regulatory environment to encourage investment; and the evolution and growth of ecosystems.
Digital Transformation requires at its base an infrastructure that is scalable, reliable, dynamic, resilient, and secure, with reduced energy consumption.
Resilient, scalable infrastructure
Fast growing countries in the Middle East like the United Arab Emirates are investing substantially in their infrastructure capabilities to enable economic diversification and growth.
In a bid to diversify their economies, these nations are now investing in greenfield Industry 4.0 initiatives.
Governments must incentivize pervasive, high quality infrastructure deployments. Spectrum price in the short-term should not be prioritized over long term value generated. Advanced countries in the Middle East have led the way on this and it is beginning to pay off in improved performance in many of the global infrastructure leadership indices.
A spectrum policy that drives development
From a government and regulatory standpoint, the biggest lever is the timely availability of ample, cost-effective, and harmonized spectrum. Spectrum is the lifeblood of mobile communications. It is a limited national resource and starving the mobile industry of spectrum will slow down the pace of digital transformation.
It is imperative to maximize spectrum availability and develop a clear, reliable, and long-term timetable for its assignment. Unused or underused spectrum does not add value to any country, and long-term clarity of spectrum licenses is necessary to encourage infrastructure investments.
Furthermore, spectrum license conditions should incentivize investment with the flexibility to use allocated spectrum for multiple technologies to reduce cost and increase agility.
It is critical to uphold the principle of technology neutrality, to stimulate investments in infrastructure and enable innovation.
Ecosystem collaboration
Finally, the ability to work with a broad cross-function of collaborators towards a common goal will become the norm, ending inherited ideas of competition, traditional boundaries, by focusing on true interconnectivity.
Ericsson is committed to open standards that enable mobile innovation to thrive. We will bring together partners across eco-systems to collaborate, innovate and kindle new ideas and evolve ways in which we expose network functions that enable digital innovations to scale.
However, a country must ensure technology neutral policies so they can leverage the innovation brought by new generations of technology.
An opportunity to leap-frog development
Digital Transformation affords emerging economies a massive opportunity to be major players in the upcoming 4th industrial revolution based on world-class digital infrastructure and platforms for innovation.
Governments, regulators, telecom industry and application ecosystems have key roles to play in enabling this step-change in development.
Business
Access Bank Group, Aig-Imoukhuede Foundation Pledge $300m to Transform Africa’s Economic Landscape
“We can’t wait to be saved; Africans need to solve Africa’s problems. This $300 million commitment reflects this reality’’ – Aig-Imoukhuede
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The Aig-Imoukhuede Foundation and Access Bank Group have pledged $300 million in charitable commitments over the next 20 years. Access Bank has committed $200 million and Aig-Imoukhuede Foundation committed $100 million.
President Paul Kagame, President of the Republic of Rwanda and Aigboje Aig-Imoukhuede, Chairman, Access Holdings PLC, at the Africa CEO Forum 2024 in Kigali…Thursday.
This will fund African government initiatives with a proven potential to transform national economic performance.
Speaking about the commitment, Aigboje Aig-Imoukhuede, Chairman, Access Holdings and Co-Founder, Aig-Imoukhuede Foundation, said, “We can’t wait to be saved, Africans need to solve Africa’s problems. This $300 million commitment reflects this reality.”
President Paul Kagame, President of the Republic of Rwanda and Aigboje Aig-Imoukhuede, Chairman, Access Holdings PLC, at the Africa CEO Forum 2024 in Kigali…Thursday.
Appropriately, this announcement was made at the Africa CEO Forum 2024 in Kigali, Rwanda, where the theme of this year’s event is ‘At the table or on the menu?’. At the event, CEOs from across the continent joined to discuss how Africa can demand a seat at the global table, rather than continuing to wait to be invited.
The fund will see the creation of an African-led Super NGO in partnership with academics, experts and philanthropists across the globe who are committed to closing the gap between Africa and the rest of the world. The NGO will work with African governments to provide the funding, governance and talent required to successfully execute game changing government reform programs, especially in the delivery of digital public infrastructure.
The development comes at a time when Ajay Banga, President of the World Bank, has warned wealthy countries that it would be short-sighted to “ignore” Africa. This landmark Africa-led initiative could not have been better timed.
Aigboje Aig-Imoukhuede, Chairman, Access Holdings PLC and Co-founder, Aig-Imoukhuede Foundation and Ofovwe Aig-Imoukhuede, Co-founder, Aig-Imoukhuede Foundation, on the sidelines of the Africa CEO Forum 2024 in Kigali…Thursday.
“We African leaders cannot sit back and watch the 4th Industrial Revolution transform the rest of the world while leaving Africa falling further behind. We have to create our own ‘table’ by using technology to unlock the power of our youth, giving Africa a greater voice in the world. It’s today’s leaders who will determine whether or not we grab this opportunity,” Aigboje Aig-Imoukhuede continued.
The availability of digital public infrastructure is a proven and cost-effective way for developing nations to break free of the status quo. It provides citizens with access to the same public goods and services available to citizens of advanced nations.
The India Stack has become a shining example of what can be achieved when visionary public and private sector leaders partner for development.
The Access Bank and Aig-Imoukhuede Foundation inspired NGO will make such partnerships a reality and delivering measurable improvements to the lives of Africans across the continent.
Notes to Editor:
For media inquiries, please contact:
communication@aigafrica.org or +234 808 5716 788
mediarelations@accessbankplc.com or +234 803 320 4315
ABOUT THE AIG-IMOUKHUEDE FOUNDATION
The Aig-Imoukhuede Foundation is a public sector-focused philanthropic organisation founded by Aigboje and Ofovwe Aig-Imoukhuede to improve the lives of Africans through transformed public service delivery and increased access to quality primary healthcare. The Aig-Imoukhuede Foundation accomplishes its mission by supporting the reform initiatives of public sector entities, providing financing, technical support, and capacity-building programmes and resources for the public sector workforce. The Foundation also provides funding and strategic support to drive the work of affiliate organisations such as Africa Business Coalition for Health (ABC Health), the Private Sector Health Alliance of Nigeria (PSHAN), the Nigerian Solidarity Support Fund (NSSF) and others.
For more information, please visit www.aigimoukhuedefoundation.org.
Business
AIGBOJE AIG-IMOUKHUEDE APPOINTED PRESIDENT OF FRANCE NIGERIA BUSINESS COUNCIL
AIGBOJE AIG-IMOUKHUEDE APPOINTED PRESIDENT OF FRANCE NIGERIA BUSINESS COUNCIL
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
At the esteemed Choose France Summit 2024, held on Monday, May 13, 2024, Aigboje Aig-Imoukhuede, the Chairman of Access Holdings PLC, was formally appointed as the President of the France Nigeria Business Council (FNBC) by the President of the French Republic, President Emmanuel Macron.
Aigboje Aig-Imoukhuede having a handshake and a tête-à-tête with President Macron at the Council’s meeting with the President, and Gilbert Chagoury looking on.
The France Nigeria Business Council (FNBC) stands as a pivotal coalition of Nigerian private sector business leaders, committed to enhancing bilateral relations between Nigeria and France. Its core objectives revolve around the facilitation of trade, investments, infrastructural development, job creation, and cultural integration between the two nations.
Since its establishment in June 2021 under the auspices of President Emmanuel Macron, the FNBC has diligently utilised its member network to champion investments across key business sectors, fostering cultural understanding and driving economic growth between Nigeria and France. Notably, it has catalysed Nigerian businesses’ ventures into investment opportunities within France.
Comprising 13 distinguished members, the Council boasts prominent figures including Aigboje Aig-Imoukhuede (President), Abdul Samad Rabiu, Gilbert Chagoury, Mike Adenuga, Aliko Dangote, Jim Ovia, Tony Elumelu, and John Coumantaros. Additionally, Kola Karim, Leo Stan Ekeh, Daisy Danjuma, Gbenga Agboola, and Jean Haas serve as integral members, with Jean Haas holding the position of Secretary.
Aig-Imoukhuede’s appointment follows the passing of Herbert Wigwe, the Council’s former President, in February 2024.
Aigboje Aig-Imoukhuede having a handshake and a tête-à-tête with President Macron at the Council’s meeting with the President, and Gilbert Chagoury looking on.
The Choose France Summit is an annual gathering that convenes business magnates, investors, and governmental dignitaries to explore investment prospects within France. The highlight of the Summit was the Presidential Dinner, characterised by high-level engagements and mutual commitments between participating parties.
Business
ACCESS BANK (SL) LTD STRENGTHENS LEADERSHIP TEAM WITH KEY BOARD APPOINTMENTS, NAMES NEW CHAIRMAN
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Access Bank Sierra Leone Ltd (‘Access Bank (SL) Ltd’) has announced the appointment of new executives to its Board of Directors (‘the Board’), further strengthening its leadership team and advancing the implementation of its growth and transformation strategy.
These appointments also reflect the Bank’s commitment to fostering growth and development while maintaining the highest standards of governance and stewardship.
Joining the Board as Non-Executive Directors are Maurice Nathaniel Cole, Nsikak N. Usoro, Michala Mackay, Ibrahim Khalil Lamin, and Kolawole Augustine Ajimoko.
The appointees boast a wealth of expertise from diverse sectors, including banking, telecommunications, corporate governance, compliance, and finance. Their combined experience and vision will contribute to shaping the future trajectory of Access Bank (SL) Ltd.
Cole will serve as Chairman, following the exit of Alice Marie Onomake and will bring his experience to the fore as Access Bank (SL) Ltd works to consolidate its market position and deliver value for all its stakeholders.
“We are thrilled to welcome our new executives to Access Bank (SL) Ltd,” said Ganiyu Sanni, Country Managing Director, Access Bank Sierra Leone Ltd. “Their leadership and vision will be invaluable as we navigate through challenges and pursue sustained success. We extend our gratitude to outgoing Chairman, Alice Marie Onomake, and Non-Executive Director, Aminata B. Dumbuya, for their dedicated service and contributions to the Bank.”
Access Bank (SL) Ltd remains committed to excellence, transparency, and accountability as it embarks on this exciting new chapter. The Bank looks forward to leveraging the collective expertise of its leadership team to drive innovation, foster growth, and create lasting impact for its customers and communities.
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