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Nigeria ends 2018 on a cautious note; 2019 elections in focus

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By Lukman Otunuga,

It has been another monumental year for the Nigerian economy which continued to display resilience against domestic and external headwinds.

 

The healthy combination of easing inflationary pressures, foreign exchange stability and rising commodity prices initially stabilized Nigeria’s macro fundamentals. With domestic conditions clearly improving and foreign investor appetite increasing, expectations were elevated over the Central Bank of Nigeria (CBN) cutting interest rates to stimulate further growth. The outlook for Nigeria looked highly encouraging up until mid Q2 2018 when economic growth slowed for the first time since the end of the recession. The deceleration in growth acted as a critical wakeup call to speed up efforts in diversifying away from oil reliance.

 

However, sentiment was dented further by the repeated delay of the 2018 budget which was finally passed in June 2018. Although Nigeria managed to hold its ground during the first half of 2018, it must be kept in mind that the nation found itself vulnerable to external shocks – namely an appreciating Dollar and oil price volatility. An appreciating Dollar, global trade tensions and prospects of higher US interest rates punished many emerging markets in 2018 with Nigeria falling into the category. Although the Naira witnessed stability despite an appreciating Dollar, this came at a heavy price to the CBN in the form of falling external reserves.

 

Global trade tensions presented a significant risk to Nigeria, especially when considering how the United States and China remain its biggest trading partners. With a trade war threatening global economic growth and demand for commodities, this presented challenges to Nigeria which remained heavily depended on earnings from oil exports. While there was scope for the CBN to cut interest rates to boost growth, this window of opportunity was missed when inflationary pressures returned.

 

Focusing on macro fundamentals, the picture looks somewhat encouraging with GDP expected to rise 2% in 2018. Signs of Non-Oil sectors contributing to growth will be a welcome development that highlights how Nigeria remains on a quest to break away from oil reliance. With Nigeria’s economic resilience potentially stimulating investor risk appetite, the Nigerian Stock Exchange has the opportunity to rebound in 2019. Although manufacturing production decreased 1.7% in September, a rebound could be in the cards as increased government spending ahead of the presidential elections boosts economic growth.

 

In regards to CBN policy, falling oil prices are seen weighing on the Naira’s peg against the Dollar on the official exchange. This may complicate the CBN’s effort to defend the Naira on the parallel markets in 2019. While a weaker Dollar could limit capital outflows, falling oil prices are poised to shave government revenues.

 

Focusing on oil prices, the outlook remains tilted to the downside amid oversupply fears and concerns over weaker oil demand. With markets struggling to find signs of the oil market rebalancing following OPEC and Russia’s deal to cut production by 1.2 million barrels per day and global growth fears fuelling concerns over falling demand, oil prices remain fundamentally bearish. Severely depressed oil prices have raised concerns over Nigeria’s ability to move forward with the 2019 budget which pegged oil prices at $60 per barrel. With falling oil prices eroding government revenues, Nigeria’s Excess Crude Account (ECA), which has already depleted by roughly 73% in three weeks, is seen falling further.

 

Although the short-term outlook paints a gloomy picture, as we enter the New Year there is still some light at the end of the tunnel. With diversification in motion, government spending expected to increase and infrastructure developments in the pipeline, the longer-term outlook remains bright.


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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

General News

LASTMA Launches 3367 Toll-Free Hotline for Emergency Response, Traffic Management

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(LASTMA) has launched a new toll-free short-code hotline, 3367, to improve emergency response, enhance traffic managemestrengthen accountability across Lagos State.

LASTMA Launches 3367 Toll-Free Hotline for Emergency Response, Traffic Management

The new platform replaces the agency’s previous long-service code and provides a simpler and more accessible channel for residents to report traffic-related incidents. The service is available at no cost to subscribers on MTN, Glo and Etisalat (T2) networks.

Motorists and other road users can use the hotline to report vehicle breakdowns, road crashes, disabled trucks, stranded tankers, traffic obstructions and other emergencies requiring immediate intervention.

The platform also allows members of the public to report the conduct and professionalism of LASTMA personnel, a move aimed at promoting transparency and accountability within the agency.

To ensure wider accessibility, callers can communicate with hotline operators in English, Yoruba or Pidgin English, helping to eliminate language barriers and encourage greater public participation.

Speaking on the initiative, Mr. Olalekan Bakare-Oki, general manager, LASTMA, described the launch as a major milestone in the agency’s efforts to build a safer, more efficient and technology-driven traffic management system.

He said the hotline reflects LASTMA’s commitment to leveraging digital solutions to tackle transportation challenges while strengthening collaboration with residents.

According to Bakare-Oki, the 3367 hotline provides Lagos residents with a direct, convenient and free channel to report incidents requiring urgent attention, noting that the growing complexity of Lagos as a major African megacity demands a proactive and technology-enabled approach to traffic management.

He assured residents that all reports received through the platform would be handled professionally and confidentially before being forwarded to the appropriate operational units for prompt action

Bakare-Oki urged the public to make effective use of the hotline to support road safety, improve accountability and contribute to a more efficient and sustainable transportation system across the state.

 


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PalmPay Strengthens Data Protection Culture with Employee Privacy Workshop and Privacy Champions Programme

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PalmPay has reinforced its commitment to responsible data governance and customer information protection through a specialised two-day data protection workshop for employees and the launch of its internal Privacy Champions Programme, an initiative designed to strengthen awareness, accountability, and responsible data handling across the organisation.

The initiative comes at a time when data protection is increasingly critical following recent reports of recorded 281,500 compromised user accounts in the first quarter of 2026, ranking 34th among the world’s most breached countries, according to a new quarterly data breach analysis by cybersecurity firm, Surfshark.

Facilitated by the Nigeria Data Protection Commission (NDPC) and leading Data Protection Compliance Organisation (DPCO) TechHive Advisory, the two-day workshop equipped employees with practical knowledge on privacy governance and data protection obligations, incident awareness, and the role each employee plays in protecting personal data.

The initiative forms part of  PalmPay’s ongoing efforts to   advance compliance with the Nigeria Data Protection Act (NDPA) 2023. It also reflects the company’s continued investment in safeguarding customer information and fostering a culture where privacy remains everyone’s responsibility.

The Privacy Champions Programme establishes a network of employee representatives across business functions who will support awareness, promote best practices and help strengthen the organisation’s privacy culture. By integrating privacy considerations into day-to–day activities the initiative aims to further enhance accountability and reinforces customer trust.

Speaking on the initiative, Managing Director of PalmPay, Chika Nwosu, stated: “At PalmPay, protecting customer information is fundamental to maintaining the trust our customers place in us everyday, and remains central to our operations. Statistically, 10 out of 100 Nigerians have been affected by data breaches.

Hence, we have a greater responsibility to ensure that personal information is collected, processed, stored, and protected responsibly. This specialised training reflects our continued investment in strengthening internal awareness and ensuring our teams remain equipped to uphold the highest standards of data privacy and protection.”

As a digital financial services platform serving millions of users, PalmPay reaffirmed that privacy and data protection remain embedded in its operational culture, with continuous investments in data governance practices.

PalmPay also encourages customers to remain vigilant and adopt safe digital practices, including protecting account credentials, exercising caution when sharing personal information online, and reporting suspicious activities promptly. The company maintains that building a secure digital ecosystem requires a shared commitment from organisations, regulators, and users alike.


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Tinubu appoints Adigwe to head National Health Technology, Data Analytics Office

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President Bola Tinubu has appointed Dr Obi Adigwe as the National Coordinator of the newly established National Health Technology and Data Analytics Office (NHTDAO).

Tinubu appoints Adigwe to head National Health Technology, Data Analytics Office

President Bola Tinubu

The appointment was announced in a statement issued on Friday.

The office, which will be domiciled in the Office of the Coordinating Minister of Health and Social Welfare, is expected to serve as the national coordination platform for Nigeria’s digital health system.

According to the statement, the NHTDAO will complement the work of existing health institutions by promoting coordination and interoperability across public and private healthcare systems, rather than replacing existing agencies.

It said the office would also drive the implementation of the National Digital Health Architecture approved by the National Council on Health in November 2025.

The statement said the initiative formed part of the Federal Government’s efforts to strengthen a secure, technology-driven and data-enabled healthcare system capable of improving service delivery nationwide.

Adigwe, who currently serves as the Director-General of the National Institute for Pharmaceutical Research and Development (NIPRD), has led several initiatives in science, pharmaceutical research, technology transfer and artificial intelligence.

He also coordinated major research funding initiatives, including a ¥300 million nanotechnology grant and an €18 million European Union research grant, while supporting the establishment of Africa’s first Active Pharmaceutical Ingredient (API) training facility through support from Afreximbank.

The statement said the new office would be guided by a steering committee co-chaired by the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, and the Chairman of the Nigerian Economic Summit Group, Mr Olaniyi Yusuf.

Other members of the committee include the Minister of State for Health, Dr Iziaq Adekunle Salako; senior officials of the Federal Ministry of Health and Social Welfare; representatives of the National Information Technology Development Agency (NITDA); and heads of key health agencies, including the National Primary Health Care Development Agency (NPHCDA) and the National Health Insurance Authority (NHIA).

The committee will also include representatives of state commissioners for health from the six geopolitical zones, as well as industry and community stakeholders.

The Federal Government expressed optimism that the office would strengthen coordination across the health sector, accelerate digital transformation and improve healthcare delivery in line with the Renewed Hope Agenda.


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