The Nation Newspaper

Tag: Foxconn

  • Taiwanese global tech giant eyes Ogun for investment

    Taiwanese global tech giant eyes Ogun for investment

    A Taiwanese multinational conglomerate and global tech giant, Foxconn, has indicated interest in setting up its manufacturing plant in Ogun State.

     AVP, Corporate BD Chairman Office, Mr. Vincent Lee, disclosed this at the weekend when he led a delegation to meet Governor Dapo Abiodun, at the Gateway City Gate, Interchange along the Abeokuta -Sagamu Expressway.

    Lee said the delegation was in the State to explore business opportunities with a view to setting up their firm.

    According to Mr. Lee, his organization is the world’s largest contract electronics manufacturer, with annual revenue base of over $200bn, employing thousands in its various manufacturing plants.

    Foxconn, Mr. Lee noted, is into smart manufacturing, technology infrastructure, and industrial development

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    He said: “We are here in Ogun State today to meet with Mr. Governor to discuss investment opportunities that will lead to setting up our business here in Ogun State.”

    Governor Abiodun noted that the State is gradually emerging as Africa’s investment and Information and Communication Technology (ICT) powerhouse due to the various reforms and conducive business environment put in place by his administration.

    He said the State’s success story manifests in its unmatched ability to generate sustainable revenue and attract private capital without relying exclusively on federal allocations.

    This fiscal creativity, the governor emphasized, has positioned the State as an economic model for Nigeria, with ICT serving as a central driver from automating revenue processes to expanding its digital economy.

    While assuring that the State would be consistent in unlocking opportunities that empower citizens and strengthen investors’ confidence, Governor Abiodun reiterated his administration’s commitment to continually showcasing the State as a hub for technological advancement, with deliberate policies that promote ICT as both an enabler of governance and a magnet for global investors.

    “By unveiling the State’s tech hubs, supporting digital entrepreneurs, and encouraging partnerships with international firms, Ogun has aligned itself with global trends in digital competitiveness and innovation”, he said.

  • Foxconn beats revenue target with AI demand

    Foxconn beats revenue target with AI demand

    Taiwan’s Foxconn, the world’s largest contract electronics maker, beats expectations to post its highest-ever revenue for the fourth quarter on continued strong demand for artificial intelligence (AI) servers.

    Revenue for Apple’s, new tab biggest iPhone assembler, jumped 15.2 per cent  to T$2.13 trillion about US  $64.72 billion , Foxconn said in a statement yesterday.

    It was also ahead of a T$2.1 trillion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate.

    Robust AI server demand led to strong revenue growth for its cloud and networking products division, said Foxconn, whose customers include AI chip firm Nvidia (NVDA.O), opens new tab.

    For smart consumer electronics, which includes iPhones, there was “roughly flattish” year-on-year growth, it said.

    Total revenue in December alone reached T$654.8 billion, up 42.3 per cent year on year and the second-highest ever level for the month.

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    “In the first quarter of 2025, overall operations have gradually entered the traditional off-season,” Foxconn said of its outlook for the current quarter.

    “Even with record high revenue in the fourth quarter of 2024, the sequential performance of the first quarter will reach roughly similar levels that are average to the past five years; compared with a year ago, it should show significant growth.”

    Broadcom is the latest chipmaker to hit a $1 trillion valuation thanks to the bots.

    The company, formally called Hon Hai Precision Industry, did not elaborate. It does not provide numerical forecasts.

    Foxconn’s shares jumped 76 per cent  last year, outperforming by far a 28.5 per cent  rise for the broader Taiwan market (.TWII), opening a new tab. They closed down 0.8 per cent on Friday ahead of the revenue data release, compared with a 0.3 per cent  gain for the benchmark index.

    The company will report its full fourth-quarter earnings on March 14.