The initial fiber duct project, which kicked off in 2020, was delayed due to contractual disputes between Lagos State and the contractor, Western Telecoms and Engineering Services Limited. 

Alake declined to comment on the specifics of the disagreement.

“The department handling the project is not under my ministry, but there are plans to relocate them to the Ministry of Science and Technology,” he said. 

Western Telecoms had previously laid 2,700km of fiber duct and cables between 2020 and 2022. The company secured connectivity deals with major telecom operators, including MTN Nigeria, Airtel, Liquid Telecom, MainOne, Dolphin Telecoms, Swift, and Spectranet. Over 1,000 MTN and Airtel base station sites were successfully connected to the fiber infrastructure. 

However, the project failed to meet its 2023 deadline for completion.

Fidelity Bank and other financial institutions provided the initial funding for the 6000km project, estimated to cost $200 million. Alake did not disclose the cost of the expansion which will be funded by WIOCC and IHS.

A WIOCC spokesperson confirmed the talks but declined to comment on the financial commitments involved.

IHS did not immediately respond to requests for comments. 

Home to over 521 startups and headquarters of different multinationals, improving internet quality is vital for the economic growth of Lagos. However, with only 7,864.50 km of fibre deployed out of the needed 36,000 km, high-speed internet remains a challenge. The state aims to attract more investment using fibre ducts to protect the infrastructure.

The Lagos State fiber duct project is part of a broader “Dig-Once” policy launched in 2020 to solve inconsistent fiber deployment by telecom and utility companies. 

Frequent vandalism of fibre cables and cuts from road construction have plagued the existing network. With the dig-once framework in place, construction workers in the state can avoid damaging fiber installations, enhancing the reliability of telecom services.

Popular in regions like the Eurozone and the U.S., and gaining traction in emerging markets, dig-once policy aims to install robust, long-lasting ducts that protect fiber cables. Fiber cables typically last 20 to 25 years, but the ducts themselves can endure for 25 to 50 years, providing a cost-effective and sustainable solution for future infrastructure.

Lagos is not alone in embracing the dig-once policy. Osun State, the Federal Capital Territory (FCT), and Cross River State have adopted similar strategies. 

For Alake, the time is ticking as the project needs to be delivered by 2027 when the current administration leaves office. 

The licences include an Internet Service Provider (ISP) license, a National Long Distance license, and a Sales and Installation Major license. All three licences were awarded to Airtel Nigeria Telesonic Limited, a subsidiary of Airtel. 

While Airtel Nigeria could have operated in the ISP market using its Unified Access Service Licence (UASL), securing a standalone ISP license appears to be a strategic move to bolster its dwindling revenue in the Nigerian market–Airtel Africa reported a $13 million loss in H1 2024. 

The National Long Distance license, valid for 20 years, will allow Airtel Africa to provide telecommunication service over a long distance network – MTN already got into the business through its subsidiary Bayobab. The Sales and Installation license, valid for five years, permits the subsidiary to sell, install, and maintain telecommunications infrastructure.

Although Airtel Nigeria Telesonic Limited was incorporated on August 26, 2022, and launched on February 13, 2024, it has not officially begun operations. One person familiar with the matter said internal processes, including mapping the size of the investment and the logistics needed, must be completed before operations begin.

“Getting the licences is like a bank launching a fintech subsidiary,” said a telecom executive who asked not to be named. 

“By keeping it separate, Airtel Nigeria can act as a wholesale supplier to Telesonic, which holds the ISP license. This arrangement allows Airtel to report revenue as a wholesale supplier, while Telesonic reports the bandwidth costs, effectively reducing their tax liabilities by lowering gross profits.”

Airtel Nigeria did not respond to a request for comments. 

Airtel Nigeria is the latest entrant into the competitive ISP market. Competitors like MTN Nigeria and Globacom have made significant inroads since launching their ISPs in 2022 and 2024, respectively. The market is dominated by players like Spectranet, FiberOne, and Starlink. Airtel’s move could invigorate a market that has seen numerous exits due to the harsh operating environment driven by inflation and FX volatility.

However, this expansion may be constrained by its cost-reduction measures. The company is reportedly renegotiating contracts with tower companies to reduce its foreign exchange exposure, suggesting that it may not have substantial funds to invest in its new subsidiary.

“All mobile network operators are increasingly focusing on last-mile services because they offer higher profitability,” a CEO of an ISP company who asked to remain anonymous to speak freely told TechCabal. 

“Take voice services, for example—the interconnect rate is still ₦7 per minute, a rate set around 20 years ago. Consider what the dollar and diesel prices were back then, which are essential for powering their base stations. This is the rate MTN Nigeria pays them per minute for calls that MTN routes through their network.”

Airtel Nigeria’s move to enter the ISP market, though belated, could potentially shake up the sector which has shrunk over the past year with many operators shutting down due to high inflation and foreign exchange crisis in the country. However, to make a dent in the market it needs to grow the current size of the ISP market which stands at 262,207 active subscribers with an average revenue per user (ARPU) of ₦10,000 to ₦15,000. 

The tax burden on telcos like MTN Nigeria will rise further by the end of 2024 as the number of taxes continues to grow. According to the Association of Licensed Telecommunication Operators of Nigeria (ALTON), state governments collect the majority of these taxes.  

These taxes include building permits, sewage fees, convulsion levies, storage licenses, and more. Gbenga Adebayo, ALTON’s President, told TechCabal that these taxes increased operational costs of telcos by 50% in 2024. 

Some taxes are statutory, but others are imposed arbitrarily. For instance, the newly formed National Association of Telecom Landlords in Bayelsa has imposed levies not recognized by state law. While federal taxes are mostly legally grounded and number less than 20, state and local taxes include a mix of legally-backed and arbitrary levies.

“The multiple taxes are driven primarily by revenue,” Adebayo said. “There is a perception that the telecoms industry is highly profitable and so can be treated as a cash cow.”

MTN Nigeria did not immediately respond to requests for comments. 

The current tax environment threatens the expansion of broadband infrastructure, which is crucial for integrating millions of Nigerians into the digital economy. As of December 2023, 27.91 million people in 97 communities still have no reliable high-speed internet, according to data from the Nigerian Communications Commission (NCC). In states like Niger, there is no high-speed internet.

One major issue is the inconsistency in right-of-way fees, which allow telcos to lay fiber optic cables on state-owned land. Most federal government agencies charge ₦145 for fiber laying on highways, while the Nigerian Inland Waterways Agency (NIWA) charges ₦2,500 per linear square meter for laying fiber along waterways and bridges. 

State charges vary widely, from Kwara’s ₦1 per kilometer to as much as ₦9,000 in Oyo State.

States like Osun, Lagos, Cross River, and Abuja have invested in fiber ducts that protect cables and lease these ducts to operators. However, the requirement to charge separate fees for the lease and right of way make this arrangement more expensive. Operators like MTN, Airtel, and Globacom use these ducts but still face high costs. 

“States have limited revenue sources, so they continually squeeze telcos,” Manish Kochhar, a former chief technology officer at Globacom, told TechCabal. He added that even after paying lease or RoW charges, states frequently fail to protect the cables from damage caused by construction projects. This results in degraded cable quality and poor connection across Nigeria.

The Presidential Fiscal Policy and Tax Reforms Committee, established in 2023, promised to review and harmonize these taxes. However, there has been no update on their progress regarding telecom taxes. 

Taiwo Oyedele, the committee’s chairman, did not respond to requests for comments.

Some telecom operators are taking matters into their own hands by negotiating directly with states, according to two people familiar with the matter. In 2023, Lagos State granted MTN Nigeria a right-of-way waiver in exchange for free high-speed internet in public institutions. Edo State offered a waiver and tax incentives to operators that engaged with it.

During a telecom stakeholder meeting organised by the Association of Telecommunication Operators of Nigeria (ATCON), State ICT commissioners in Niger, Kogi, and Cross River suggested that telecom operators need to engage more actively with them to resolve these issues.

There is a concern that engaging individually is not a sustainable solution as it gives bigger operators the opportunity to negotiate juicy deals over smaller operators.

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That demand was based on a calculation of ₦3,500 per linear meter (the maximum fee applicable) of fiber-optic cable laid. The government also imposed a ₦100 million fine. 

MTN’s letter to Osun State, published by several publications, provides a glimpse into what appeared to be a shakedown. Several people with direct knowledge of the matter say the dispute, which the telecoms regulator is now mediating, is more nuanced.

Five people with direct knowledge of the matter say the government’s demands are rooted in the belief that MTN Nigeria and O’odua Infraco Resources Limited acted in bad faith in a complex web of partnerships that began in 2022. 

A September 2022 agreement between O’odua Infraco Resources Limited and MTN is at the heart of the dispute. The agreement gave MTN an “indefeasible right of use” to lease O’odua’s fibre ducts—protective housing that prevents vandalism and wear and tear—to lay fibre optic cables. As part of that agreement, MTN paid O’odua right-of-way fees. 

The government contends that O’odua was not authorised to collect fees on its behalf. It also argues that it was not a party to the agreement between MTN and O’odua and is not bound by it. 

“In addition to clause 6.13, the Service Provider (O’odua) shall also provide a no-objection letter from the Federal Ministry of Works and Housing and the relevant state authorities stating it is not opposed to its entry into this agreement with MTN,” read an excerpt from an advance copy of a press statement citing portions of the agreement seen by TechCabal. 

Three people familiar with the government’s position said the fees paid by MTN represent ₦650 per linear meter, less than half the minimum ₦1,300 Osun state charges. They also claimed the government never received those payments. 

“The agreement purportedly executed between O’odua Infraco and MTN on 22nd September 2022 far predated the existence of any purported contract for Right of Way between the Osun State government and O’odua Infraco, which was purportedly executed on 6th March 2023,” said an advance copy of an Osun state government press statement seen by TechCabal. 

MTN did not respond to a request for comments.

O’odua Infraco did not immediately respond to a request for comments.

Osun state and right-of-way fees

The press release references Osun State’s decision to cancel right-of-way fees in March 2023. At least two government officials who asked not to be named as they were not authorised to speak on the matter claimed the 2023 cancellation was based on promises by telcos and infrastructure providers to provide internet to underserved areas. They claim infrastructure providers reneged on the agreement. 

Right-of-way fees, an important source of revenue for struggling states, are cited as one reason telcos have struggled to provide high-speed internet nationwide. While the Federal Government recommended that states charge ₦145 per linear meter, that recommendation has been difficult to enforce. 

Some governments believe telcos should consider the fees as a necessary cost of doing business, arguing that many telcos will not lay fibre-optic cables outside of commercial areas.  

MTN, which has suffered from the naira devaluation and record inflation in Nigeria, will be reluctant to pay these steep fees. Yet the government’s position seems to be informed by the idea that there’s no point in canceling right-of-way fees if telcos will simply pay them to third parties anyway.

“We are beginning to have that conversation with shareholders on whether to continue the pace of investment in Nigeria because, admittedly, the capital being invested in Nigeria is being compared to capital being invested in other markets,” Airtel Nigeria CEO Carl Cruz said during a panel session at the Telecom Townhall Forum hosted by Financial Derivatives Company (FDC) on Tuesday. 

Karl Toriola, MTN Nigeria’s CEO, pointed out that the government’s reluctance to approve a tariff hike puts telcos in a tough spot as inflation quickens.

“The government needs to look again; if your cost input is higher than what you are selling, it is a problem. So we must detach ourselves from the political obligations of price treatment,” Toriola said. 

“The market dynamics and macros have not been the same over the past five years, so there’s only so much that we can extract value from these players,” said Kazeem Oladepo, vice president at IHS Towers. 

Data shared by Bolaji Balogun, CEO of Chapel Hill Denham, showed that the total investment in the telecom industry since 2001, when the first telecom licence was issued, amounts to over $70 billion. While that’s significant, at least $4.33 billion is needed to connect most Nigerians to the internet.

Maintenance costs are also significant. It cost over ₦14 billion to fix the 59,000 fibre cuts that happened between 2022 and 2023, said Gimba Mohammed, director of government and external relations at IHS Towers at a breakfast meeting with commissioners of science and technology and operators under the Association of Telecommunication Operators of Nigeria (ATCON)).

Telcos overthink these investments as they post losses in a difficult economic environment. Shareholders, whose equity contribution is at risk, also share their worries as losses have piled up in the last three quarters.

However, underinvestment is a real danger. Data from the Financial Derivative Company showed that a 1% drop in telecom investment leads to a 1% drop in the industry’s GDP contribution.  

That’s not a drop Nigeria can afford at this time. Yet, regulators remain reluctant to approve tariff increases that may prove unpopular and drive Nigerians, who are struggling with a dire cost-of-living crisis, to the edge. It leaves regulators between Scylla and Charybdis.

Muzzolini informed employees of her resignation in a note on July 12. She also updated the new role on her LinkedIn profile. It is unclear if Hini, who left in June 2024, has taken another role. 

Hini and Muzzolini joined MoMo PSB in 2022 and led its growth strategies in Nigeria. Their exit comes at a time when MTN Nigeria ramps up investment in its fintech unit to grow its share of wallets and app adoption following losses in its core business, telecoms.

Phrase Lubega, the company’s group executive for fintech commercial operations, has been named the acting CEO. His appointment is subject to CBN approval, one person with direct knowledge of the matter said.

MTN did not respond to a request for comments. 

MoMo grew mobile money wallets by 55.8% to 5.5 million in H1 2024 from 3.1 million in H1 2023. Fintech revenue grew by 11% driven by increased wallet and MoMo app adoption. Compared with Airtel mobile money scheduled to go public in 2025, its mobile money customers grew 14.9% to 39.5 million

On Monday, August 5, 2024, MTN Nigeria paid ₦6.95 billion to buy off Acxani Capital Limited, the minority shareholder of MoMo PSB. MTN Nigeria took control of the fintech unit to strengthen MoMo PSB’s operations and position it for growth, according to a regulatory filing. The deal also allows MTN Nigeria to deploy more funding into the fintech unit. MoMo received an additional ₦9.4 billion in investment from MTN Nigeria as part of the deal.

Editor’s note: This article has been updated to correct the acting CEO of MoMo PSB.

“Today, we are a VC firm with a $40m fund. Alongside that, we have $107 million that is backing our venture success platform. In total, if you add the $107 million and the $40 million fund, we are almost on the north of $150 million that we are managing in supporting startups and also making investments,” Bongani Sithole, CEO of 54 Collective, told TechCabal. 

Venture Capital inflows to African startups declined 31% in 2023 to $4.5 billion as foreign investors raced to the exits after the end of the zero-interest rate period. The number of deals through equity or debt decreased to 545 from a record 781 in 2022, according to a report by the London-based African Private Capital Association. Many investors have argued that local VCs with deep knowledge of the continent need to step up and fill the gap.

54 Collective joins a growing list of local investors like Partech that are stepping in to keep capital flowing to startups in Africa. 

While building Founders Factory Africa, Sithole realised why many tech companies fail after raising money from investors. They often take too long to set up a board; when some do, they see the board as a reporting structure rather than tapping into the advisory capabilities of the members. 

“We have seen too many examples that we are not going to mention. It has always been the case that they hire and spend so much money too quickly, and the obsession about products and customers takes a back seat,” Sithole said. 

54 Collective takes a board seat in the early-stage companies that it invests in to help mitigate business risks and allow startups to focus on what matters. It believes startups should be “obsessed” with building the product and growing the customer base; 54 Collective also helps its portfolio companies hire talents.

Founded by Roo Rogers, Sam Sturm and Alina Truhina, 54 Collective’s path to becoming a venture capital firm was defined by a mammoth $114 million capital raised from Mastercard Foundation and Johnson & Johnson Impact Ventures in 2023.

Although the company had said it would use the funding to expand its model to serve founders across the African tech ecosystem, becoming a full-fledged venture capital gives it more room to expand its scope and attract more investors. As an accelerator, its revenue model was limited. 

Becoming a venture capital firm allows the company to expand its revenue model. 54 Collective invests up to $250,000, depending on the business’s stage. It also provides non-dilutive capital of up to $150,000. Non-dilutive capital allows startups to retain full ownership of their company. In the case of 54 Collective, it is a loan charged at 5%. 

“In the next five years starting from last year, we want to invest in 105 venture-bankable startups. Per year, we are doing 21 businesses. By the end of this year, we will be at 42 startups. We are currently at 29 startups,” Sithole said. 

Editor’s note: This article has been updated to include the third co-founder of 54 Collective.

On July 26, a statement from 9Mobile said the Nigerian Communications Commission (NCC) had approved the acquisition of a telecom operator by LH Telecommunications Limited, a little-known Nigerian company registered in April 2023 and led by Thomas Etuh, the founder of the Tak Group of Companies. 

While the NCC hasn’t publicly commented on the deal, an NCC official who asked not to be named said the commission was aware of the acquisition, which has been in the works since 2023.  

One person knowledgeable about the talks said the acquisition took a year because of corporate infighting after LH took control of 9Mobile in June 2023. The deal represents the latest attempt to restart growth at 9Mobile, the sickman of the telecom industry. 

Founded in 2009, 9Mobile started operations as a subsidiary of Emirati-state-owned telecom Etisalat. The company quickly racked up new subscribers as tens of millions of Nigerians bought their first mobile phones and SIM cards during the early 2010s. Government support to drive broadband adoption and a booming economy buoyed by a commodities boom put 9Mobile as a promising contender in Nigeria’s fast-growing mobile market.

But over the last decade, Nigeria has witnessed a reversal in economic fortunes, accelerating inflation and currency devaluation. 9Mobile was impacted due to its significant dollar debt exposure. In 2017, Etisalat divested from the business while a team from the Central Bank of Nigeria and NCC stepped in to find a new owner. 

A sale was concluded in 2018, and 9Mobile hired a new CEO, Adrian Woods.

Yet, 9Mobile’s struggles continued. While rival telcos have gained tens of millions of new subscribers, 9Mobile has lost 11.6 million over the decade. The business is struggling to grow, and its reputation among consumers for good quality of service is in tatters as network outages, even in urban locations, have become frequent.

LH’s acquisition offers a new lifeline to the struggling business. It hands control of 9Mobile, Nigeria’s fourth largest telecom company, to LH, which one publication first linked to LH Telecoms UK, a small UK business that reported 11,000 pounds cash on its balance sheet as of January 2023. 

LH Telecoms UK did not respond to emails requesting comments. 

9mobile’s new owners, LH Telecoms, did not immediately respond to a request for comments.

Following the deal, LH has assembled a competent board of executives, including two highly influential TY Danjuma family members. Between June and November 2023, when Thomas Etuh assumed the position of chairman, the company saw a consistent growth of over 400,000 in subscriber base due to funding released during the period, said one person familiar with the business. 

Yet, the acquisition is not without controversy. The takeover by LH Telecommunication was opposed by the former chairman Nasri Ade Bayero claiming the process of naming the new board breached corporate governance ethics, according to one publication and another person with knowledge of the matter. 

“The infighting cost 9Mobile a lot. It led to Thomas Etuh freezing funding within the company, which affected their subscriber numbers between December 2023 and January 2024,” the same person claimed. The person said the funding freeze was to force the regulator to approve a sale. 

The ascension of Etuh as 9Mobile’s new Chairman will draw questions due to his professional track record and reputation as one of the country’s top debtors. He has an outstanding debt balance of ₦11.58 billion owed by his company Tak Continental Limited, according to Asset Management Corporation of Nigeria (AMCON), the federal agency created after the 2008 financial crisis to handle debt restructuring of shaky businesses.

Etuh previously served as the chairman of the board of directors of Unity Bank Plc, Veritas Kapital Assurance Plc, and Lighthouse Capital Limited. He is also the Notore Chemicals Industries Plc board chairman and Jennifer Etuh Foundation (JEF). 

Notore Chemicals, a company listed on the Nigeria Exchange (NGX), recorded a 33% revenue loss year-on-year from ₦32.31 billion in 2022 to ₦21.55 billion in 2023 due to the naira devaluation. Veritas Kapital Assurance, also listed on the NGX, recorded a revenue increase of 41% from ₦5 million in 2022 to ₦7.1 million in 2023.   

Among the 242 ISPs left in Nigeria, only 106 are operational, according to NCC data for the first quarter. These 106 active ISPs serve a total of 262,206 subscribers, less than 3% of the total internet market. The largest ISP, Spectranet, has over 43% of the total industry subscribers with 113,869 subscribers.

TechCabal found that 22 ISPs have licences that will expire this year. A company like InterWeb Satcom Limited, founded by Nigerian senator Monday Okpebholo, is no longer active online; its licence will expire at the end of July

“The smallholders are all likely to just fizzle out one by one. The mid-sized may try merger if there is a regulatory environment change to offer protection from the MNO‘s onslaught on predatory pricing. This may encourage investors to promote mergers and infuse more capital. Else, they may soon start to die off the way of the smallholders,” Biodun Omoniyi, CEO of VDT Communications, told TechCabal.  

ISPs which act as bridges between homes, businesses, institutions, and the internet, provide the infrastructure necessary for users to access websites, communicate, and consume media and entertainment, are grappling with multiple challenges including energy costs which shot up more than 250% in the past year. The energy cost affected facilities and colocation costs which grew to 200%, according to Omoniyi. 

The capital expenditure (equipment spending) of local ISPs went up more than 200% in the past year due to foreign exchange increases. The companies are also battling with increased staff costs as a result of a growing wave of workers relocating abroad and creating gaps that take ISP companies a longer time and more money to fill, according to Temitope Osunrinde, a telecom expert and vice president at Tizeti, an internet provider. Other challenges include inflation and a declining market value due to increased competition. 

The ISP market is divided into three broad segments, including the mobile network operators (MNOs) and multinationals; the mid-tier broadband companies that offer fixed broadband comprising wireless and fibre optics operators; and the small-holder operators.

“ISPs need an ISP licence. If they have the equipment they are selling and installing, they also need a Sales and Installation licence,” an NCC spokesperson said. An ISP licence costs ₦500,000.

The four MNOs MTN Nigeria, Airtel, Globacom, and 9mobile lead the internet market in Nigeria. However, because of their UASL licence which allows them to operate voice and other services, the MNOs are often not described as ISPs because they are mobile-dependent. 

“ISP”, the term, is loosely used for mid-tier fixed broadband companies and smaller operators whose internet service licence only permits them to provide internet services. The companies include Spectranet, FiberOne, Tizeti, MainOne, iPNX, VDT Communications, Starlink, and many others. 

Internet Service Providers earn income from the purchase of large and redundant internet connections. They resell these as smaller connections to consumers and businesses. ISPs usually have a fixed price for providing a certain speed and bandwidth amount. They can also offer multiple pricing tiers depending on how fast a connection you want and how much bandwidth you want to use over a month. 

The problem with this revenue model is the competitive advantage it gives the MNOs who make money off the ISPs from the sale of redundant internet connections as well as the income they make from selling the internet directly to consumers.  

Competition from telcos and new players like Starlink and the West Indian Ocean Cable Company (WIOCC) appear to have sealed the fate of many local internet providers. 

“The entry of major players like Starlink, WIOCC, Glo, and MTN introduces intense competition. These companies have significant resources, broader networks, and the ability to offer competitive pricing due to economies of scale,” Manish Kochhar, former head of fibre networks at Globacom, told TechCabal. 

Starlink, which began operations in 2023 in Nigeria, did not waste time to become the fourth-largest operator in the ISP market before the end of that year. It climbed to third-largest ISP with 23,897 subscribers in May 2024. Starlink could claim more market share by collaborating with telcos, Kochhar said. 

MTN Nigeria and Globacom have also been involved in the ISP market with the deployment of Fibre To The Home (FTTN both serving 7,641 and 2681 subscribers respectively. 

Biodun Omoniyi recommends protection of the mid-tier and smaller operators from “predatory” pricing. 

“Strict nationalisation of service pricing to consumers is another dynamic cost-reflective pricing that allows operators to adjust in weeks and not years, which would also help,” Omoniyi said. 

“Organizational and workforce adjustments are a necessary and regular part of managing our business,” Microsoft said in an emailed statement. “As we navigate these changes, Microsoft remains steadfast in our commitment to Africa’s growth and development.”

Microsoft’s sales team, largely unaffected by layoffs earlier in the year, will occupy the two floors for the next year. Layoffs in May and July 2024 affected most of the engineering team in Nigeria after the company closed its African Development Centre (ADC) in Lagos. One person with knowledge of the matter said engineers who stayed on the team have been asked to relocate to Kenya to join new projects. 

“While we have made the difficult decision to close the Africa Development Centre in Nigeria, we want to emphasize that this move does not diminish our commitment to Nigeria and the region,” a spokesperson for Microsoft said.

“We will continue to operate in Nigeria, actively supporting the country’s transformation objectives. Our investment in key growth areas remains unwavering, and we are determined to contribute to Africa’s progress by providing digital solutions, fostering innovation, and empowering local talent.” 

After it closed the ADC in June 2024, Olatomiwa Williams, the company’s Nigerian MD, met with Finance Minister Wale Edun and shared a similar message.

The Nigerian side’s worry was understandable after Microsoft chose to site a $1 billion investment in geothermal data centers in Kenya. It will also set up an engineering team to oversee those investments in the country. Kenya is now two for two in the race to attract foreign direct investment (FDI).