Business
Netflix slashes subscription fees in select African countries
Netflix has announced a reduction in its monthly subscription fees for some countries in the sub-Saharan region of Africa, effective February 21. The streaming giant announced new prices for subscription plans in select countries in Sub-Saharan Africa, with the mobile plan costing about $3, and the Premium plan coming in at just under $10. The new prices will also apply to Kenya, where the Mobile plan will cost Ksh200, Basic Ksh300, Standard Ksh700, and Premium Ksh1 100.
The move is part of Netflix’s strategy to attract more subscribers in the region, where it faces stiff competition from other streaming services. The company has been expanding aggressively in Africa, and the new pricing strategy is expected to help it gain a larger market share. Netflix has been investing in original content from the region, including popular series like “Blood & Water” and “Queen Sono,” to cater to local audiences.
In a statement, Netflix said, “We’re always exploring ways to improve our members’ experience on Netflix. We know members have never had more choices when it comes to entertainment – and we’re more committed than ever to delivering an experience that doesn’t just meet, but exceeds their expectations.”
The new pricing is expected to be a game-changer in the region, where internet access is limited, and the cost of data is high. The mobile plan is expected to be popular, as it is more affordable and designed to be accessible to a larger segment of the population. The new prices will also make Netflix more competitive with other streaming services in the region.
The price update will apply to select countries in Sub-Saharan Africa where Netflix is charged in USD. The exact timing of the roll-out to existing members will depend on their billing cycle, and they will be notified by email and within the Netflix app 30 days before the new prices are applied.
The move by Netflix is seen as a positive step towards making quality entertainment more accessible to audiences in the region. It is expected to boost the growth of the streaming industry in Africa and encourage more investment in original content production.
Business
Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
Business
Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers
The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.
This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.
The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.
Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.
“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Business
Allegation of missing fund untrue, says Access Bank
Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.
The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.
“We remain committed to serving our customers.”
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