Technology No Longer Luxury But Necessity, Atlas Copco Nigeria MD Tells Nigerian Government

This was according to the Managing Director of Atlas Copco Nigeria, Olusola Aluko, who stressed that the goal is realisable if technology is explored adequately well.

Speaking in Lagos at the firm’s yearly customer Day event, Aluko said Nigeria, with its vast potential and ambitious goal of achieving a $1 trillion economy, stands at a critical juncture where technological advancement is no longer a luxury but a necessity.

He said the nation’s economic landscape, characterised by burgeoning sectors like manufacturing, infrastructure, and energy, demands innovative solutions to enhance productivity, efficiency and sustainability.

“It is within this context that the insights shared at the Atlas Copco Customer Day gain significant relevance, highlighting how cutting-edge industrial technology can be a key enabler of national growth,” he stated.

Aluko articulated his vision during the event: “Our annual Customer Day is a cornerstone of our commitment to our clients, offering an invaluable opportunity to connect directly, listen to their evolving needs, and demonstrate how our innovations are designed to drive their success. We believe that by truly understanding our customers’ concerns and providing tailored insights, we can continue to build resilient partnerships that contribute to their growth and the broader industrial development of Nigeria.”

He further stated, “Technology is crucial to Nigeria’s economic development, and can drive the country to becoming a $1 trillion economy.”

Customers present at the event shared their experiences. Manager, Nigerian Breweries Plc, a long-standing client, Solomon Ndimkaoha, remarked, “The event was engaging, and there was a lot to learn. We’ve used Atlas Copco’s products for more than three decades. It has improved the efficiency and capacity of our operations. We encourage the company to continue giving us the best of service. With products from Atlas Copco, companies can improve their margins and make their stakeholders happy.”

MEANWHILE, technology firm, Nvidia has reached the $4 trillion market capitalisation milestone, becoming the first company in the world to do so, as it outpaces the rest of the “Magnificent Seven” technology companies.

The rise in the chipmaker’s share price – from $10 five years ago to more than $162 now – makes it the world’s most valuable company, underscoring the strong demand for artificial intelligence (AI) chips, as companies race to beat their counterparts in offering advanced applications of the technology.

CompaniesMarketCap.com has tracked Nvidia’s rise since 1999, with its value growing from $550 million at that stage, to $3.97 trillion earlier in the week.

Nvidia, which saw its shares start to climb rapidly in November 2022, has now overtaken Microsoft ($3.74 trillion), with Apple in third place at $3.15 trillion.

In order of market value, the rest of the so-called “Magnificent Seven” – seven of the world’s biggest and most influential tech companies – are Amazon ($2.36 trillion), Google parent Alphabet ($2.14 trillion), Facebook owner Meta ($1.8 trillion), and Tesla, valued at $959.23 billion.

World Wide Worx MD Arthur Goldstuck, said: “Back in January, when Nvidia took a knock after DeepSeek claimed it could train models without graphics processing units, I said the drop was absurd and flagged it as a buying opportunity.”
Fast forward six months, and Nvidia has smashed through the $4 trillion mark, proving again that in AI, silicon still rules.”

Mergence Investment Managers chief investment officer, Peter Takaendesa said that the chipmaker’s valuation is based on strong growth over the past few years, as well as expectations this will continue.

He noted that Nvidia doubled its revenue in the previous financial year and is expected to grow earnings on average by 40 per cent yearly over the next two years, before slowing to about 10 per cent.