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What Will 2020 Hold for the Nigerian Economy?

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By Lukman Otunuga, Senior Research Analyst at FXTM,

2019 was a rough year for the Nigerian economy thanks to volatile crude Oil prices and the headwinds not only coming from global recession risks but also US-Chin a trade tensions.

In addition, there were political uncertainties amid elections which settled down following the re-election of President Buhari. However, shortly after the investors’ attention turned back to the economy as the Central Bank of Nigeria (CBN) unexpectedly cut interest rates for the first time in three years, in March 2019. Thus, increasing the specter of inflationary pressures.

Nigeria’s economy still managed to average around two percent per quarter this year. The CBN may have taken a precautionary measure to protect the economy from external risks. The move had been enough to satisfy monetary policy makers because the CBN refused to join the global easing train, in the second half of 2019, when over 40 central banks cut interest rates. Instead, hoping to avoid inflationary pressures, the CBN played a larger role in the overall economy by increasing the loan to deposit ratio from 60% to 65%, with plans to increase the ratio to 70% by 2020.

External risks that influenced Nigeria in 2019

The US-China developments will remain a primary factor influencing Nigeria’s economy in 2020. As Nigeria enjoys the position of being the biggest destination for Chinese investors in Africa, any slowdown in China’s economy is likely to affect Nigeria’s export and investment markets.

Additionally, there were widespread concerns over slowing global growth after major economic institutions like the International Monetary Fund, World Bank, Organization for Economic Co-operation and Development and World Trade Organization cut growth projections amid the consequences of the US-China trade war.

Concerns over Nigeria’s growth were further heightened by Brexit uncertainties, particularly with regards to  trade relations. It must be kept in mind that trade deals with the UK and African countries are negotiated through the EU which plays a middle man. With the agreement becoming void when Britain departs from the Europe, this presents significant disruptions and economic risk to African nations who heavily trade with the UK. The UK was Nigeria’s seventh-largest trading partner during the final third quarter of 2019 with total trade amounting to roughly $1.3 billion. A question on investors’ minds is whether Brexit could disrupt trade between Nigeria, the EU and the UK in the near term.

The bright spot amongst the clouds of uncertainty is the pick-up in crude Oil price benchmarks. WTI Crude and Brent concluded 2019 with gains, appreciating roughly 23.5% and 27.0%, is good news for Nigeria.

What to expect in 2020

While crude Oil benchmarks were rising, a troubling trend made its mark when crude Oil pipeline shut-ins and shut-downs cost Nigeria N88.22bn in November 2019.

Although the commodity has appreciated roughly 4% since the start of 2020 as geopolitical tensions in the Middle East trigger fears over negative supply shocks in the markets, this may be not enough to sustain oil prices in the medium to longer term. If Oil falls in 2020, it will hit revenues, which in turn may weaken the Naira and spur inflation. This should discourage the CBN from cutting interest rates. Another vulnerability in a falling Oil price scenario stems from state fuel subsidies, which rise along with the cost of Oil, potentially impacting the bottom line for Nigeria’s record 10.59 Naira budget for 2020.

The year 2020 may be end of the Brexit process and offers an opportunity for Nigeria to reach a trade agreement with the UK, something that could support economic growth.

If the global trade outlook continues improving and the US-China trade disputes reach a final deal, the impact would be positive for the Nigerian economy. Especially, if China’s GDP growth rebounds.

2020 may be another rough year if the US-China trade disputes or Brexit issues take a turn for the worse, but there is a potential for a good year in the event of reaching a satisfactory conclusion for both. This would calm market concerns and supporting growth along with crude Oil prices.


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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

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Firm Gives Advice on How to Stay Secure as AI, robots and VR are Redefining Family Life

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Over the past 10 years, families have experienced shifts in structure and a perceived increase in fragmented interactions at home, largely driven by the pervasive use of technology and changing social norms. What does the next decade hold in store?

According to a global survey* by Kaspersky’s market research center, an overwhelming 81% of people believe digitalisation will fundamentally alter families’ joint pastimes within the next decade. This shift points to a future where bonding is mediated by advanced technology, creating new rituals and challenges in equal measure.

Screen time is family time, but it has its risks

Nearly half (48%) of all respondents envision AI-powered bedtime stories becoming a norm, a figure that rises to 53% among 18–34-year-olds. Today, apps and smart devices offer AI-narrated tales with customisable characters and plot twists.

For the busy parent, it presents a novel aid, for the child, an endlessly patient, interactive storyteller.

Meanwhile, with 31% of families anticipating children opting for digital pets over real ones, it seems that ‘man’s best friend’ just got its first update.

It should be noted, however, that while AI has the potential to enrich a child’s life, it necessitates vigilance. When children interact with AI, for stories or learning, parents must be proactive.

Select services with strong privacy policies that do not unnecessarily store or misuse a child’s data or voice interactions and further enhance control with digital parenting assistants like Kaspersky Safe Kids to restrict content and balance screen time.

Parents would be well placed to treat AI interactions as a new digital playground where they can use parental controls to limit session duration, choose vetted, age-appropriate AI story platforms, and most importantly, maintain an open dialogue about what these stories are and how they are created. Explain to children that an AI is a tool, not a friend, and encourage them to report any strange or uncomfortable interactions, just as they would in the physical world.

The key is to ensure AI complements human interaction, not replaces the comfort of a parent’s voice.

Blowing out the digital candles

Another 43% predict family celebrations migrating to video call formats as a standard, not an exception, a trend accelerated by recent global events but now seen as a permanent fixture for dispersed families.

Meanwhile a daring 26% can imagine taking family vacations entirely in virtual reality. This sounds like the stuff of science fiction, but then 10 years ago, the type of generative AI being used today was not widely anticipated.

This fragmented outlook highlights that the future of family digital activity will not arrive as a uniform wave, but as a series of adoptions shaped by cultural openness and digital infrastructure. For security leaders like Kaspersky, this evolving landscape presents new vectors for risk within the most intimate of spaces, the smart home.

Preparing the digital home for tomorrow’s family

43% of all respondents foresee home robots as family members. Moving beyond voice-activated personal assistants or autonomous vacuum cleaners, these would be embodied AI companions capable of tutoring, playing games, or providing companionship.

In the eyes of hackers, however, every new device, from a VR headset to a robot nanny, is a potential entry point. To keep things secure, change default passwords immediately, ensure all device firmware is regularly updated, and segment your home network.

Use Kaspersky Premium with a Smart Home Monitor which scans users’ home Wi-Fi network 24/7, and shows a list of devices connected to it, including such details as device type, OS and IP address, and alerts when a new or unknown device connects.

As robots, AI, and VR devices become part of the family circle, security must be foundational, not an afterthought.

“The accelerating pace of technology is not fragmenting the family but redefining its shared spaces. The future, as seen by the global majority, is one where digital and physical experiences blend to create new forms of togetherness, from a grandparent joining a birthday party via hologram to a child caring for a digital pet with a sibling across the globe.

“The challenge and opportunity lie in building secure digital environments with intention, ensuring they are safe, respectful, and ultimately, tools that bring us closer,” comments Seifallah Jedidi, Head of Consumer Channel for META at Kaspersky.


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Corporate Comms in the Age of Crypto: Why Nigeria’s Digital Finance Future Depends on Trust

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By John Kokome

By the time you finish reading this article, the price of Bitcoin may have changed twice. That is the nature of cryptocurrency, fast, volatile, and borderless. Yet beyond price charts and trading apps lies a less discussed but critical pillar of Nigeria’s digital finance revolution: corporate communications. In the age of crypto, communication is no longer a support function. It is infrastructure.

Nigeria is one of the world’s fastest-growing crypto markets. Chainalysis ranked the country second globally in cryptocurrency adoption in 2023, driven largely by everyday retail users rather than institutions.

Between July 2023 and June 2024 alone, Nigerians received an estimated $59 billion in cryptocurrency value, the highest in Sub-Saharan Africa. Yet public perception remains sharply divided, crypto is seen as opportunity by some and risk or outright scam by others.

In such an environment, how crypto companies communicate can determine whether they earn trust, attract scrutiny, or lose credibility entirely.

The Complexity Challenge

Blockchain, decentralised finance, wallets, custody, smart contracts etc., are not everyday concepts for most Nigerians. Yet millions are expected to trust these systems with their savings, businesses, and livelihoods.

Corporate communications must therefore evolve from promotion to translation. Crypto companies must become educators, simplifying complex ideas without downplaying risks.

Hype must give way to clarity; speculation must yield to responsibility.

Some homegrown platforms, including FlashChange and other emerging African crypto brands, have begun prioritising financial literacy and user education. That shift is encouraging, but it must become the industry norm, not the exception.

Trust as a Strategic Asset

Trust in financial institutions is fragile globally, but particularly so in emerging markets where currency devaluation and policy uncertainty are familiar experiences. Crypto gained traction in Nigeria partly because people sought alternatives.

Still, crypto companies cannot assume automatic trust. In traditional banking, trust has been built over decades. In crypto, trust is built in real time, on social media, customer support channels, and community forums.

A single outage, security breach, or regulatory misunderstanding can escalate into a reputational crisis. Silence is read as guilt. Ambiguity feels deceptive. Delay looks incompetent. In Nigeria’s fast-moving digital ecosystem, communication speed must match market speed.

Nigeria’s policy evolution on crypto reinforces this point. In December 2023, the Central Bank of Nigeria (CBN) issued guidelines allowing banks to open accounts for Virtual Asset Service Providers, effectively shifting from restriction to regulation.

The CBN acknowledged that global trends demand oversight, not exclusion, while warning of risks related to money laundering, terrorism financing, and consumer protection gaps.

The Securities and Exchange Commission (SEC) has echoed this stance, emphasising that Nigeria’s digital asset future must be anchored on innovation, collaboration, and trust, with clear licensing and investor protection frameworks.The message is clear: crypto is now part of Nigeria’s financial architecture, and communication is central to compliance.

A Young, Digital Audience

Nigeria’s demographics explain crypto’s momentum. According to the National Bureau of Statistics, over 63 percent of Nigerians are under 25, and internet penetration now exceeds 50 percent, driven largely by mobile broadband. This digital-native population consumes information quickly, questions authority openly, and shapes narratives in real time.

Corporate communications teams must engage this audience with transparency and relevance, not marketing noise.

Crisis Communications in a 24/7 Market

Crypto markets never sleep. Crises do not respect office hours. Hacks, liquidity shocks, and regulatory announcements can happen at any moment.

Communications teams must therefore operate like newsrooms prepared, responsive, and coordinated. Pre-approved crisis playbooks, trained spokespersons, and real-time monitoring are no longer optional.

Most importantly, crisis communication must be human-centred. Nigerians want clear answers: Is my money safe? What happened? What comes next?

Brands that respond with honesty and empathy endure. Those that hide behind jargon do not.

Narrative Capital vs Market Share

In Nigeria’s crowded fintech and crypto space, companies often compete on fees and features. But the most durable advantage is narrative capital the credibility and emotional connection built over time.

Narrative capital determines whether users stay during downturns, regulators listen during consultations, and the media seek your voice. Platforms like FlashChange have a responsibility to tell Africa’s crypto story with authenticity, data, and purpose.

From Evangelists to Translators

Nigeria no longer needs crypto evangelists promising disruption. It needs translators, professionals who connect blockchain to remittances, wallets to small businesses, and decentralisation to economic opportunity.

As crypto matures, corporate communications will increasingly determine its legitimacy. Code may power platforms, but communication powers confidence. And confidence, more than any algorithm, will decide whether digital finance fulfils its promise for Nigeria.

John Kokome is the Corporate Communications Manager at FlashChange, a fintech platform redefining secure digital asset exchange. With experience across fintech, cryptocurrency, telecoms, and development communications in Africa. He currently leads strategic storytelling, reputation management, and stakeholder engagement initiatives at the company, focusing on building trust, transparency, and financial literacy in the digital assets space. John’s work sits at the intersection of policy, technology, and public perception, with a strong emphasis on Africa-first narratives and responsible innovation. He has contributed opinion pieces and thought leadership articles on governance, youth empowerment, branding, and Nigeria’s evolving digital economy.


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Senate confirms Oyewole as Supreme Court justice

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Senate has confirmed Hon. Justice Joseph Olubunmi Kayode Oyewole, JCA, as a Justice of the Supreme Court of Nigeria.

Senate confirms Oyewole as Supreme Court justice

Hon. Justice Joseph Olubunmi Kayode Oyewole, JCA

The confirmation was concluded on Tuesday, February 3, following the presentation and consideration of a report by the Senate Committee on Judiciary, Human Rights and Legal Matters.

The report was presented by the committee’s chairman, Senator Adeniyi Adegbonmire of the All Progressives Congress, representing Ondo Central.

Presenting the report, Senator Adegbonmire said: “That the Senate do Receive and Consider the Report of the Committee on Judiciary, Human Rights & Legal Matters on the confirmation of the nomination of Hon. Justice Joseph Olubunmi Kayode Oyewole, JCA, as a Justice of the Supreme Court of Nigeria.”

The confirmation followed a formal request by Bola Tinubu, who wrote to the Senate last Tuesday seeking legislative approval for the appointment. The letter was read on the floor of the Senate by the President of the Senate, Godswill Akpabio.

In the letter, President Tinubu stated: “Pursuant to Section 231 (2) of the 1999 Constitution of the Federal Republic of Nigeria as amended.

“I am pleased to present for confirmation by the Senate the appointment of Hon. Justice Oyewole Kayode as Justice of the Supreme Court of Nigeria. While it is my hope that the Senate will consider and confirm the nomination expeditiously, please accept the assurances of my highest regards.”

Following the reading of the letter, Akpabio referred the executive communication to the Senate Committee on Judiciary, Human Rights and Legal Matters for further legislative action.

The committee was directed to carry out its work and report back to the Senate as soon as possible, a process that culminated in the confirmation approved by the chamber.


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