Meta goes undersea...again

There must be something in the water. 

Big Tech companies are doubling down on building high-capacity undersea cables to accelerate the progress of the digital economy across many countries. The latest effort is Meta's Project Waterworth, which will pass through five continents—including a landing station in South Africa.

Project Waterworth is projected to be the world’s longest undersea broadband cable, spanning 50,000km and connecting millions of businesses and individuals to the digital economy, deepening internet penetration across the regions. Project Waterworth just barely edges out the 2Africa cable project—which Meta is also part of—stretching 45,000km across 46 landing points and nearing completion.

Meta is clearly making a strong push to become a major player in Africa’s telecom infrastructure. By backing both projects, the company is positioning itself as a key partner for operators across the continent. This global infrastructure build-out isn’t just about connectivity—it’s also a strategic move to support Meta’s AI goals. After laying off 3,600 people, Meta plans to hire more machine learning engineers, showing its focus on leading the AI race. Building these networks ensures the data and connectivity needed to power AI systems, further strengthening Meta’s position as a tech leader.

South Africa’s broadband network has seen steady improvements, but challenges remain. While urban centres enjoy relatively fast internet, rural areas still struggle with connectivity gaps. Existing undersea cables like Seacom, WACS, and Equiano have boosted capacity, yet high costs and infrastructure limitations continue to slow progress.

Project Waterworth is expected to improve internet speeds, reduce latency, and make data more affordable in the long run. Streaming, online gaming, and remote work could become smoother and more reliable. Businesses that rely on cloud computing and international data transfers may also benefit from more stable connections.

Beyond convenience, stronger digital infrastructure could drive economic growth. A more robust network could attract tech investment, support startups, and expand access to digital services in underserved areas. Digital inclusion has been a challenge, and this project could help bridge that divide.

With greater connectivity, however, come questions about data privacy and regulatory control. As big tech firms like Meta play a larger role in global internet infrastructure, concerns over data security, competition, and pricing fairness will need to be addressed.

When the National Bureau of Statistics (NBS) changed how it calculates inflation, only one outcome was expected: a sharp slowdown in the official inflation rate. Why? Because the new method gives less weight to food prices—the biggest driver of inflation—shrinking its share of the inflation basket from 51.8% to 40.1%.

And, right on cue, yesterday’s revised Consumer Price Index (CPI) report showed inflation cooling dramatically: from nearly 35% in December to about 24.5% in January.

Sounds great, right? Inflation is down. Except, well, people still feel broke. Food prices are still high, and your money still doesn’t go as far.

That’s because this isn’t about prices going down. It’s about how inflation is measured. The NBS rebased its calculations, setting 2024 as the new base year and adding new items to better reflect consumer spending patterns. But while the math has changed, the cost of living crisis hasn’t.

For most Nigerians, food takes up a huge share of their income—much more than the 40.1% weighting now assigned in the inflation calculation. If food prices go up by 24% but the price of other elements in the CPI basket stays the same, inflation looks tamer on paper. 

So, yes, inflation has “fallen” on paper, but at the market, at the fuel station, and in people’s wallets, reality tells a different story. Analysts expect the Monetary Policy Committee (MPC) to hold interest rates when it meets on Thursday, February 20.

‘’Up NEPA!’’ 

This is one slogan most Nigerians grew up chanting. But times are changing. Nigerians are ditching unreliable grids and embracing solar power. With electricity tariffs skyrocketing by a staggering 240% in 2024, and fuel costs also quadrupling, many households are struggling to keep the lights on. Imagine paying ₦45,000 ($30) monthly for basic appliances – that's more than half the new minimum wage. 

On the brighter side, solar power has proved to be a sustainable solution. While the initial investment might seem daunting (ranging from ₦400,000 to ₦20 million~$265 to $13,271), the long-term savings are undeniable. Think about the benefits: no more surprise electricity bills, no more frustrating power outages. Just clean, reliable energy powering your home.

Whether you're looking for a basic setup to power a few lights and devices, or a full-blown off-grid system to run your entire household, there's a solar solution for you. Even a modest ₦400,000 ($265) investment can get you started, offering a mini power station to keep your essentials running during short outages. And as you scale up to mid-range systems (₦1 million to ₦5 million~$664 to $3,318), you can power more appliances for longer periods, enjoying the convenience of a washing machine, air conditioner, and more.

With the price of solar equipment decreasing globally and new financing options emerging, going solar is becoming more accessible than ever. Plus, the Nigerian government is increasingly discussing incentives and subsidies for renewable energy, which could further drive down costs. 

Agboola Sodiq, for example, invested in a 2.5kVA solar system with six 400Watt solar panels and a 5.12kWh lithium battery. Now, he saves up to ₦250,000 ($166) every month. He's slashed his fuel costs and virtually eliminated his electricity bills. 

Find out what solar options you can explore like Sodiq and start saving money while enjoying reliable, clean energy.

Nigeria is set to amend regulations to tax cryptocurrency transactions, signaling a shift toward integrating digital assets into the formal economy. The Securities and Exchange Commission (SEC) is working on new rules to ensure that eligible transactions on regulated crypto exchanges fall within the tax net. A bill outlining the taxation framework is currently under review and is expected to be adopted this quarter, per Bloomberg.

For crypto traders and investors, this means increased government oversight and potential tax obligations. If you trade on centralised exchanges, expect new compliance measures and possible deductions from your transactions. However, it could also mean better consumer protection measures and market stability, as the government plans to formalise crypto trading.

The legitimisation of digital assets could also make it easier for previously shut-out businesses to integrate crypto into mainstream commerce. The clarity around regulation will also improve the relationship between banks and regulated crypto exchanges. The SEC has also made its intention known to expedite the issuance of provisional crypto licences in 2025.

Yet, on the flip side, additional taxes may increase transaction costs, impacting profitability of the average user.

The broader economic implication is Nigeria’s push to boost revenue as it tackles inflation and a depreciating naira. President Bola Tinubu’s fiscal reforms aim to close the budget deficit, and crypto taxation is part of that strategy.

Ultimately, while these changes may add regulatory hurdles, they could also lead to greater adoption of crypto in Nigeria’s formal economy, benefiting those who adapt early.