• Tuesday, April 23, 2024
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Five things to know to start your Friday


LASG commends MAFAB for launch of 5G network in Lagos

Babajide Sanwo-Olu, the Executive Governor of Lagos State, has commended MAFAB Communications Limited for launching the 5G network in Lagos State after acquiring the licence a year ago from the Nigerian Telecommunication Commission, making the state the first launchpad after Abuja.

Sanwo-Olu, who was represented by Hakeem Fahm, the Commissioner for Science and Technology, gave the commendation on Thursday at the launch of the network in Lagos, saying that the launch will bring his Smart City dream closer to reality.

The governor said the launch was a major achievement in the nation’s technology and telecommunications journey.

According to Sanwo-Olu, the state government sincerely commends the chairman of the Althani Group, of which MAFAB is a subsidiary, and the organisers of the event for the epochal event that ushered in a new age of technology.

“Though the 5G network is relatively new in the telecommunications industry, MAFAB Communications Limited has recorded a milestone achievement in the tech space with the launch of the 5G network.

‘’I want to commend the management of MAFAB Communications for working hard to deliver this next-level technology that outguns the 4G network by a very wide margin,’’ he said.

Read also: Mafab Communications 5G network set to go live in 6 cities

Lekki Deep Seaport to boost non-oil revenue — NEPC

Ezra Yakusak, the Executive Director and CEO of the Nigerian Export Promotion Council (NEPC), said that the Lekki Deep Sea Port, which was recently commissioned by President Muhammadu Buhari, will boost Nigeria’s non-oil exports.

In a statement issued on Thursday by Ndubueze Okeke, head of corporate communications at NEPC, Yakusak said that the development, which came on the heels of tremendous performance recorded in the non-oil export sector in 2022, would help decongest the Apapa port.

“This development comes on the heels of the tremendous performance recorded in the non-oil export sector in 2022, in which the sector recorded a significant result of 4.820 billion dollars in 2022, representing an increase of 39.91 percent over 2021.

“The Lekki Deep Sea Port will not only provide jobs, directly and indirectly along the value chain but will further ease the perennial congestion at the Apapa Ports and thereby enhance the export drive of the country.

“It will also guarantee seamless trade facilitation.

“Having been designated a customs port, all is now set for commercial vessels to berth and clear cargo at the port, which is reported to be the country’s first deep sea port and its first fully automated as well,” Yakusak said.

Japan, Netherlands to join US in restricting chip equipment exports to China-Bloomberg

As the diplomatic and trade relationship between the United States and China worsens, Japan and the Netherlands have entered the trade war as they plan to join the United States in restricting exports of semiconductor manufacturing equipment to China, Bloomberg News reported.

Bloomberg, citing people familiar with the matter, said that talks between the countries, which have entered an advanced stage, will conclude as early as Friday, with the Netherlands restricting ASML Holding NV from selling machines to China used to make certain types of advanced chips.

Japan would impose similar restrictions on Nikon Corp., the report said.

This restriction by Japan and the Netherlands will be a major win for U.S. President Joe Biden’s administration, which in October announced sweeping restrictions on Beijing’s access to U.S. chipmaking technology to slow its technological and military advances.

Intel sees more losses as PC makers sharply cut chip buying, shares slump

Computer chip maker Intel Corp. said on Thursday that it expects to lose money in the current quarter, surprising investors with a bleaker-than-expected outlook for both the PC market and slowing growth in its key data centre division.

The company’s shares fell 7 percent in trading after the bell.

Reuters reported that two of Intel’s most important markets are showing signs of weakness after two years of strong growth as remote work boomed during the pandemic.

However, with slowing demand for data centres and consumer electronics, the PC industry has struggled to keep up with the drop in chip demand.

“We expect some of the largest inventory corrections literally that we’ve ever seen in the industry taking place that’s affecting the Q1 guide in a meaningful way,” Intel Chief Executive Pat Gelsinger told Reuters.

UK’s Hunt to prioritize to half inflation – The Telegraph

The Telegraph, a British tabloid, reported on Thursday that British Finance Minister Jeremy Hunt will prioritise halving inflation in the UK, sticking to his previous plan.

Hunt said last week that he plans to reject calls from some Tory MPs to bring forward tax cuts while adding that tough decisions on public spending will be required, the report said. This is according to Reuters.