GRWM to become a billionaire
Nigeria’s digital creators and entrepreneurs are the next set of billionaires
Happy pre-Friday, Big Brains. I’ve been thinking about how I can quit my job to become a full-time content creator. The only thing that is stopping me right now is my quest for a mysterious billionaire to squeeze $2 billion dollars into my hands. But I have strong reasons to think the minister of comms and innovations is my guy. We’ll know for sure in 2026.
- Margaret
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Reading time ~3 mins
Let’s get into today’s edition:
Tech Minister says Nigeria’s digital sector should be worth billions in 2026
NNPCL seeks new $2 billion oil-backed loan to improve operations
Cameroonian President's daughter publicly comes out, advocates for LGBTQ+ rights
The Big Deal
Tech Minister says Nigeria’s digital sector should be worth billions in 2026
“Where una dey see money?” It’s Nigeria’s digital space, boo. According to the Communications and Innovation Minister, Bosun Tijani , the digital economy sector is expected to generate ₦18.3 billion in revenue by 2026. So if you know any digital entrepreneur or creator, it's smart to keep them around.
This isn’t hard to believe because the World Bank established in 2019 that Nigeria is “well-positioned to develop a strong digital economy, which would have a transformational impact on the country”.
Minister Tijani, who has made it clear that the future is digital, stood on his ten toes and pitched the digital industry to the stakeholders present at the National Digital Economy and e-Governance Bill meeting.
He said, “For those who follow the growth and trajectory of our economy in Nigeria, you should probably know that the ICT sector contributes about 13 to 18 percent of GDP. In Q4 2023 the sector contributed about 16.6 percent of GDP. The digital economy recorded about N5.49 billion in revenue in 2019. This sector is being projected to generate up to N18.3 billion by 2026.”
He also added that the sector has the potential to do more if the government passes the digital economy bill.
Why is this a big deal?
The bill, which passed its first reading in the National Assembly on Monday, is expected to drive EdTech investment in Nigeria, promote digital skills development and create a profitable environment for exchanges of digital services.
According to GetBundi, an online education technology company, about 100 million Nigeria youths lack digital skills. If this bill is passed, there’s a chance that this would change. The benefits are endless – more job opportunities, foreign investments, stronger economy, digital literacy/empowerment and a bigger bag for digital entrepreneurs.
NNPCL seeks new $2 billion oil-backed loan to improve operations
With our pens, we welcome the Nigerian National Petroleum Company Limited (NNPCL) to the growing list of national borrowers. The company is currently seeking a new $2 billion oil-backed loan to invest in their operations and keep business floating.
NNPCL's oil exports have always been one of Nigeria’s biggest revenue generating sources but issues like crude oil theft and high gasoline subsidy has made it difficult for the company to generate much revenue for the government this year.
NNPCL already has a $3.3 billion oil-backed loan through Afreximbank but fuel subsidy costs have worsened the company's financial situation, driving them to seek a new loan to cover more expenses.
President Tinubu removed fuel subsidies last year, causing pump prices to triple. Despite the impact of the removed subsidy, NNPCL left average fuel prices at a little bit above ₦600 naira which is way below market value due to the falling naira and rising global oil prices. So basically, it’s been running at a loss.
Mele Kyari, the company’s CEO, confirmed that the loan is for routine business operations, not a desperate measure. Kyari expects to finalise the deal within two months through partnerships with existing business collaborators.
But the details are still coming together…
We’re not sure which lender will arrange the loan because Afrexim reportedly can't lend more money to Nigeria for now. Some oil companies have stopped selling gasoline to NNPCL because the company has outstanding debts and they've reached their limit.
Cameroonian President's daughter publicly comes out, advocates for LGBTQ+ rights
It’s a few weeks post-Pride month and the gays are still coming out (literally). The 27-year-old daughter of the Cameroonian President, Brenda Biya, has publicly posted a photo of her kissing her girlfriend.
Even though she didn’t officially come out to her parents, she believes it doesn’t get more lesbian than that. She also hopes that she can help change the ban of homosexuality in the country where same-sex relations are punishable by up to five years in prison.
"There are plenty of people in the same situation as me who suffer because of who they are," she said. "If I can give them hope, help them feel less alone, if I can send love, I'm happy."
Brenda Biya said even though the law criminalizing gay relationships has been in place before her father became president in 1982 (yup, you read right), she’s optimistic that sharing her story will help change this legislation.
Her bold action has been applauded by members of the LGBTQ+ community in Cameroon and many are convinced that it could be the end of a painful era for them.
This Week’s Big Question
“If black people could have superpowers, what would you want yours to be?
Andy’s response -”Super speed. Maybe I’d be able to run away from this country without a visa.”
You can also share your response here and if it’s as interesting as Andy's Response, we’ll feature it in the next edition.
The Big Picks
FG Announces 150-Day Duty-Free Import Window For Food Commodities: The Federal Government has introduced several measures, including a 150-day duty-free import window for food commodities, to tackle the rising cost of food prices.
Fuel Scarcity Worsens In Kaduna, Price Hits ₦1,100/Litre: The shortage of Premium Motor Spirit, or petrol, in Kaduna state has worsened, causing pump prices to soar as high as ₦1,100 per litre.
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