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Nigeria’s Economic Growth Takes Front Burner @ Economist Nigeria Summit
Stakeholders within various sectors of the economy have unanimously agreed that the economic divide between the North and the South within the country, is one key driver behind instability in Nigeria.
This was one of the topics of discussion during the two-day event concluded last week at the 10th edition of the annual Nigeria Summit in Lagos organised by top International magazine’s events arm, The Economist Events.
The theme for this year’s summit ‘Turning growth into prosperity,’ delved into key points on how Nigeria has become a hub for Foreign Direct Investment (FDI) for both the Eastern and Western world powers, and the need for a proper strategy for Nigeria that promotes trade and commerce between its neighbours and major international partners.
The summit, which was held on March 24th-25th at The InterContinental Hotel, Lagos, had a wide range of global and local delegates and speakers drawn from top corporations, Government and Nigerian society.
This year’s summit featured key speakers like Nigeria’s Minister of Agriculture, Akinwumi Adesina; Nigeria’s Minister of Communication and Technology, Omobola Johnson; Special Representative of the Chinese Government for African Affairs, Zhong Jianhua; Founder and Chairman, Indorama Corporation, Sri Prakash Lohia; Chief Executive Officer, African Capital Alliance; Okechukwu Enelamah; Founder and Chief Executive Officer, The Chair Centre Group, Ibukun Awosika; and Managing Director of Investments and Secretary of the Investment Committee, Wendel Group, Stephane Bacquaert; amongst other important dignitaries.
Speaking at the Summit, Omobola Johnson, minister of Communication Technology, Hon. stated that the current growth in Nigeria’s ICT sector is sustainable, adding that the growth could be harnessed and leveraged to deliver on the transformational opportunities in Nigeria. She stated that by effectively executing Nigeria’s national strategic agenda for the sector, ICT could be leveraged to drive and sustain the socio-economic transformation of Nigeria.
“With the exception of a couple of sub-sectors, the 26 key sectors that make up the ICT sector are positioned for high to medium growth and in turn have high to medium capacity to create jobs and wealth,” Johnson said.
In a submission, the Chinese government’s Special Representative on African Affairs Ambassador Zhong Jianhua, said economic transformation in Nigeria and Africa has been effective in the past decade which has contributed positively to the economic growth. He urged the Nigerian government to create more enabling environment for investors around the world to enhance development in the country.
Commenting on the outcome of the summit, Executive Director of The Economist, Daniel Franklin disclosed, “This year’s Nigeria Summit brought together over 350 leaders drawn from different walks of life, including Nigeria’s public and private sectors, international business players and investors for a discussion on how Nigeria can turn its economic growth into social and political prosperity.”
The just concluded Nigeria Summit was sponsored by Etisalat, First Bank, GTBank, Siemens, Standard Chartered, Accenture, Hanger 8, Oando, Oracle and P&G, and had its official PR partner as The Quadrant Company, official broadcast media as CNN, and official logistics supplier as DHL.

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E-Business
NDPC Records 2,000 Cyberattacks in One Week

Dr Vincent Olatunji, national commissioner and chief executive officer, Nigeria Data Protection Commission (NDPC), has disclosed that hackers launched more than 2,000 attacks on the commission’s service portal within one week, highlighting the growing cyber threats facing government institutions as Nigeria expands its digitalisation efforts.

Olatunji disclosed this on Monday in Abuja at a Technical and Organisational Drill on Data Protection Measures for IT Administrators across Ministries, Departments and Agencies organised by the NDPC.
According to him, the attacks underlined the urgent need for government institutions to strengthen their cyber defences and build the human capacity required to protect sensitive information and digital infrastructure.
He said, “Within one week, we experienced more than 2,000 attempts on our service portal.
More than 2,000 within one week. You can imagine what that means.”
The NDPC boss explained that cyberattacks could be motivated by different objectives, ranging from attempts to embarrass government institutions to financial extortion and other malicious activities.
Olatunji noted that government organisations had increasingly become targets of cybercriminals as more public services migrate online.
He said, “A lot of government organisations are being targeted recently. But I don’t think there’s anyone with any major impact on the economy or citizens’ data. But we don’t have to wait until they have a certain effect before we take action.”
The commissioner said the Federal Government’s ongoing digital transformation agenda was increasing the need for stronger cybersecurity safeguards across MDAs.
He recalled that Nigeria’s digitalisation journey gathered momentum after the issuance of the National Information Technology Policy in 2001, which paved the way for various digital initiatives and strategic roadmaps across government institutions.
According to him, the government is intensifying efforts to achieve full electronic governance and seamless interaction between citizens, businesses, and public institutions.
“A major announcement was made last week that will get 35 ministries fully digitalised in Nigeria within the next few weeks. Efforts are already ongoing. Some are fully digitalised already, while others are being encouraged to come on board. Over 100 agencies of government are already being involved in this,” he said.
Olatunji explained that many government agencies had already deployed platforms that enable citizens to access services remotely without physically visiting government offices.
He cited the commission’s own digital services, saying applicants seeking licences from the NDPC could complete processes online, including application submission and payments.
The NDPC chief, however, warned that greater digital integration also increases exposure to cyber risks.
“The truth is that all these integrations are driven by a lot of technologies developed by private sector organisations. When you move to full integration or when you interact, there is every likelihood that bad actors will target your network,” he said.
To address the challenge, Olatunji called for the development of “cyber warriors” capable of defending government systems and protecting citizens’ data.
He explained that the training programme aligned with key pillars of the commission’s roadmap, including human capital development, technology ecosystem growth, and inter-agency collaboration.
The NDPC boss identified different stages of e-governance maturity, ranging from agencies that only provide information on websites to those offering fully transactional, integrated services.
He stressed that data protection measures should not wait until institutions achieve full digital integration. Olatunji reminded participants that government institutions are classified under the law as data controllers because they collect and process information belonging to Nigerians and non-Nigerians.
He urged MDAs to establish the technical and organisational safeguards required under the Nigeria Data Protection Act to secure their databases and digital platforms.
According to him, technology alone cannot guarantee security without skilled personnel to manage and protect systems.
The commissioner commended public servants, describing them as among the most capable professionals available to drive government policies and programmes.
Olatunji also disclosed that compliance with data privacy requirements across the public sector had improved significantly in recent years. “When we started, the level of compliance with data privacy in the public sector in Nigeria was just four per cent. But now we are doing about 20 per cent and even over,” he said.
He added that many MDAs now make budgetary provisions for data privacy and protection activities, including the appointment of data protection officers and deployment of technical safeguards.
The NDPC chief urged participants to share the knowledge acquired during the training with colleagues in their respective organisations and to develop implementation plans to strengthen compliance.
He said the commission had embarked on various induction programmes, certification initiatives, and training courses for data protection officers across MDAs.
According to him, some participants in the commission’s six-week certification programme were already sitting for examinations, while additional support was being provided through the National Privacy Academy.
Olatunji disclosed that participants at the training would receive free vouchers to access the academy’s self-paced learning platform on data privacy and protection. He also revealed plans to extend training to permanent secretaries and other senior government officials to deepen understanding of data protection obligations across the public sector.
The commissioner encouraged participants to embrace emerging opportunities in the data protection sector, noting that certified data protection officers and licensed Data Protection Compliance Organisations could continue to provide compliance services even after retirement from public service.
In her opening remarks, Dr Tolulope Pius-Fadipe, head of Research and Development at the NDPC, said the training formed part of the commission’s strategic roadmap for human capital development and efforts to build a strong data privacy architecture across ministries, departments and agencies.
She said the programme was designed to promote responsible data management, strengthen public trust, and protect the rights of data subjects, adding that it would help agencies test and improve their ability to protect sensitive public data and maintain critical services during crises.
Pius-Fadipe urged participants to actively engage in the sessions and implement lessons learned in their respective organisations, noting that public institutions were increasingly facing cyber threats.
Also speaking, Mr Olorunisomo Isola, head of Information Technology and Cybersecurity at the NDPC, said the workshop was organised in response to rising cyber incidents targeting public infrastructure as government institutions deepen digitalisation efforts.
He said the training would equip IT administrators with the practical skills needed to implement the technical and organisational measures required under Section 39 of the Nigeria Data Protection Act and to prevent data loss or manipulation across government systems.
According to him, participants would undergo practical sessions on governance, risk and compliance, data protection impact assessments, encryption, data classification, data loss prevention, database security, cloud security and cyber incident response.
He added that the programme would culminate in the development of actionable implementation plans to strengthen data protection governance, improve security posture, reduce cyber risks, and ensure compliance with the NDPA across government institutions.
E-Financial
Supreme Court Endorses Unity, Providus Bank Merger

Supreme Court of Nigeria delivered a landmark ruling on the merger between Unity Bank Plc and Providus Bank Limited.

By dismissing the final appeal challenging the consolidation, the apex court has dissolved the board of Unity Bank, cleared all legal obstacles, and formally sanctioned the creation of the enlarged entity,.
The apex court decision ends the legal dispute that had delayed the merger process.
The merger is expected to create a stronger and larger bank in Nigeria’s banking sector.
The shareholders of both banks had already approved the merger during a court-ordered Extraordinary General Meeting (EGM) held in September 2025.
The Central Bank of Nigeria (CBN) had also given its approval before now.
With the Supreme Court’s approval, the merger process can now be completed.
News
Easybuy Partners WAWUAfrica to Upskill 10 Million Youths and Women, Boosting Nigeria’s Economic and Financial Inclusion

Easybuy, Africa’s leading smartphone and electronics financing provider and a pioneer in the continent’s Buy Now, Pay Later (BNPL) sector, has partnered with WAWUAfrica to empower 10 million Nigerian youths and women with job-ready skills for sustainable wealth creation.

The initiative spans digital and IT literacy, financial and economic literacy, creative arts and design, business and entrepreneurship, as well as hospitality and tourism.
At a recent signing ceremony held in Lagos, Easybuy was named the Official Device Financing and Lifestyle Partner for the Federal Government of Nigeria–approved training initiative. The programme is being launched by the Office of the Vice President through the Presidential Committee on Economic and Financial Inclusion (PreCEFI), and implemented by WAWUAfrica, in collaboration with key development partners, including Ministry of Youth, Ministry of Women, Ministry of Humanitarian Affairs, Ministry of Trade & Investment, the World Bank, African Union Sixth Region Global, Economic Community of West African States (ECOWAS), and the National Information Technology Development Agency (NITDA), as well as leading professional bodies such as the Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Bankers of Nigeria (CIBN), Chartered Institute of Stockbrokers (CIS), National Institute of Credit Administration (NICA), Chartered Risk Management Institute of Nigeria (CRMI), and the Nigeria Institute of Innovation and Entrepreneurship (NIIE).
“Smartphones have become essential for participation in today’s economy, yet millions of Nigerians still face barriers to accessing the devices they need,” said Abdul-gaffar Adesoji, Sales Director of Easybuy Nigeria. “As the Official Device Financing and Lifestyle Partner for this great initiative, Easybuy will support WAWUAfrica’s mission by bridging the smart device access gap, empowering underserved communities across the country, and unlocking new economic opportunities for Nigerians through inclusive financing solutions.”
“To boost Nigeria’s economic and financial inclusion drive, as part of our contribution to the initiative, Easybuy will be providing up to 10,000 of sales jobs to trained participants among the 10 million beneficiaries of this worthwhile initiative. The Easybuy team is dedicated to bringing an easier life to millions of Nigerians across the country,” Adesoji further noted.
Commenting on the partnership, Emmanuel Lennox, Chief Executive Officer of WAWUAfrica, said: “This partnership reflects a deliberate shift from skills acquisition as an end, to skills deployment as a driver of national productivity.
By integrating Easybuy’s device financing into the WAWUAfrica training ecosystem, we are ensuring that participants are not just trained, but fully equipped to participate meaningfully in today’s digital economy. It is a model designed to remove structural barriers and accelerate inclusion at scale.”
“What we are building with Easybuy is a closed-loop system for economic transformation, one that connects skills training and real earning opportunities in a continuous cycle. Individuals are given access to acquire smartphones through Easybuy, receive free training, and participate in income-generating activities from sales roles.
The result is a scalable model that doesn’t just prepare people for jobs, it actively enables new businesses, and empowers a new generation of Nigerians to earn, grow, and contribute sustainably to the economy,” Lennox added.
Despite rising connectivity, a significant access gap persists, with over 120 million Nigerians still offline, largely due to the high cost of smartphones. As mobile devices remain the primary gateway to financial inclusion, education, and commerce, affordability continues to limit market penetration.
This gap represents a substantial growth opportunity for scalable financing models to accelerate digital inclusion while unlocking new consumer markets and economic value. This is where Easybuy comes in, offering affordable device financing plans, and empowering millions of users to purchase quality mobile phones through flexible repayments.
This partnership with WAWUAfrica is a strategic response to Nigeria’s economic and financial inclusion gap. Despite steady progress, nearly 29 million adult Nigerians are still excluded from the financial system and only about 52% of the population hold bank accounts.
With rural and low-income communities disproportionately affected, the gap offers an opportunity for scalable, mobile-driven financial solutions like the partnership between WAWUAfrica and Easybuy that can unlock access, drive adoption, and accelerate inclusive economic growth.
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