E-Business
Opinion: Nigeria Strides into Q4

By Lukman Otunuga, Research Analyst at FXTM
Nigeria displayed its resilience in the global arena on repeated occasions this year, by confronting a currency crisis, navigating depressed oil prices and rebounding from an economic deceleration.
With the nation currently in the process of recovering from its worst slump in 25 years, despite the headwinds created from both external and internal risk, the overall outlook remains highly encouraging.
Annual inflation has eased considerably, while core fundamentals suggest that the economic landscape continues to stabilize. With the driver behind Nigeria’s economic rebound fuelled by sustainable sources such as manufacturing, agriculture and trade, it is clear why sentiment is slowly turning bullish.
Now that Nigeria has shown the world that it resilient, the central bank is likely to direct its focus towards mitigating inflation and further supporting the local currency.
The fact that Nigeria managed to grow 0.55% in Q2, despite suffering a painful contraction for five consecutive quarters, highlights the tenacious nature of the nation and prospects for future growth. Consumer prices also eased to 16.01% in August, pointing to signs of improving price stability.
While there is still some distance to go before inflation falls back within the Central Bank of Nigeria’s 6-9% target, improved Dollar supply which has eased inflation by reducing import costs, may play a part in inflationary pressures becoming a theme of the past.
Although the combination of accelerating growth and falling inflation may encourage the CBN to cut benchmark interest rates in the future, it is only one element of the equation. While an interest rate cut is likely to boost business confidence and support the nation further, attention should be directed towards the fiscal side.
Taking a look at the fiscal side of the equation, it can be said that Nigeria is in dire need of a national infrastructure plan. Major roads remain in poor condition, bridges and railways need to be renovated and education needs an overhaul.
It should be kept in mind that a solid and stable infrastructure yields a healthy economy, while a weak foundation limits growth and exposes the nation to downside risks. Rectifying these issues has the ability to not only create employment but it would also support economic growth – ultimately boosting investor confidence.
On a positive note, the National Bureau of Statistics (NBS) recently reported that Nigeria recorded an export rise of 73.5% in the second quarter of 2017.
There was a significant rise in non-oil exports with agricultural goods increasing in the country’s foreign exchange earnings. With agriculture remaining the backbone of Nigeria, this report was highly encouraging, especially when you consider how the nation has an ongoing quest to diversify from oil reliance.
Focusing on the foreign exchange outlook, the Naira held its ground against the Dollar in September, with prices trading within a narrow range on the parallel market exchange. The implantation of the Investors and Exporters (FX) Window has bolstered confidence over Nigeria’s outlook and this may be reflected in the Naira’s current stability.
The Naira’s price action also suggests that the increased supply of foreign exchange into the largest economy inAfrica has attracted investors, ultimately creating another wall of stability in the FX markets.
While the outlook for the Naira is starting to look encouraging amid the stabilizing fundamentals, markets will still be observing how Nigeria tackles the system of multiple exchange rates. With the central bank aiming to erase the multiple exchanges, which would require an official devaluation, it becomes a matter of when and how.
Resurgent oil prices have positively impacted the nation’s government revenues and even reinforced the stability of foreign exchange markets. Investors are becoming increasingly optimistic about OPEC’s ability to rebalance the market long-term, as this was reflected in WTI Crude which appreciated towards $52.
With further upside on the cards in the short to medium term amid the optimism, the Nigerian government is likely to receive more revenue. It should be kept in mind that Oil prices still pose a significant external risk to Nigeria in the longer term, especially when considering how fragile the current OPEC supply cut deal really is.
With OPEC requesting Nigeria to cut production by 1.8 million barrels a day, this complicates matters, as the Federal government’s 2017 budget is based on the production of 2.2 million barrels per day at $44.50 per barrel. A situation where Nigeria limits production and oil prices depreciate, could pose a serious threat to the budget, ultimately punishing economic growth.
As the final quarter of 2017 gets underway, markets will be closely watching to see if the stabilizing economic conditions prompt the Central Bank of Nigeria to cut interest rates.
A rate cut will be one the first steps of many the nation takes on in its ongoing mission to recover economically, diversify and continue to rattle the global arena.
E-Business
Kaspersky Discovered a Malware Campaign Targeting Steam Users Through Infected Wallpaper

Kaspersky researchers have uncovered an ongoing malware distribution campaign leveraging Steam Workshop and Wallpaper Engine, a popular Steam application used to create and share animated desktop wallpapers.

Researchers identified multiple infected wallpaper packages which had accumulated thousands of downloads. Steam users in China and Russia were primarily targeted, with other victims located in Singapore, Hong Kong, Germany, Vietnam, India and Canada.
The main goal of the attackers was stealing gaming accounts and deploying additional malware.
Steam Workshop is a built-in feature of the Steam gaming platform that allows users to easily find, install, and manage user-generated content like mods, custom maps, game items, and wallpapers. The Wallpaper Engine app supports several wallpaper formats, including videos, interactive scenes, web pages, and applications.
The application-based wallpaper feature allows executable programs to run directly on a user’s Windows computer, allowing attackers to distribute malicious software under the guise of legitimate content.
Kaspersky identified dozens of infected wallpaper packages available through Steam Workshop. Many of these packages had thousands or even tens of thousands of downloads.
There were two primary delivery methods that attackers used. In some cases, malicious executable files, DLLs, and scripts were bundled directly with the wallpaper package.
In others, attackers hid malware inside password-protected archives, with passwords embedded in archive names or configuration files. Once the wallpaper was installed, malicious payloads executed automatically.
For example, one of the malicious wallpaper samples discovered in December 2025 appeared to function legitimately at first, launching an embedded desktop game without any visible signs of compromise.
In the background, however, the wallpaper deployed the DarkKomet backdoor and installed a modified library designed to target Steam users: it harvested account information and hijacked active Steam sessions.
The attacks were likely conducted by multiple independent threat actors rather than a single group, and were not limited to a single malware family. Across multiple cases, Kaspersky detected malicious wallpapers distributing Lumma and Vidar infostealers and the RenEngine loader. Kaspersky’s security solutions detect and block all malware associated with this campaign.
“Trusted platforms can be abused to distribute malware: the attacks rely on users trusting content hosted within legitimate ecosystems. While many of the malware families involved are well-known, the delivery mechanism enables attackers to reach large numbers of potential victims through seemingly harmless content,” commented Maxim Starodubov, a cybersecurity expert at Kaspersky.
E-Business
Galaxy Backbone @ 20, Unveils New Identity

Galaxy Backbone (GBB) has unveiled a new corporate identity, signalling what the organisation described as a new phase of growth and readiness to support the future of digital governance in Nigeria.

The unveiling of the identity was part of activities marking 20 years of providing critical digital infrastructure and services to government institutions.
According to GBB, the rebranding signals the organization’s strategic evolution from a core government ICT infrastructure provider to a broad national digital transformation enabler connecting governments, businesses, and institutions.
Speaking at the 20th anniversary celebration and awards ceremony in Abuja, Senator George Akume, secretary to the Government of the Federation, urges GBB to lead the next phase of Nigeria’s digital transformation.
Represented by Dr Ibrahim Kana, permanent secretary, General Services Office, Akume, described the organisation as a key driver of modern governance, cybersecurity and digital service delivery across Nigeria.
He said Galaxy Backbone has evolved from a modest initiative into the nation’s foremost provider of secure government connectivity, cloud infrastructure, data hosting and shared ICT services, helping to improve efficiency, transparency and collaboration across Ministries, Departments and Agencies.
‘Digital transformation is no longer an option but a necessity. Nations that embrace technology and innovation are better positioned to achieve sustainable economic growth, improve governance outcomes and enhance the quality of life of their citizens,” he said.
Senator Akume stressed that digital transformation is now essential for economic growth and effective governance. He urged Galaxy Backbone to strengthen its role in emerging technologies, including artificial intelligence, cloud computing, blockchain and big data analytics, to support Nigeria’s digital economy and public sector modernisation.
“The next phase of Nigeria’s digital transformation will require greater innovation, stronger cybersecurity capabilities, expanded broadband infrastructure and deeper collaboration among stakeholders,” he added.
Earlier in his remarks, Professor Ibrahim Adeyanju, managing director of Galaxy Backbone, said the organisation’s journey began with a bold vision to connect government institutions and make digital infrastructure a strategic national asset. He noted that two decades later, the organisation has become a critical pillar of Nigeria’s digital ecosystem.
“Twenty years ago, a bold idea was born. An idea that government could be more connected, that technology could transform governance, and that digital infrastructure could become a strategic national asset,” Adeyanju said.
Professor Adeyanju said Galaxy Backbone’s achievements were made possible through the support of the Federal Government, stakeholders, partner agencies and generations of staff who helped build the institution.
He added that the organisation’s greatest strength remains its workforce and reaffirmed its commitment to innovation, service delivery and talent development.
E-Business
NDPC to Review Data Law to Address AI, Privacy Concerns

Nigeria Data Protection Commission (NDPC) has said that it plans to seek a review of the Nigeria Data Protection Act (NDPA) 2023 to address emerging technologies such as Artificial Intelligence (AI), robotics and big data, amid growing concerns over privacy, cybersecurity and data governance in an increasingly digital economy.

The proposed review comes as regulators across the world grapple with the rapid adoption of AI-driven technologies and the challenges they pose to existing legal frameworks designed to protect personal data and privacy rights.
Experts believe the move signals Nigeria’s determination to align its data protection regime with global technological developments and emerging regulatory standards.
Speaking during activities marking the third anniversary of the signing of the Nigeria Data Protection Act into law, Dr. Vincent Olatunji, national commissioner and chief executive officer of the NDPC, said the current law requires updates to adequately reflect technological realities that have evolved significantly since its enactment.
According to him, the pace of innovation has made it necessary for policymakers to move beyond broad references to emerging technologies and provide clearer regulatory guidance.
“We are in the era of emerging technologies. At the time the law was drafted, we could only make broad references to emerging technologies, but today we can specifically mention Artificial Intelligence, robotics and big data,” Olatunji said.
The NDPC boss noted that technologies which were once considered futuristic have now become central to economic activities, digital services and public administration.
“Ten years ago, nobody was talking about AI the way we are doing now, but today it has become central to virtually every aspect of digital transformation. We need to be more specific about what constitutes emerging technologies and provide examples because the technologies keep evolving,” he added.
Industry stakeholders say the review is timely, given the increasing deployment of AI tools across sectors including banking, telecommunications, healthcare, education and public services.
They argue that clearer rules are needed to govern automated decision-making, algorithmic accountability, data ownership and cross-border data transfers.
The proposed amendment also aligns with the National Assembly’s ongoing work to assess the existing law and identify areas to strengthen in light of evolving cyber threats and technological advancements.
Senator Afolabi Salisu, chairman, Senate Committee on ICT and Cybersecurity, had earlier indicated that lawmakers were reviewing the legislation to ensure it remains relevant in addressing developments such as AI and emerging cybercrime threats.
Analysts believe the review could further strengthen investor confidence in Nigeria’s digital economy by providing clearer regulatory certainty for businesses operating in data-intensive sectors.
The NDPA 2023 established the NDPC as the country’s primary data protection regulator and created a legal framework for the collection, processing, storage and transfer of personal data.
Since its enactment, the Commission has ramped up enforcement, compliance monitoring, and awareness campaigns to strengthen data governance across public and private institutions.
Olatunji, however, cautioned against excessive reliance on AI technologies, stressing that human oversight remains critical in data processing and decision-making systems.
“We still need the human component. We should not leave everything to artificial intelligence,” he said.
He further noted that issues relating to digital footprints, privacy rights and responsible data use would continue to demand regulatory attention as technology becomes more integrated into everyday life.
Technology policy experts say the emergence of generative AI, machine learning systems and autonomous technologies has created new legal and ethical questions that many existing privacy laws were not originally designed to address.
These include concerns around automated profiling, bias in AI systems, consent management, surveillance and accountability for decisions made by intelligent systems.
Meanwhile, the NDPC has in recent months demonstrated a growing focus on AI governance, including participation in international initiatives aimed at promoting responsible and privacy-conscious deployment of artificial intelligence technologies.
Stakeholders believe that any amendment to the Act should strike a balance between protecting citizens’ privacy rights and supporting innovation within Nigeria’s rapidly expanding digital economy.
Hence, the proposed review signals the likelihood of stricter compliance obligations for business and increased scrutiny of how personal data is collected, processed and utilised.
While experts advise organisations to begin strengthening internal governance frameworks, data management systems and privacy compliance programmes in anticipation of future regulatory changes.
Consequently, the planned review of the Data Protection Act underscores the growing recognition that regulatory frameworks must evolve alongside technological innovation, while for policymakers, the challenge will be ensuring that the law remains flexible enough to encourage innovation while robust enough to protect citizens in an era increasingly defined by data and artificial intelligence.
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