General News
Boko Haram Aside, Nigeria is Becoming Major Global Economy

Nigeria has been getting a lot of bad press lately, owing largely to the militant Islamist group Boko Haram’s abduction of more than 200 schoolgirls in April, part of a brutal campaign of kidnappings, bombings and murder, according to The Daily Star.
But, while these developments certainly merit international concern, they should not be allowed to obscure Nigeria’s recent achievements – or spur the outside world to turn its back on the country.
According to The Daily Star, what is lost in most discussions about Nigeria today is the strong economic record that the country has established over the last decade.
In fact, a recent yearlong study by the McKinsey Global Institute showed that, over the next 15 years, Nigeria has the potential to become a major global economy.
With roughly 170 million inhabitants, Nigeria has Africa’s largest population. But it has only recently been acknowledged as having the continent’s largest economy – 26th in the world – following the release of “rebased” data putting GDP at $510 billion last year.
MGI estimates that from 2013 until 2030, Nigeria could expand its economy by more than 6 percent annually, with its GDP exceeding $1.6 trillion – moving it into the global top 20. Moreover, if Nigeria’s leaders work to ensure that growth is inclusive, an estimated 30 million people could escape poverty.
The problem is that Nigeria remains subject to outdated assumptions, which are limiting its prospects, especially among foreign companies and investors.
For example, many believe that Nigeria is a petro-economy, wholly at the mercy of the world oil market.
But the resources sector accounts for only 14 percent of GDP – meaning that, while oil production remains a critical source of revenue and exports, the Nigerian economy is far more diverse than many assume.
A related myth is that Nigeria’s economic growth is unstable, with large and unpredictable shifts in performance from year to year.
In fact, as Nigeria has diversified its economy and detached public-spending plans from current oil prices (part of a 2004 budget reform), it has become increasingly stable, both economically and fiscally. Indeed, in recent years (2010-13, in “rebased” terms), GDP has grown by a steady 6-7 percent, owing more to rising productivity than to favorable demographics.
Finally, there is a general misunderstanding about the Nigerian economy’s evolution. Despite widespread poverty and low (though improving) productivity in almost all industries outside of the resources sector, Nigeria has a rapidly growing consumer class that will play an increasingly important role in driving growth.
By 2030, more than 34 million households, with about 160 million people, are likely to be earning more than $7,500 annually, making them aspiring consumers.
This implies a potential rise in consumption from $388 billion annually to $1.4 trillion – a prospect that is already attracting investments by multinational consumer-goods producers and retailers.
Nigeria’s prospects are enhanced further by its strategic location, which will enable it to take advantage of booming demand across Africa and other parts of the developing world. Add to that a large and growing population and an entrepreneurial spirit, and the future looks bright.
In order to unleash this potential and ensure that the next decade of growth brings sharp reductions in poverty, Nigeria’s leaders must pursue reforms aimed at increasing productivity, raising incomes and delivering essential services such as health care and education more efficiently.
For example, to increase productivity and incomes in the agricultural sector, the government could pursue land-title reform aimed at opening more farmland without deforestation; expand the use of fertilizer and mechanized equipment; and support a shift to more profitable crops.
Moreover, improvements in distribution and marketing would allow farmers to keep more of the proceeds from the sale of their crops.
In urban areas, productivity suffers from a high degree of informal employment, sometimes even by major corporations. This keeps too many Nigerians in low-skill, low-paying jobs and deprives the economy of the dynamism that competitive small- and medium-size enterprises create.
The spate of Internet startups that have emerged in Nigeria demonstrates that the skills are there, and tapping Nigeria’s diaspora can augment that talent pool.
To make it easier to do business in Nigeria, the government also will need to streamline processes for registering and running a legal business and, together with aid agencies and the private sector, increase investment in infrastructure. It will also need to intensify its fight against endemic corruption, which represents a tax on all businesses.
Finally, to promote inclusive growth – essential to relieving human suffering and mitigating social and political tensions – Nigeria must improve public-service delivery dramatically.
The fact that Nigeria lags behind countries that spend comparable amounts on public services proves that it has the scope to improve.
All that is needed to ensure that assistance – from seed subsidies to immunization – reaches those who need it most, regardless of where they live in the country, is a strong commitment from Nigeria’s leaders to build more effective and transparent government agencies.
Nigerians do not need sympathy or even outrage from the global community. What they need is support and encouragement. Only with stable and inclusive growth can Nigeria escape the clutches of brutal forces such as Boko Haram and give its citizens the security and prosperity that they deserve.
Paul Collier is a professor of economics and public policy at the Blavatnik School of Government, Oxford University, where he is also professorial fellow of St. Antony’s College and co-director of the Center for the Study of African Economies. Acha Leke is Director of McKinsey in Africa.
General News
Kaspersky Reveals How Digitalisation is Influencing Family Life

Kaspersky’s latest global research shows that mostly all people currently interact with their family members digitally: 86% of all participants communicate with family via messaging apps, 58% have regular video calls, and 44% have even established joint streaming service accounts.

While digitalisation offers unprecedented convenience and flexibility in family communication, Kaspersky experts warn that this increased online connectivity demands a heightened awareness of digital safety practices and the protection of devices.
Communication in the digital sphere has become an integral part of everyday life. Thanks to video calls and instant messaging, we can maintain connections with our loved ones, no matter where we are.
Digitalisation has reshaped not only how we communicate, but also how we spend our free time together. Kaspersky has conducted a survey* to reveal the common patterns of modern family life in the digital age and discover the cybersecurity challenges that lurk beneath our screen interactions.
Cyber safety during family communication
According to the survey, regular messaging via WhatsApp, Telegram, Signal, Viber and other messenger apps were top of users’ choices when communicating with their families.
People in the 35-54 age group were the most likely to engage this way, with 89% of respondents choosing this option. Video calls were a much less popular option among respondents as a way of keeping in touch with relatives, with only 58% choosing this digital solution.
Another popular way of staying connected online for many families is exchanging posts and memes on social media and messengers (53%). The 18-34 age group leads this trend with a 58% participation rate, showcasing how humor and shared cultural references are becoming essential family bonding mechanisms.
The older generation (above 55 years old) is in general less digitally engaged than other ages, though the share of those who chat with their families in messengers is on par with the average (85%). 42% of this age group even exchange memes and posts via social media.
Despite the fact that older people are more active in the digital sphere, they may still not be ready to face cyber threats and scams. Users should therefore educate their older relatives on how to stay safe online and use gadgets securely.
Even for advanced users, communication online carries potential cyber security risks. From phishing attempts disguised as legitimate messages to sophisticated social engineering attacks, the digital battlefield operates within our most personal communication channels.
To ensure the complex protection for your messengers it’s highly recommended to enable two-factor authentication where possible, use unique, complex passwords for each account, remain skeptical of unexpected links or attachments, use a reliable security solution with anti-phishing protection for messengers and follow security tips from Kaspersky experts.
Family accounts – convenience or risk?
The survey shows that in their free time 70% of families choose to watch movies together, with 44% having family streaming accounts. Online games do not have such popularity as a family pastime, with only 35% of general respondents opting for them.
While sharing streaming subscriptions and gaming accounts may seem like a cost-effective solution, it opens the door to a host of digital vulnerabilities that can compromise your family’s security and privacy, especially when an account is used by different family members under the same login and password. Such accounts create a perfect storm for security breaches.
If one family member’s device is compromised, hackers gain access to the entire account. Additionally, password reuse across multiple platforms means that a single breach could expose your financial information, email accounts, and other sensitive data. To manage all passwords securely, it’s highly recommended to use a password manager for all family members.
“As our family life moves more and more online, it opens up amazing ways to stay close and create memories – but it also brings new risks, like scams and hacking. Kids and older relatives can be especially at risk, so looking out for each other online is really important.
“Protecting your digital privacy and using cybersecurity measures is an important way to care for your loved ones and keep your family safe”, comments Marina Titova, Vice President for Consumer Business at Kaspersky.
General News
NCC Slaps ₦250,000 Fee on Trial Licences to Spur Telecom Innovation

Nigerian Communications Commission (NCC) has rolled out a new ₦250,000 application fee for companies seeking temporary approval to test innovative telecom services, aiming to fast-track sector modernisation while safeguarding consumers.

NCC
The fee targets the newly launched Interim Service Authorisation (ISA), a short-term licence enabling telecom operators, startups, and tech firms to trial novel offerings in live markets before full commercial rollout. Contained in NCC’s freshly published General Authorisation Framework, the charge covers administrative processing, with successful applicants potentially facing extra costs for spectrum or numbering resources.
Under the rules, firms pay the ₦250,000 upfront upon application. Trials run for an initial three months, renewable once up to six months total, capped at 10,000 users and restricted geographically. Operators must prove their service is genuinely new, detail regulatory hurdles, outline consumer safeguards, and submit monthly reports, all while upholding data protection, security, and rights obligations.
NCC Executive Vice-Chairman Aminu Maida, who previewed the draft in July, said exploding tech advances had outstripped old licensing models, necessitating reform to foster innovation without skimping on public safeguards. The ISA lets providers gauge technical viability, market appetite, and risks, while regulators scrutinise quality and impact pre-scale-up.
“This framework strikes a balance—unleashing experimentation in spectrum sharing, Open RAN, and alternative connectivity, minus the pitfalls of unchecked rollouts,” an NCC statement noted. Participation offers no automatic path to full licences; commercial bids hinge on fresh evaluations and category fits.
Industry players hailed the move as a risk-reducer for unproven ideas, potentially slashing flop costs in Nigeria’s cut-throat telecom arena. With participation limited and monitoring rigorous, the NCC bets on controlled pilots to propel breakthroughs, cementing Africa’s giant as a digital vanguard.
As operators eye 5G-plus frontiers, the ISA arrives amid investor clamour for agile rules, positioning Nigeria to harvest homegrown tech leaps without consumer blowback.
General News
Naira Smashes Through ₦1,400 Barrier in Official FX Rally

Nigerian naira strengthened to a record high of about ₦1,400 to the US dollar at the official market during midweek trading, continuing an appreciation trend seen since the start of the week.

FX
Data released by the Central Bank of Nigeria (CBN) showed that the currency appreciated by 1.26 per cent on Tuesday, January 27, at the Nigerian Foreign Exchange Market (NFEM), with the dollar quoted at ₦1,401.22. This represented a gain of ₦17.73 compared with the ₦1,418.95 recorded on Monday, January 26.
The naira had already posted significant gains in the previous session, closing at around ₦1,401.20 per dollar, its strongest level since the introduction of the Electronic Foreign Exchange Matching System (EFEMS).
The currency has recorded incremental daily gains in recent sessions, rising between 0.1 per cent and 0.36 per cent on some trading days. In the parallel market, bureau de change operators in Lagos quoted the dollar between ₦1,475 and ₦1,490 on January 27, with average buying and selling rates of ₦1,480 and ₦1,490 respectively.
Market analysts attribute the improved performance at the parallel market to enhanced foreign exchange liquidity and further regulatory reforms implemented by the CBN.
The naira has sustained its upward momentum into early 2026, building on the gains recorded in 2025, when it posted its strongest performance in over a decade, appreciating between 7 and 9 per cent against the US dollar.
Analysts generally expect the currency to remain within a relatively stable range in the medium term, with several projections indicating it will trade between ₦1,400 and ₦1,500 to the dollar this year, supported by improved liquidity and ongoing macroeconomic reforms.
The Nigerian Economic Summit Group has projected that the naira will trade at around ₦1,480 to the dollar in 2026. The group also expects Nigeria’s external reserves to rise steadily to about $52 billion, driven by the consolidation of recent reforms and sustained stabilisation efforts.
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