The internet industry may experience explosion with the arrival in Lagos Google Equiano Sea Cable System in the country.
By extension, this is also expected to boost job creation to the tune of about 1.6 million and $10 billion in additional Gross Domestic Product
The new cable system is named after a Nigerian hero, Olaudah Equiano, who survived enslavement in the 18th century and went on to become a famous writer and anti-slavery activist.
The cable will run from Portugal along Africa’s west coast to South Africa.
The Lagos Governor, Babjide Sanwo –Olu who witnessed the virtual landing of the new cable system in Lagos on Thursday , said, following the arrival of the sea cable system and other investments in high-speed internet, Lagos is about to witness an unprecedented digital revolution that will cement its global reputation as a hub for entrepreneurial innovation.
Sanwo-Olu said the new cable system is the latest element in the transformation of the physical infrastructure landscape, new roads, bridges, jetties, factories, municipal and national rail lines, among others being delivered by his administration and a host of partners and stakeholders across public and private sectors.
The landing of Equiano Sea Cable System will firmly position Nigeria as the regional connectivity and content hub for West Africa, attracting cloud operators, content providers, content distribution networks and their associated ecosystems, he said
Governor Sanwo-Olu said his administration is determined to deliver on its promise to make and maintain Lagos as a safe, livable, innovative and prosperous megacity.
He said: “I am told that this new Equiano cable system, landing today (yesterday), will deliver twenty times as much network capacity as any of the existing systems serving Nigeria. This means much faster internet speed, reduced cost, and greater access for our people”
In a note announcing the arrival, Google’s West Africa Director, Juliet Ehimuan, said the cable will help improve internet speeds in Nigeria.
“Nigeria is sub-Saharan Africa’s largest economy. Still, the share of people using the internet stood at approximately 35% as of 2020 – double what it was in 2012. Across much of the country, people lack affordable, reliable & quality access, which limits their ability to benefit from, and contribute to, the digital economy,” Ehimuan said.
“Since 2017, the Nigerian government has been actively working on its digital transformation programs as part of plans to grow its domestic sectors.
“These initiatives have proven pivotal to the success of many industries in the country, especially the startup space. In the last five years, startups in Nigeria have produced five unicorns (startups valued at over a billion dollars). Businesses are also benefiting significantly from the usage of internet platforms, with total e-commerce annual expenditure predicted to climb to $75 billion by 2025, up from its current projection of US $12 billion.
“Though a great deal of progress has been made, studies suggest that faster internet connections, better user experiences, and reduced internet costs will help accelerate these benefits.
“Landing this cable comes as part of critical stages leading up to its deployment later this year, and it is expected to deliver up to 20 times more capacity than the region’s prior cables. We’ve worked with established partners and in-country experts to ensure that Equiano has the greatest potential effect in Nigeria and throughout Africa.
“A recent economic impact assessment conducted by Africa Practice and Genesis Analytics states that Equiano’s arrival in Nigeria is expected to result in faster internet speeds and significantly improve people’s experiences while online. Internet speeds in Nigeria are expected to grow almost six fold by 2025, and retail internet prices are forecasted to decline by 21% over the same period. The same study found that by 2025, real GDP in Nigeria is forecast to be USD 10.1 billion higher than it otherwise would have been without Equiano and that the cable would indirectly generate roughly 1.6 million new jobs between 2022 and 2025.
“We are partnering with multiple key telecom players, including our landing party, the West Indian Ocean Cable Company (WIOCC), where Equiano lands to ensure that the cable can reach more businesses and end users across Nigeria and the African continent more broadly
“With Equiano, we look forward to being an even more integral part of the digital transformation journey in Nigeria.”
olusola Bello
