General News
2021: Time for Nigeria to Move into Higher Gear?
by Lukman Otunuga, Senior Research Analyst at FXTM
2020 will be remembered for its extraordinary uncertainty, explosive market volatility, unprecedented events, supply chain upheavals and a worldwide wave of monetary policy easing.
The new year 2021 may bring renewed hope and a return to normality for many developed and developing economies but what are the chances it will happen by the end of the first quarter? COVID-19 vaccination programmes rolled out in the EU, UK and US and Nigeria expect the first Pfizer/BioNTech vaccines to arrive at the end of January. Hope for better days lies ahead and the positive news has been welcomed by investors.
However, while steps are taken to secure and improve the public health circumstances, economic circumstances are still troubled by the crushing impact of the pandemic. The economic impact of the pandemic will likely set personal incomes in Nigeria back four decades, according to the World Bank. The outlook for the full-year GDP growth is 1.1 percent compared to an estimated minus 4.1 percent, said the World Bank.
Meanwhile, Nigeria registered 1,184 deaths from COVID-19 and a four-week lockdown hit the informal economy hard, meaning that the short-term outlook appears clouded by persistent pandemic headwinds.
Fiscal policy moved ahead after President Muhammadu Buhari signed the 2021 appropriation bill of N13.59 trillion into law with the 2020 Finance Bill set to run concurrently. The annual budget dubbed ‘Budget of Economic Recovery and Resilience’ is expected to reposition Nigeria’s economy back to recovery, growth and flexibility. The bill shows an expected revenue of N7.99 trillion and an aggregate estimated expenditure of N13.59 trillion, implying a budget deficit of N5.60 trillion.
The medium-to-long-term fiscal outlook is one of the significant debt burdens which will need servicing. For a developing economy in the midst of diversifying away from a reliance on the crude Oil industry, this presents enormous challenges. The historical problems in Nigeria’s economy precede the COVID-19 exposures and are mainly to do with structural weaknesses bombarded by persistent external shocks.
The Nigerian economy slipped into a recession in the third quarter of last year after GDP contracted by minus 3.62 percent. Classically, recessions in Nigeria were mostly caused by a fall in the price of crude Oil and the relatively limited fiscal and monetary buffers within a structurally weak economy.
Pandemic response
The economic recession is likely to trigger changes in the benchmark interest rates in 2021 to support a recovery. Monetary policymakers will probably be concerned about the misalignment of interest rates in the fixed income markets, further supporting the argument for one or multiple rate cuts in 2021.
In related developments, the introduction of the Central Bank of Nigeria’s Special Bill as an alternative investment vehicle may absorb a proportion of the liquidity in the system and stabilise the interest rate environment, at least in the short term.
Prolonged recession?
At this point, the best scenario for the Nigerian economy is to save the long-term outlook from a prolonged recession. The World Bank warned that in the next three years, Nigeria could enter a recession the depths of which haven’t been seen since the 1980’s. Efforts have been made to harmonise exchange rates, introduce a market-based pricing mechanism for gasoline, adjust electricity tariffs to reflect the costs and reduce non-essential expenditures.
While there may still be short-term pain ahead, there is still time to enact a series of potentially politically unpopular reforms in line with the World Bank’s recommendations. These include enabling the private sector to be the engine of growth and job creation and redirecting public spending towards development projects and investments in Nigeria’s people and youth in particular, said the World Bank.
Difficult choices lie ahead for investors, consumers, fiscal and monetary policy makers and other stakeholders in the Nigerian economy. Nonetheless, the ground covered so far is promising and with better confidence generated by the vaccination programme, Nigeria’s recovery could move into a higher gear.
General News
Kuwait Busts Nigerian Cybercrime Ring Targeting Telecom Tower, Banks

Kuwait’s Criminal Security Sector has dismantled an international cybercrime ring composed of Nigerians responsible for coordinated attacks on telecommunications towers and banks, the Ministry of Interior announced on Sunday.
According to Arabic-language daily Al Qabas, the case was initiated after the Communication and Information Technology Regulatory Authority reported cyber intrusions targeting local telecom networks.
Specialised security teams quickly launched an investigation, discovering that the suspects used advanced electronic devices to breach networks and distribute mass phishing messages impersonating banks, aiming to steal account information and siphon funds.
Signal-tracking technology led investigators to a vehicle in the Salmiya area.
When authorities attempted to stop the vehicle, the driver tried to flee, colliding with several cars before being apprehended following a fierce struggle.
A search of the vehicle uncovered sophisticated electronic equipment and various technical tools.
Upon investigation, the suspect confessed to collaborating with an accomplice to hack telecom networks and send fraudulent messages posing as banks and telecommunications companies.
Police subsequently located and arrested the second suspect, and a search of their residence uncovered additional devices used to analyse the stolen data.
Both suspects, along with the seized equipment, have been handed over to the relevant authorities for prosecution.
The Ministry of Interior reaffirmed its commitment to protecting the nation’s cybersecurity and intensifying efforts to combat electronic fraud targeting both citizens and residents.
General News
Nigerian Scientists Await Return of Egusi Seeds Sent to Space

Space in Africa, the Lagos-based firm Oniosun founded, is expecting its Egusi melon seeds to splash down in the Pacific Ocean Saturday—fresh from a trip to the International Space Station.
Once Earthside, experiments will begin on what is being hailed as the first food native to West Africa to be sent to space.
As Oniosun told AFP on Friday, it could herald an era where space exploration reflects the planet’s diversity.
“When we talk about humans colonizing other planets, this is not just an American mission or a European mission—this is a global mission,” he told AFP.
And future African space explorers might enjoy a taste of home.
Experiments on extraterrestrial food, which is to say tested in space, have been going on for years.
Growing food in space is seen as a crucial part of long-distance space flight and long-term missions, where frequent resupply won’t be feasible.
Scientists at the University of Florida in the United States, and the International Institute of Tropical Agriculture, in the southwestern Nigerian city of Ibadan, will examine the seeds “to see the effects of exposure to space” and zero gravity, including on the seeds’ DNA.
Once planted, researchers will monitor their post-space performance and germination.
The seeds went up to the ISS on a SpaceX flight last week, as part of NASA’s partnership with private firms.
Oniosun said the inclusion of Egusi seeds marked an important step forward, both for those on Earth as well as future astronauts.
High in protein, they are typically used to prepare soups and stews across West and Central Africa.
Africa’s most populous country has a small space industry, but the launch of the seeds seemed to generate more excitement on social media and in newspapers than previous launches of Nigerian satellites, he said.
“The moment that we’re sending food that they love, a food that holds significant cultural contexts to Nigeria… everybody starts getting interested in the subject,” Oniosun told AFP.
“The launch of Egusi melon seeds into space is more than a symbolic gesture,” he added.
“The future of humanity among the stars must reflect the diversity and richness of life on Earth.”
Whether pounded yam—the key dish served alongside Egusi soup—will make its way to the final frontier remains to be seen.
General News
NITDA Deepens Digital Gender Inclusion with IgniteHer Bootcamp

In a powerful demonstration of its commitment to the Renewed Hope Agenda of the present administration of President Bola Ahmed Tinubu GCFR, the National Information Technology Development Agency (NITDA) has launched the second cohort of the IgniteHer Bootcamp for Women Entrepreneurs, a strategic initiative aimed at accelerating gender inclusion and economic empowerment through digital innovation.
The bootcamp, themed “Empowering Women Entrepreneurs for Growth and Innovation”, was launched in partnership with the Japan International Cooperation Agency (JICA) and brought together selected women entrepreneurs from across Nigeria, both physically and virtually, for rigorous training in digital skills, innovation management, business development, and investor readiness.
The NITDA Director General, Kashifu Inuwa CCIE, who declared the bootcamp open, reaffirmed the Agency’s role in aligning Nigeria’s digital development with the national priorities of reforming the economy for sustained inclusive growth and accelerating economic diversification through industrialisation and digitisation.
“Through IgniteHer, we are actualising President Bola Ahmed Tinubu’s Renewed Hope Agenda by expanding women’s access to technology and economic opportunity,” he stated.
The DG, who was represented by the agency’s Acting Director of the Digital Literacy and Capacity Building department, Dr. Ahmed Tambuwal, noted that inclusive innovation is a cornerstone of NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0: 2024–2027), which supports national aspirations for inclusive growth, poverty eradication, and youth empowerment.
“We are not merely imparting skills; we are creating self-reliant entrepreneurs, change-makers, and leaders,” he added.
Inuwa disclosed that the IgniteHer Bootcamp is also a key component of the National Gender Digital Inclusion Strategy (NGDIS), through which NITDA is working to empower 12.7 million Nigerian women with digital literacy skills by 2027. He averred that the programme complements broader government efforts to bridge gender gaps, enhance productivity, and reduce unemployment, especially among young women.
Citing a report by the World Wide Web Foundation, the DG emphasised that closing the digital gender gap in Nigeria could unlock an estimated $13 billion in GDP growth over the next decade.
“This training is a step towards harnessing this economic potential and ensuring that women play an integral role in shaping the digital landscape of Nigeria,” he noted.
He therefore called on participants selected from over 12,000 applicants to seize the moment and shape the future of Nigerian entrepreneurship.
While highlighting NITDA’s leadership in strategic partnerships, the DG commended JICA and the Government of Japan for their ongoing collaboration in supporting digital empowerment through programmes like IgniteHer and the iHatch Incubation Programme, which provides startup support, mentorship, and innovation development to early-stage entrepreneurs.
“At NITDA, we believe that inclusive innovation is not just an ideal but a critical strategy that ensures the growth of a stronger economy, the development of smarter solutions, and the existence of more resilient communities. Through IgniteHer, we are dismantling barriers and replacing them with pathways to opportunity,” he concluded.
In his remarks, the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, reaffirmed Japan’s long-standing commitment to innovation and gender inclusion in Nigeria. He announced that Japan, through JICA, is currently supporting two grant projects worth $30.9 million, focused on improving Nigeria’s startup ecosystem, strengthening the investment climate, and building an inclusive innovation hub.
The Ambassador also referenced the upcoming Tokyo International Conference on African Development (TICAD 9), themed “Co-create Innovative Solutions with Africa”, as further testament to Japan’s dedication to deepening Africa-Japan cooperation on digital transformation and entrepreneurship.
Lead Facilitator of IgniteHer, Hajiya Hafsat Salabi-Dange, described the programme as a catalyst for social and economic transformation. While praising NITDA’s visionary approach to development, she stated that the programme is a movement that is bridging the digital gender divide and fostering economic independence.
Encouraging the participants to remain curious, intentional, and bold, she said, “What you will gain here goes beyond business; it is a tool for community upliftment, national growth, and generational impact.”
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