Meet one of the financiers behind Africa’s high-impact projects
Plugging Africa's infrastructure gap. Source: Stears Business

Over a decade ago, when people searched the web in Nigeria, result pages took a lifetime to appear. Eventually, you would get text but no pictures or videos. 

If the slow speeds weren’t enough torture, the high cost killed hopes of productivity. To buy the cheapest data plan (100 megabytes) back then, you needed ₦1000 ($2). Today, that amount can get you x10 more data—one gigabyte.

If we had to work from home in those times, we would have needed a miracle.

Nigerians endured this highly-priced crappy internet service until 2010 when MainOne, one of the companies that helped in the achievement of faster internet speeds, launched its open-access submarine cable system.

Crucially, though, it was able to do so thanks to financial backing from the Africa Finance Corporation (AFC).

The funding helped MainOne implant its undersea fibre optics cables; which impacted not only Nigeria but improved internet connection speeds

Don’t limit your understanding. Join the Premium community to continue reading.

Adesola Afolabi

Adesola Afolabi

Read Latest

Nigeria's aid addiction: Another poverty trap?

PREMIUM - 29 JUL 2021

What the Petroleum Industry Bill means for foreign investors

PREMIUM - 27 JUL 2021

Where is the Lagos light rail?

PREMIUM - 26 JUL 2021

Government intervention in private markets: Not a silver bullet

PREMIUM - 23 JUL 2021