September was busy for the tech space, with funding and expansion in the creative sector and connectivity, and the FIRS e-Invoice plan. In this September 2024 Tech Digest, Olaniwun Ajayi LP’s Tech Innovations and Fintech team presents its Technology News Highlights. They summarise events and developments in the Nigerian and African technology space during the month.
Key stories in the September 2024 Tech Digest
FG awards NGN200 million in grants to 55 researchers
The Federal Government has granted NGN200 million to 55 Nigerian researchers and innovators. The funding runs through two programmes: the Nigeria Artificial Intelligence Research Scheme (NAIRS) and the Fourth Industrial Revolution Technology Application (4IRTA). The recipients work across health care, finance and education. (Nairametrics, 5 September 2024)
Lagos engages IHS Towers and WIOCC on fibre duct expansion
IHS Towers and West Indian Ocean Cable Company (WIOCC) are negotiating with the Lagos State Government to complete a 6,000 km fibre duct network. The initiative aims to fix inconsistent fibre deployment by telecom and utility companies. (Tech Cabal, 6 September 2024)
NITDA launches N11 million digital innovation competition
The National Information Technology Development Agency (NITDA) has launched the 2024 Digital Innovation Challenge to tackle infrastructure challenges through technology. The competition is open to all Nigerian citizens and runs from 11 September to 23 October 2024. (Nairametrics, 12 September 2024)
FG plans $100 billion a year from the creative economy
The Ministry of Arts, Culture and Creative Economy plans to create over 2 million jobs and generate $100 billion from the creative industry. To get there, it has set out 14 initiatives under four pillars: Technology, Infrastructure and Funding, International Culture Promotion and Intellectual Property Monetisation. (Nairametrics, 12 September 2024)
NCC deploys a device management system for all mobile phones
The Nigerian Communications Commission (NCC) has introduced the Device Management System (NCC-DMS), a central equipment identity register for all Mobile Network Operators. It aims to curb unapproved devices, phone theft and fraud involving mobile devices. (Nairametrics, 12 September 2024)
FIRS to introduce an e-Invoice system
The Federal Inland Revenue Service (FIRS) plans a digital system for managing invoices to improve tax administration and compliance. The plan aligns with the Tax Administration and Enforcement Act of 2007 and FIRS’ wider digital transformation strategy. The system should allow real-time validation and storage of transactions. (The Guardian, 18 September 2024)
NCC moves to use 6GHz spectrum to boost internet speed
The NCC plans to use the 6GHz spectrum to improve internet speed. The move addresses capacity limits in the 5GHz and 2.4GHz bands, and should reduce congestion and support the new WiFi 6 standard. (TechInAfrica, 19 September 2024)
E-payments hit N89.5 trillion in July 2024
According to NIBSS, Nigeria recorded N89.5 trillion in transactions on the NIBSS Instant Payment platform in July 2024, its highest monthly figure. That is an 89% rise on July 2023. The number of transactions grew 22% year on year, from 743 million to 907 million. (TheCable, 25 September 2024)
Africa Finance Corporation backs Itana’s $100 million digital economic zone
Africa Finance Corporation plans to lead financing of Itana’s $100 million Digital Economic Zone. It will sit in Alaro City in Lekki, Lagos, with an online jurisdiction. The zone will serve global technology, finance and service businesses operating across Africa. (Nairametrics, 30 September 2024)
Notable acquisition in September
Nigerian wealthtech Rise acquired Hisa, a Kenyan investment company. After the Kenyan Capital Markets Authority approved the deal, Rise gained the right to operate in Kenya.
For the following month, see our October 2024 Tech Digest. To read the full September 2024 Tech Digest, use the download button below.
