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Nigeria’s Financial Markets Receive Boost from UK-aid via FSD Africa

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Nigeria’s financial markets have been boosted by a series of announcements and commitments by Financial Sector Deepening (FSD) Africa, a specialist development agency working to strengthen financial markets across sub-Saharan Africa.

The announcements were made as part of a two-week trip led by senior leaders from the UK-Aid funded agency in collaboration with partners. These included the Lagos State Government, the National Insurance Commission (NAICOM) of Nigeria, Infracredit, FMDQ, the UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI), and BFA Global.

From progress in implementing green bonds to opportunities for the local pension sector and solutions to help the country’s insurance industry respond to climate change, the initiatives will enhance the strength and health of Nigeria’s financial markets, building the foundations for a stronger more resilient national economy.

The announcements included:

· Meeting with Lagos State Governor, Babajide Sanwo-Olu – review progress of the Lagos State Green Bond Issuance and other sustainability-linked debt securities towards achieving the global Sustainable Development Goals (SDGs) and support infrastructure and social development for Lagos State.

· R3Lab – implemented in collaboration with NAICOM and UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI) to improve the effectiveness of regulation in the insurance sector. The initiative will deliver capacity-building and exchange programmes, learning resources, and forums for insurance supervisors. R3Lab is being implemented across the continent.

· Fintech X Climate Resilience Startup Challenge – an initiative to shine a spotlight on innovative solutions to build climate resilience. Local start-up, Soso Care a micro mobile health insurance startup enabling people to pay health insurance with recyclable waste was awarded $5k, as part of the challenge. D-Olivette, which provides a decentralized energy solution for rural, off-grid, and agrarian communities; Salubata, which creates bespoke shoes from recycled plastic waste; and Foodlocker, which provides a platform to link smallholder farmers with markets, were the other finalists.

· The Nairobi Declaration on Sustainable Insurance – a continental commitment by African insurance industry leaders to support the achievement of the SDGs. The Nairobi Declaration brings together local and international insurance firms to promote the achievement of SDGs and make it easier for them to understand the commitment to support the achievement of the SDGs.

· Launch of Nigeria Green Bond Report – The Report provided an update on the development of a green bond market in Nigeria. The report found Nigeria continues to lead the continent in the development and issuance of green bonds. To date, N49.19 billion has been raised from domestic private investors in three different issuers through support from the programme. In addition, 500 capital market participants have benefited from training programs, with two local organisations, licensed as green bond verifiers in Nigeria.

· Roundtable with Pension Fund Administrators – FSD Africa held a roundtable with Pension Fund Administrators. Led by the Pension Fund Operators Association of Nigeria (PENOP), the stakeholders discussed among other things, diversifying investments from the usual government securities and investing in innovative instruments, which can be de-risked by FSD Africa and partners. The stakeholders also looked at challenges and solutions around mobilising domestic pension fund assets to provide long-term finance to support Nigeria’s economic development.

· Unlocking Climate Aligned Local Currency Infrastructure Bonds – FSD Africa and Infracredit signed a Technical Assistance Agreement under which FSD Africa will provide funding for technical assistance to support pre-feasibility studies as well as the pre-transaction and transaction costs, including the design of innovative financing solutions for eligible projects that can issue climate-aligned local currency infrastructure bonds. The successful implementation of the project will enable up to ten climate aligned infrastructure projects reach financial close, support new job creation and enable more capital markets instruments to be issued to institutional investors. Click for additional information.

Commenting on the visit: Mark Napier, CEO of FSD Africa said: “As Africa’s largest economy and country in terms of population, stronger more robust financial markets are critical for Nigeria’s growth and prosperity.

“FSD Africa remains a committed partner for strengthening Nigeria’s financial market, and we are thankful to our partners for their continued efforts and collaboration to unlock new pathways to prosperity and resilience for Nigerians.”

Ben Llewellyn-Jones OBE | Deputy High Commissioner, UK High Commission in Nigeria said: “Nigeria’s incredible capacity for innovation and entrepreneurship is powering a new era of economic growth that, with the right ingredients, can bring wealth and stability to more Nigerians than ever before.

“I’m incredibly proud that, through the work of organisations like FSD Africa and its partners, the UK government is helping get those ingredients in place. Core to everything, are effective financial markets, with the capacity to help scale-up businesses, insure against unforeseen risks, and energize the emergence of a sustainable economy.”

Mr. Thomas Olorundare Sunday, Commissioner for Insurance/CEO National Insurance Commission (NAICOM) commented: “We recognise the role of a thriving insurance sector in supporting steady economic growth. Through the initiatives announced today, I have confidence that Nigeria will be a regional leader in providing innovative insurance products and distribution channels, enabling wider insurance coverage across the country.”

Chinua Azubike, Chief Executive Officer of InfraCredit stated that: “To date, InfraCredit’s guarantees have enabled the issuance of up to USD200 Million (NGN Equivalent) of local currency infrastructure bonds, however an increasing pipeline of climate-aligned infrastructure projects are constrained by limited financial resources being dedicated to deliver well-structured projects that can access the debt capital markets, thus, our collaboration with FSD Africa through technical assistance support will also involve the design of an innovative financial solution that will catalyse more bankable climate-smart infrastructure projects for InfraCredit’s guarantees which will accelerate the issuance of credit worthy local currency infrastructure bonds to domestic institutional investors, thereby deepening the debt capital markets in Nigeria.”


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Firm Shares Tips for Updating Your Digital Habits for an AI-driven World

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As smart devices with artificial intelligence (AI) tools, and always-on services become part of everyday life, the cybersecurity habits many people formed a few years ago may no longer be enough.

From AI-powered scams to social media trends that encourage users to upload personal details, the way people interact online is changing quickly. Ensuring that you stay secure now requires small, deliberate actions in your daily digital behaviour. Experts from Kaspersky, a global cybersecurity and digital privacy company, share the below advice to stay safe online.

  1. Be cautious with verification requests. Many scams now mimic legitimate verification processes, asking users to confirm accounts, update payment details, or approve login attempts. Because people are used to frequent security prompts, it is easy to respond automatically. Pause before sharing verification codes or personal information and independently verify requests through official websites or by contacting service providers directly.
  2. Cultivate healthy AI usage habits. AI agents, chatbots and multimedia-generating apps can be convenient and entertaining, but uploading high-resolution photos or personal information carries privacy implications. Facial images can function as biometric identifiers, and once shared with an online service, be it AI or a social network, control over how that data is stored or reused may be limited. Before using AI tools, review privacy policies, minimise the personal information they provide, and avoid uploading sensitive documents or confidential content.
  3. Do your homework on AI. For parents, the rise of AI assistants introduces another dimension. While AI tools can help in making education interactive and gamified, children may turn to AI tools for homework support or entertainment without fully understanding how their data is used or how to evaluate responses critically.

Open conversations about responsible AI use, privacy awareness, and the importance of not oversharing personal information can help children build safe digital habits from an early age.

  1. Audit your online subscriptions. Reducing digital exposure is another simple but often overlooked step. Over time, unused subscriptions, dormant accounts, and forgotten apps accumulate personal data and payment details. Regularly reviewing subscriptions, deleting unused accounts, and checking which apps have access to personal information can significantly reduce risks of this data being leaked.
  1. Secure your devices and home. Device longevity and smart home security also play an important role. Older devices that no longer receive security updates may contain unpatched vulnerabilities.

Ensure that smartphones, laptops, routers, and smart home devices are running the latest firmware and are protected with strong passwords and multi-factor authentication. Changing default passwords on connected devices and securing home Wi-Fi networks are essential steps in protecting both personal data and physical spaces.

As technology and AI becomes more integrated into daily life, security is less about dramatic measures and more about consistent, informed habits.

“Technology evolves quickly, and our online behaviour should keep pace,” says Brandon Muller, Technical Expert for the Middle East and Africa region at Kaspersky. “Take time to review privacy settings, app permissions, and connected third-party services, removing anything that is no longer needed. By being more deliberate about what we share, how we verify requests, and how we manage our devices, we can significantly reduce exposure to modern cyber risks while enjoying all the benefits of new technologies.”


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EU Pumps €290m into Nigeria’s Digital, Health, Agri Sectors

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European Union has unveiled a €290 million investment package for Nigeria, targeting key sectors including digital infrastructure, healthcare manufacturing, agriculture, and migration management.

EU Pumps €290m into Nigeria’s Digital, Health, Agri Sectors

The announcement was made during the eighth Nigeria–EU ministerial dialogue in Abuja, co-chaired by Yusuf Tuggar and Kaja Kallas. European officials said the funding, part of the EU’s Global Gateway strategy, is designed to strengthen Nigeria’s economy and deepen bilateral cooperation.

The digital sector received the largest allocation, with €131 million set aside to expand connectivity and improve digital services. The initiative aims to deploy about 90,000 kilometres of fibre-optic cable, providing internet access to roughly 33 million Nigerians.g

The programme will also support digital public infrastructure and develop Nigeria’s tech talent pipeline. In the healthcare sector, the European Investment Bank and the Bank of Industry Nigeria signed a €50 million financing agreement to boost local manufacturing of pharmaceuticals, vaccines, diagnostics, and medical devices.

Managing Director of BoI, Olasupo Olusi, described the deal as transformative, saying: “This partnership marks a pivotal step in Nigeria’s journey from being a major importer… to becoming a competitive producer.” EIB Vice-President Ambroise Fayolle added: “We support national health security while improving the resilience of supply chains.”

Another €85 million agreement will support agricultural value chains, particularly cocoa and dairy production, with funding aimed at improving productivity and supporting smallholder farmers and agribusinesses.

EU Commissioner Jozef Sikela said the investment would help Nigeria reduce reliance on imports and scale local production capacity.

The package also includes €16 million for migration management, focusing on reintegration of returnees and efforts to combat human trafficking. Kallas emphasised the broader significance of the partnership, stating: “In the current geopolitical context, the European Union is keen to enhance its partnership with Nigeria.”

Officials noted the investments align with continental goals such as the African Union target of producing 60 percent of vaccines locally by 2040, and the African Continental Free Trade Area framework for regional trade.

The EIB also revealed it has invested over €2.3 billion in Nigeria since 1978, supporting infrastructure, climate resilience, innovation, and small business development.


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Kaspersky, AFRIPOL Conduct Joint Cybersecurity Training for African law Enforcement

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As part of a joint initiative with AFRIPOL, Kaspersky provided cybersecurity training courses for law enforcement representatives from 23 African countries, unfolding the fundamentals of Security Operations Center (SOC) activities and advanced threat hunting techniques.

As cyberthreats continue to grow in scale and complexity, strengthening the technical capabilities of law enforcement agencies has become an important priority worldwide. Through knowledge-sharing programmes, technology companies can contribute practical expertise gained from real-world cyber investigations and threat analysis.

Such collaboration helps equip law enforcement professionals with the skills and tools needed to investigate digital crimes more effectively and strengthen cybersecurity capabilities.

From November 2025 to March 2026, around 40 African officers from 23 countries* received “Security Operations and Threat Hunting” training, provided as part of the cooperation agreement between Kaspersky and AFRIPOL signed in 2024. During the training, African officers gained practical knowledge of Security Operations Center (SOC) activities and modern cyber-defence practices.

The programme covered key aspects of threat detection and incident investigation, including how to identify malicious activity in Windows and Linux environments, analyse attacker tactics, techniques and procedures (TTPs) and use threat intelligence to uncover advanced threats.

As part of the training, a series of online Q&A sessions were organised, providing participants with the opportunity to engage directly with experts and course authors from Kaspersky’s Security Services team. These sessions allowed attendees to clarify complex topics, discuss practical cases and receive additional insights, reinforcing the learning experience and ensuring a deeper understanding of key cybersecurity concepts.

“Cybercrime today is highly sophisticated, borderless and constantly evolving, which means no single organisation can tackle it alone. This is why cooperation and knowledge sharing between the private cybersecurity sector and law enforcement agencies are so critical. Our long-standing collaboration with AFRIPOL demonstrates the value of this approach.

“Over the years, Kaspersky and AFRIPOL have worked together to better understand the cyberthreat landscape across Africa and to support international efforts aimed at disrupting cybercrime. By continuing to invest in training and capacity building, we aim to support law enforcement professionals with the expertise they need to investigate digital crimes effectively and contribute to building a safer and more trusted digital environment for everyone,” says Yuliya Shlychkova, Vice President, Public Affairs, at Kaspersky.

“Strengthening the capabilities of law enforcement agencies is essential to effectively address the growing complexity of cybercrime across the African continent. Initiatives such as this training programme play an important role in equipping officers with the practical skills needed to investigate cyber incidents, analyse digital evidence and respond to emerging threats.

“Cooperation with partners from the private cybersecurity sector, such as Kaspersky, helps law enforcement agencies stay informed about the latest threat trends and investigative approaches.

“We highly value this collaboration and the opportunity it creates to further develop the cybercrime response capabilities of AFRIPOL member countries,” says Dr Mohammed Benaired, Head, Training and Capacity Building Division at AFRIPOL.

In 2024, to further enhance global efforts to combat cyber offenses, Kaspersky and AFRIPOL signed a cooperation agreement in preventing and fighting cybercrime.

Covering a period of five years, the document formalises and facilitates cooperation between the company and the law enforcement agency in sharing threat intelligence data on the latest cybercriminal activities and entails the provision of assistance and know-how in information security analysis.

Kaspersky Expert Training is used by numerous organisations and academic institutions to advance their skills in battling against cybercrime. Since the inception of this online training programme, Kaspersky experts have trained more than 3,000 specialists from 50 countries around the world.

Providing their expertise with 12 educational courses, they share their insights on advanced tactics and strategies in Reverse Engineering, Threat Hunting, Incident Response and more – each divided by the level of students’ experience.


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