E-Business
Nigeria Risks Losing 37% Of GDP to Corruption By 2030- Allianz

Corruption in Nigeria could cost up to 37% of GDP by 2030 if it’s not dealt with immediately, Allianz Global Corporate & Specialty (AGCS) has warned.
AGCS is the Allianz centre of expertise for global business insurance and large corporate and specialty risks with a worldwide network in more than 160 countries.
Key findings contained in its 6th annual ‘Allianz Risk Barometer’ released on Wednesday, also show that companies are increasingly worry about the struggling economy, corruption, volatility and political risks and violence.
Other growing concerns are digital dilemmas arising from new technologies and cyber risks (#5), as well as government policies which do not enable businesses to thrive, said the report based on a survey conducted among risk experts from 55 countries.
In Nigeria, Allianz Global Corporate & Specialty (AGCS) Africa worked with the Association of Enterprise Risk Management Professionals Nigeria (ERM), Risk Managers Society of Nigeria (RIMSON) and Risk Managers Association of Nigeria (RIMAN).
“The Allianz Risk Barometer 2017 is a worthy compass, telescope and guide which Risk Managers, Investors, Professionals, Governments, Policy Makers and Corporate Entities should not ignore in strategic decisions in 2017,” said president of RIMSON Engineer Jacob Odeonsun.
Nigerian risk managers sighted tough macroeconomic conditions and market volatility as their top two risks. “Nigeria faces macroeconomic challenges including low commodity prices, the Chinese slowdown and the tightening of US monetary policy and also suffers their own internal pressures such as inflation, weak domestic demand and socio-political tensions. The country’s growth is held back by weaker macroeconomic environment, the struggling financial sector, underdeveloped infrastructure, insufficient health and education ,” said Delphine Maïdou, CEO AGCS Africa during a press conference in Lagos where the report was presented.
To mitigate volatility risks and anticipate any sudden changes of rules that could impact markets, Maïdou said that companies in Nigeria will need to invest more resources into better monitoring politics and policy-making around the world in 2017.
According to trade credit insurer, Euler Hermes, a subsidiary of Allianz SE, since 2014, there have been 600 to 700 new trade barriers introduced globally every year.
Corruption was ranked fourth indicating that it is still a concern in the country. Corruption in Nigeria could cost up to 37% of GDP by 2030 if it’s not dealt with immediately.
“This cost is estimated to be nearly $2,000 per person by 2030. Corruption is ranked second as one of the most problematic factors for doing business in Nigeria in the Global Competitiveness Report. A significant reduction in corruption will boost current per capita income and improve the lives of many in Nigeria.
Political risks and violence is still a major challenge largely due to terrorism and kidnap for ransom (KNR),” the CEO highlighted.
She added that the overall risk for Nigeria in 2017 is high on crime, terrorism, conflict, political violence and kidnap.
“The resurgence of violence in the Niger Delta is expected to continue into 2017. Militant groups are likely to continue high-profile attacks on oil and gas infrastructure to press the federal government into meeting its demands, which include greater autonomy for the region and a greater share of the oil wealth, which may be untenable considering Nigeria’s current fiscal woes. Greater military action risks increasing anti-government sentiment.
“Kidnapping, primarily for the purposes of financial gain, will remain a complex and multifaceted security threat in Nigeria in 2017. The country was one of the world’s top five worst kidnapping-affected countries and the region’s kidnapping capital.
However ongoing state military offensives over the past 18 months have led to the relative containment of Islamic State (IS) affiliate, Boko Haram, in north eastern Nigeria. According to available information, Boko Haram conducted no successful abductions of foreign nationals within the country in 2016. However the group is extending its operations into Chad and Cameroon and this could lead to an increase in KRE activity.
Globally, business interruption (BI) continues to lead the ranking for the fifth year in a row, primarily because it can lead to significant income losses, but also because multiple new triggers are emerging, especially non-physical damage or intangible perils, such as cyber incidents, and disruption caused by political violence, strikes and terror attacks. This trend is driven, in part, by the rise of the “Internet of Things” (IoT) and the ever-greater interconnectivity of machines, companies and their supply chains which can easily multiply losses in case of an incident. Companies are also facing potential financial losses with the changing political landscape leading to fears of increasing protectionism and anti-globalization.
“Companies worldwide are bracing for a year of uncertainty,” says Chris Fischer Hirs, CEO AGCS SE. “Unpredictable changes in the legal, geopolitical and market environment around the world are constant items on the agenda of risk managers and the C-suite. A range of new risks are emerging beyond the perennial perils of fire and natural catastrophes which require re-thinking of current monitoring and risk management tools.”
At the same time, increasing reliance on technology and automation is transforming, and disrupting, companies across all industry sectors. While digitalization is bringing companies new opportunities, it is also shifting the nature of corporate assets from mostly physical to increasingly intangible, bearing new hazards, above all cyber risks (30% of responses). Companies ranked cyber threats a close #3 globally, climbing to #2 across the Americas and Europe and the top risk in Germany, the Netherlands, South Africa and the UK. At the same time, it is the top concern globally for businesses in the information and telecommunications technology and the retail/wholesale sectors.
“Cyber incidents is ranked #5 in Nigeria with the most common threats being from hackers, disgruntled employees, negligence and competitors,” said Nobuhle Nkosi, head of Financial Lines AGCS Africa. “This is doubled-edged sword to the country as Africa has a particular role in embracing and responding to new technologies compared to mature markets while speeding up cyber security and personal data protection legislations.”
The threat now goes far beyond hacking and privacy and data breaches, although new data protection regulations will exacerbate the fall-out from these for businesses.
“Time is running out for businesses to prepare for the implementation of the new General Data Protection Regulation across Europe in 2018 – although the cost of compliance will be high, the penalties of not doing so could be even higher. Meanwhile, increasing interconnectivity and sophistication of cyber-attacks poses not only a huge direct risk for companies but also indirectly via exposed critical infrastructures such as IT, water or power supply”, the insurance firm said.
Then there is the threat posed by technical failure or human error, which can lead to long-lasting and widespread BI exposures. In the digitalized production or Industry 4.0 environment, a failure to submit or interpret data correctly could stop production.
Businesses need to think about data as an asset and what prevents it from being used. Results also show that smaller companies may be under estimating cyber risk: in this category (revenues <€250 million), cyber ranks only #6. However, the impact of a serious incident could be much more damaging for such firms.
E-Business
Check Point Reveals Nigeria as Second Most Targeted African Country for Cyberattacks in November

The November 2025 Global Threat Intelligence report released by Check Point Research on Tuesday, shows Nigerian organisations faced an average of 3,374 cyberattacks per week.

Making the country as one of the primary targets for cybercriminals in Africa last month, with a record of a staggering volume of digital threats despite an overall decline in attacks across the continent.
The report shows that this figure places Nigeria second among the four major African nations analysed, trailing only Angola, which topped the list with 4,251 weekly attacks per organisation.
While Africa as a whole saw a 13 percent year-on-year decrease in cyber incidents, Nigeria’s high numbers reveal a persistent vulnerability within its digital infrastructure. Kenya and South Africa followed Nigeria with 2,384 and 1,863 weekly attacks, respectively.
The report also identified government institutions and financial services as the most targeted sectors across Africa. Globally, the education and research sector remained the most frequent victim, hit by an average of 4,656 attacks per week.
A significant highlight of the report is the emerging threat posed by Generative Artificial Intelligence (GenAI). Check Point Research found that one in every 35 GenAI prompts submitted within corporate networks globally posed a high risk of sensitive data leakage.
In Nigeria and abroad, employees are increasingly using AI tools that operate outside of formal security frameworks. The report noted that 87 percent of organisations using GenAI were affected by ‘high-risk’ prompts, which often included the input of proprietary code, customer data, or internal communications into public AI models.
Ransomware continues to be a primary tool for extortion, with global incidents rising by 22 percent year-on-year. While North America remains the most targeted region for ransomware, the impact is increasingly felt in emerging markets like Nigeria.
The most active ransomware groups identified in November were Qilin, Clop, and Akira, which primarily targeted industrial manufacturing and consumer goods sectors.
E-Business
JustMarkets Launches Global Boost Contest With Gold Prizes for Traders

JustMarkets, a worldwide broker with more than 12 years of experience in the online trading realm, is launching the Boost Contest, which represents a large-scale trading activity with the purpose of motivating traders, with the most proficient traders being awarded for their exceptional performance through a number of valuable prizes. This activity will last until the 31st of January, 2026.

JustMarkets
A Competition Developed with the Goal of Providing More Opportunities for Traders Worldwide
Boost Contest competition participants will be traders with Standard, Pro, or Raw Spread accounts of the MetaTrader 4 or MetaTrader 5 platforms.
To participate, traders will only be required to have a minimum account balance of $100 with a minimum of 3 traded lots. These were the requirements set for participants. Of course, the purpose of such a competition is for every broker client to participate. At the same time, however, JustMarkets sought to encourage traders to conduct in-depth analysis, different strategies, risk, and discipline. It was with this objective that this form of competition was established.
Multiple-tier rewards system with real gold
What sets the Boost Contest apart is the Weekly Lucky Draws component, in which traders compete for real gold prizes, awarded in three levels, based on their cumulative trading volume achieved through the competition:
Tier I (more than 100 lots): 15 grams of gold (3 winners)
Tier II (50-99 lots): Gold worth 10 grams (5 winners)
Tier III (10-49 lots): 5 grams of gold (7 winners)
This competition design thus provides traders with different levels of activity with the same opportunity of benefiting from valuable rewards.
Weekly Draws to Encourage Continued Participation
Apart from the top-level prizes, the competition also includes a series of weekly prizes. Traders participating in the competition will qualify for entry into the draw if they execute a minimum of three trades per week. Five lucky traders will be awarded $200 every week.
The introduction of the Boost Contest meets JustMarkets long-term obligations in:
Engaging traders through effective rewards programs
Fostering regular and organized trading practices
Enhancing transparency and integrity within all promotion endeavors
Offering a welcoming space where traders with different skill sets can participate
This reflects the purpose of JustMarkets, which is not only to offer traders good trading terms but also opportunities that add value to the entire trading experience.
A Global Platform Built on Trust and Innovation
As a globally recognized trading platform, JustMarkets continues to invest in initiatives that elevate client experience while adhering to high operational standards. The company maintains a robust technological infrastructure, offers multilingual support, and upholds strict security principles, all foundational elements behind long-term client trust.
The Boost Contest shows JustMarkets dedication to create a convenient and transparent trading environment where everyone can reach their full investment potential by clear rules, transparent rewards, and a stable trading ecosystem.
E-Business
Microsoft Empowers 350,000 more Nigerians with AI Skills

Microsoft, in collaboration with the Federal Government of Nigeria, Data Science Nigeria, and Lagos Business School, today announced a major milestone in its AI National Skills Initiative (AINSI), with more than 350,000 Nigerians reached with AI skills through the programme. This achievement builds on Microsoft’s longstanding partnership with the government, which has delivered digital training to over 4 million people since 2021.

Microsoft
The milestone underscores Nigeria’s commitment to inclusive, technology-driven growth and reflects strong progress in preparing individuals and organisations to thrive in the digital economy.
“Nigeria cannot afford to wait,” said Abideen Yusuf, General Manager, Microsoft Nigeria and Ghana. “AI is reshaping every sector, and the countries that move fastest on skills will lead. We must equip people now, at scale and with intent, so the immense opportunity presented by AI doesn’t pass us by.”
Olayinka David-West, Dean of Lagos Business School, emphasised this point: “AI skilling is no longer optional for Nigeria’s digital future—it is the foundation of our competitiveness. At Lagos Business School, we believe that equipping leaders and citizens with AI capabilities is essential for driving inclusive growth, innovation, and national transformation.”
As it stands, a significant percentage of Nigerian graduates are still to acquire digital skills, highlighting the importance of workforce readiness. Launched in January, the second phase of the Nigeria skilling programme, under Microsoft’s AINSI, aims to reach 1 million citizens over three years, strengthening Nigeria’s AI capability and national competitiveness. AINSI is helping drive a range of different programmes designed to embed AI skills across every sector of the economy.
Empowering organisational leaders
Over the past year, AINSI has advanced ethical and inclusive AI leadership in Nigeria’s public sector. Working with Lagos Business School, the Federal Ministry of Communications, Innovation and Digital Economy, and the National Centre for Artificial Intelligence and Robotics, Microsoft has trained 99 public sector leaders, including Members of the National Assembly and senior executives from 58 ministries and agencies. These sessions equipped leaders with strategies for AI-powered reporting and sector-specific roadmaps.
Equipping developers for the future
Developer-focused programmes are creating a strong pipeline of technical talent. Through government-driven initiatives like Developers in Government (DevsInGov) and the 3 Million Technical Talent initiative, led by the Ministry of Communications, Innovation and Digital Economy, developers in public sectors have gained new skills. Around 645 participants have been trained in analytics and AI integration. Another 1,000 developers learned advanced skills in areas such as DevOps, machine learning and data science. These efforts are helping Nigeria’s workforce prepare for the future by advancing AI fluency across the digital ecosystem.
Bringing AI skills to every tech user
To reach everyday tech users, developers, and business leaders, Microsoft hosted a flagship programme, Microsoft AI Skills Week – engaging over 235,000 participants through AI digital literacy workshops, business leader strategy sessions and an Agentic AI hackathon. Partnering with VISA, TeKnowledge, UNICEF, Data Science Nigeria, and Lagos Business School, the initiative trained more than 11,400 individuals and certified over 1,700. A standout moment was the Agentic AI hackathon, showcasing innovative solutions for document verification, risk assessment, and fraud detection, demonstrating the real-world impact of AI skills in fintech.
“Our collaboration with Microsoft has demonstrated that AI readiness requires coordinated investment across every stakeholder group — government, developers, educators, and communities. By building capacity for evidence-driven governance, responsible innovation, classroom integration, and community adoption, we are laying the foundation for a globally competitive workforce. True digital transformation happens when the entire ecosystem moves forward together,” commented Dr. Bayo Adekanmbi, CEO/Founder, Data Science Nigeria.
Looking ahead, Microsoft and its partners will continue driving Nigeria’s digital transformation through targeted upskilling in AI and cybersecurity, expanded access to AI education, and ongoing developer training. These activities aim to build local expertise at all levels and support Nigeria’s young population in taking an active role in Africa’s digital future.
“Nigeria is on track to capture 43% of Africa’s projected $136 billion AI-driven productivity gains by 2030,” concluded Yusuf. “By collaborating with the government to equip leaders, developers, and tech users, we’re building a future-ready workforce and helping Nigerians adopt and adapt the technology, thereby maximising its potential.”
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