Nigeria gets $500m from World Bank to expand fibre network

Today’s Menu ☕️

🧬 Nigeria secures $500 million from World Bank to expand fibre optic infrastructure by 90,000km
🛰️ NigComSat Partners Eutelsat to boost Internet connection in Nigeria
🤖 Google’s Game-Changer: Gemini AI Now Integrated into Workspace at No Extra Cost
👗👘 FARO secures $6 million to revolutionize affordable fashion and combat textile waste across Africa

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🧬 INFRASTRUCTURE

Nigeria secures $500 million from World Bank to expand fibre optic infrastructure by 90,000km

Nigeria’s Minister of Communications, Technology, and Innovation, Bosun Tijani, announced that the World Bank has committed $500 million to finance the country’s ambitious plan to extend its fibre optic infrastructure by 90,000km. This significant development comes just a day after the United States government approved a $2 million grant to support the expansion initiative..

Regarding the installation timeline, Tijani indicated that the project aims to begin trenching the ground for the fibre optic layers in the third quarter of the year, specifically targeting September or October. He noted that projects of this magnitude typically take five to six years to complete...….…continue reading

🛰️ INTERNET CONNECTIVITY

NigComSat Partners Eutelsat to boost Internet connection in Nigeria

In a significant move to expand Nigeria’s internet connectivity, the Nigerian Communications Satellite (NIGCOMSAT), the country’s communications satellite company, has partnered with Eutelsat, a global leader in satellite communications. This strategic collaboration aims to deploy Low Earth Orbit (LEO) satellites, providing high-speed, low-latency internet to underserved regions in Nigeria.

The collaboration will deliver high-speed, low-latency connectivity to diverse sectors, including government, enterprises, and remote communities. It was noted that the services are expected to support critical applications such as mobile connectivity, remote communications, and offshore operations....….…continue reading

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🤖 ARTIFICIAL INTELLIGENCE

Google’s Game-Changer: Gemini AI Now Integrated into Workspace at No Extra Cost

In the age of Generative AI, where OpenAI’s ChatGPT and Microsoft’s CoPilot initially captured the spotlight, Google has reminded the world why it remains a dominant force in technology. With the recent integration of Gemini AI into Google Workspace, the tech giant is making a powerful statement: advanced AI should be accessible to businesses of all sizes.

By embedding Gemini AI into Business Standard and higher-tier plans at no extra cost beyond a modest $2 price increase, Google is not only democratizing AI but positioning itself as a leader in the AI productivity space....…..continue reading

👗👘 FASHION

FARO secures $6 million to revolutionize affordable fashion and combat textile waste across Africa

FARO, a pioneering South African startup, has successfully raised $6 million in funding to make fashion more affordable while addressing the significant issue of textile waste across Africa. This substantial investment round was spearheaded by JP Zammitt, President of Bloomberg, and saw participation from prominent venture capital firms such as Presight Capital and Garage Ventures. Additionally, the round attracted individual investors including Mato Perić (MPGI), Leonard Stiegeler (Pulse), Oliver Merkel (Flink), Vikram Chopra (Cars24), Tushar Ahluwalia (Razor Group), and Daniel Funk, Managing Director of Thiel Capital.

The newly acquired funds will empower FARO to scale its operations and amplify its impact on one of the fashion industry’s most pressing sustainability challenges—textile waste. FARO leverages the paradox of unsold inventory in developed markets and the environmental damage caused by secondhand clothing imports in emerging markets, positioning itself strategically within the burgeoning global resale market.....…..continue reading

 OTHER STORIES

• DOB Equity invests in Ugandan water filter company Spouts International.…….read more

• CBN launches DocFlow and MDAs naira payment solutions as part of the ongoing “Digital First” transformation initiative ……read more

• Conservio secures US$1 million in funding to expand nature-based travel operations…….read more

• Blue Origin successfully launches New Glenn rocket into orbit……read more

OPPORTUNITIES

• The Lagos State Science Research and Innovation Council (LASRIC) calls on bold thinkers and trailblazers to apply for funding and support under its 2024 Innovation Initiative. Deadline = 31st January 2025…..continue reading

• Global payment card network Visa has announced the opening of applications for the fourth edition of its biannual Africa Fintech Accelerator. Deadline = 15th March 2025…….continue reading

• Applications are now open for the Timbuktoo MineTech Accelerator programme, a groundbreaking initiative by the Timbuktoo MineTech Hub aimed at driving innovation in mining technology, empowering startups, and scaling transformative technologies within the African mining sector. Deadline = 13th February 2025…..continue reading

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