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. This massive undertaking 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.

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. By backing both projects, Meta 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 centers 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. However, with greater connectivity 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.

In related news, Nigeria is amending digital asset rules to tax cryptocurrency deals, 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.

For crypto traders and investors, this means increased government oversight and potential tax obligations. If you trade on centralized 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 formalize crypto trading.

The legitimization 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 licenses 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.