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Home Lead-In

Nigeria Improves In Global Internet Speed, Ranks 7th In Africa

by Adekunle Munir
1 year ago
in Lead-In
Reading Time: 2 mins read
Internet
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Nigeria has achieved a notable improvement in its internet speed rankings, emerging as the seventh fastest in Sub-Saharan Africa with an average download speed of 27.62 Mbps. This data comes from the 2024 Worldwide Broadband Speed Report released by Cable.co.uk on Tuesday.
The report, which conducted broadband speed tests across 220 countries, shows Nigeria has moved up from the 133rd position in 2023 to the 132nd spot globally in 2024. In Sub-Saharan Africa, Nigeria trails behind Réunion, South Africa, Eswatini, Rwanda, Mauritius, and Botswana.
Réunion leads the region with an average internet speed of 63.29 Mbps, followed by South Africa at 42.42 Mbps. The average internet speed in Africa stands at 14.99 Mbps, making it the region with the second-lowest internet speed globally.
“50 countries were measured in the second-slowest region, Sub-Saharan Africa, which averaged a download speed of 14.99 Mbps overall. All but two of the countries found themselves in the slowest half of the league table. Going against the trend somewhat were Réunion (63.29 Mbps, 75th), South Africa (42.42 Mbps, 114th), and Eswatini (37.23 Mbps, 120th). Meanwhile, Sudan (4.02 Mbps, 223rd), Central African Republic (4.08 Mbps, 222nd), and Ethiopia (4.45 Mbps, 221st) all fell among the slowest ten countries in the world for average network speed,” the report stated.
Globally, Iceland leads with the fastest broadband speed of 279.55 Mbps, followed by Jersey with 273.51 Mbps and Macao with 234.74 Mbps. The report also noted that 35 countries failed to achieve average speeds of 10 Mbps or greater, considered the minimum required to meet the needs of a typical family or small business by the UK telecoms watchdog Ofcom.
This is an improvement from 48 countries in 2023, 67 countries in 2022, and 94 countries in 2021, indicating significant ongoing speed improvements worldwide.
Nigeria is actively working to increase internet speed and accessibility through its National Broadband Plan (NBP 2020-2025). While some targets in the plan have already been missed, the country is performing well in terms of broadband speed targets. According to the Plan, internet speed in Nigeria was expected to reach 15 Mbps in urban areas and 5 Mbps in rural areas by 2023. The global report confirms that Nigeria has exceeded this target with the 27.62 Mbps recorded.
The improvement in internet speed, though still limited to major cities, is partly attributed to the launch of 5G services by MTN and Airtel. Additionally, Elon Musk’s Starlink has been boosting internet access and speed in the country, delivering over 50 Mbps in both urban and rural areas, according to users.

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Providus Bank has acquired the 34% equity stake held by the Asset Management Corporation of Nigeria (AMCON) in Unity Bank Plc, marking a decisive step toward the long-anticipated merger between the two financial institutions. The deal, valued at about N6.5 billion, saw AMCON offload its decade-old holding in Unity Bank to Providus at a price of N3.18 per share, representing a 110per cent premium to the bank’s prevailing market value of N1.50 on the Nigerian Exchange. Industry analysts said the transaction signals a turning point for Unity Bank, which has faced prolonged struggles with weak capitalisation, rising non-performing loans, and declining market relevance. By transferring AMCON’s strategic stake, they noted, Providus has strengthened its hand as it pushes for regulatory approvals to consummate a full merger. AMCON acquired its Unity Bank stake during the 2011–2012 banking sector clean-up after the global financial crisis exposed balance sheet vulnerabilities across second-tier lenders. Its divestment, according to banking sources, underscores the corporation’s gradual exit from long-held equity positions as it focuses on recovering toxic assets and reducing its systemic footprint. “AMCON’s sale to Providus is significant not just for Unity Bank but for the entire financial system,” said a Lagos-based investment banker. “It shows the government is serious about cleaning up legacy interventions while paving the way for stronger private-sector-led banks.” Unity Bank shareholders are set to benefit from the deal’s pricing structure. At N3.18 per share, Providus’ offer more than doubles the bank’s trading value, giving investors a rare premium exit in a market where bank stocks often trade at steep discounts. For minority shareholders, the merger if approvedcould also unlock value by combining Providus’ niche strength in corporate banking and digital services with Unity Bank’s broader retail and SME base. Providus, one of Nigeria’s fastest-growing mid-tier lenders, is widely seen as using the Unity Bank deal to accelerate its ambition of achieving national bank status. By absorbing Unity’s branch network and customer base, the lender would scale its operations beyond its current limited licence, positioning itself to compete more aggressively with tier-one institutions.  “The synergies are clear,” said a senior Unity Bank executive familiar with the talks. “Providus brings balance sheet strength and digital innovation, while Unity offers reach and brand equity, especially in northern Nigeria.”  Following AMCON’s divestment, the proposed merger will be subject to approval from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and Unity Bank shareholders. Both banks are expected to present a detailed merger scheme in the coming months, outlining share swap ratios, post-merger governance, and capital plans.  Market watchers say regulatory scrutiny will focus on whether the combined entity meets CBN’s revised recapitalisation thresholds, which mandate higher minimum capital bases for Nigerian banks.  The Providus–Unity transaction comes amid a wave of consolidation moves triggered by the CBN’s ongoing recapitalisation drive. Several lenders are exploring mergers, acquisitions, or fresh capital injections to meet compliance deadlines ahead of 2026.  “This is the first big-ticket transaction of the recapitalisation era,” said a financial markets analyst. “It won’t be the last.”
Lead-In

Providus Bank has acquired the 34% equity stake held by the Asset Management Corporation of Nigeria (AMCON) in Unity Bank Plc, marking a decisive step toward the long-anticipated merger between the two financial institutions. The deal, valued at about N6.5 billion, saw AMCON offload its decade-old holding in Unity Bank to Providus at a price of N3.18 per share, representing a 110per cent premium to the bank’s prevailing market value of N1.50 on the Nigerian Exchange. Industry analysts said the transaction signals a turning point for Unity Bank, which has faced prolonged struggles with weak capitalisation, rising non-performing loans, and declining market relevance. By transferring AMCON’s strategic stake, they noted, Providus has strengthened its hand as it pushes for regulatory approvals to consummate a full merger. AMCON acquired its Unity Bank stake during the 2011–2012 banking sector clean-up after the global financial crisis exposed balance sheet vulnerabilities across second-tier lenders. Its divestment, according to banking sources, underscores the corporation’s gradual exit from long-held equity positions as it focuses on recovering toxic assets and reducing its systemic footprint. “AMCON’s sale to Providus is significant not just for Unity Bank but for the entire financial system,” said a Lagos-based investment banker. “It shows the government is serious about cleaning up legacy interventions while paving the way for stronger private-sector-led banks.” Unity Bank shareholders are set to benefit from the deal’s pricing structure. At N3.18 per share, Providus’ offer more than doubles the bank’s trading value, giving investors a rare premium exit in a market where bank stocks often trade at steep discounts. For minority shareholders, the merger if approvedcould also unlock value by combining Providus’ niche strength in corporate banking and digital services with Unity Bank’s broader retail and SME base. Providus, one of Nigeria’s fastest-growing mid-tier lenders, is widely seen as using the Unity Bank deal to accelerate its ambition of achieving national bank status. By absorbing Unity’s branch network and customer base, the lender would scale its operations beyond its current limited licence, positioning itself to compete more aggressively with tier-one institutions. “The synergies are clear,” said a senior Unity Bank executive familiar with the talks. “Providus brings balance sheet strength and digital innovation, while Unity offers reach and brand equity, especially in northern Nigeria.” Following AMCON’s divestment, the proposed merger will be subject to approval from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and Unity Bank shareholders. Both banks are expected to present a detailed merger scheme in the coming months, outlining share swap ratios, post-merger governance, and capital plans. Market watchers say regulatory scrutiny will focus on whether the combined entity meets CBN’s revised recapitalisation thresholds, which mandate higher minimum capital bases for Nigerian banks. The Providus–Unity transaction comes amid a wave of consolidation moves triggered by the CBN’s ongoing recapitalisation drive. Several lenders are exploring mergers, acquisitions, or fresh capital injections to meet compliance deadlines ahead of 2026. “This is the first big-ticket transaction of the recapitalisation era,” said a financial markets analyst. “It won’t be the last.”

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