News
Austin Okere to Keynote as Tunde Coker Chairs MoDiTECH 2019

Mr. Austin Okere, Founder & Vice Chairman, CWG Plc, will present the keynote at the maiden edition of Mobile & Disruptive Technology Forum (MoDiTECH 2019) holding on October 24, 2019 in Lagos State, Nigeria.
ModiTECH’19 is being organised by TechEconomy.ng in collaboration with Nigeria CommunicationsWeek, as a platform for inter-sectorial review of economic impacts of technologies; giving particular attention to the disruptive potentials of emerging solutions supported by the Artificial Intelligence, Machine Learning, Data Analytics, Robotics, FinTechs and mobile phone economy around retail and service provision
The event under the theme: “The Power of Digital Services”, holds at Victoria Crown Plaza Hotel (VCP), 292B, Ajose Adeogun Street, Victoria Island, Lagos under the chairman of the Managing Director of Rack Centre, Dr. Ayotunde Coker, while the Chairman, Connect Technologies & Africa Chair for IEEE, Chris Uwaje (Oracle), is the co-chairman and will moderate a session on digital disruptions.
Dr. Isa Ibrahim Pantami, Minister of Communications, is the special guest of honour. Other special invitees expected at the Forum are Prof. Umar Danbatta, Executive Vice Chairman of the Nigerian Communications Commission (NCC), Kashifu Inuwa Abdullahi, the Director General of the National Technology Development Agency (NITDA), Mr Tony Ojobo, the President, African ICT Foundation (AfICTF), Mr. Muhammed Rudman, President of NiRA, among others.
Other speakers include, Dr. Obadare Peter Adewale, the Co-Founder/COO, Digital Encode; Dr. Oluseyi Akindeinde, Co-founder/CTO, Digital Encode; Dr. Babatunde Obrima, the Chief Operating Officer, FinTech Association of Nigeria (FinTechngr); Toyosi Akerele-Ogunsiji, Founder Rise Labs; Debbie Michael, Nigeria’s First AI powered Learning, Research & Work Readiness Centre; Engr. Frank Ogochukwu, Chief Technology Strategist, Consulting & Board Member Global Advisory Council, EC-Council; Tunde Ogungbade, Managing Director of Global Accelerex Limited, amongst others.
The Keynote Speaker
Mr. Okere is a respected personality in the Nigerian IT/ICT industry, Africa and indeed the world. He is also the Entrepreneur in Residence, Ausso Leadership Academy. Austin is a member of the World Economic Forum Business Council on Innovation and Intrapreneurship.
He serves on the Board of the National Competiveness Council of Nigeria and Initiative for Global Development.
He is also a Fellow of the Institute of Directors of Nigeria.
Austin is a graduate of Computer Science from the University of Lagos and holds an MBA degree from the International Graduate School of Management (IESE), Navara, Spain. He possesses an unprecedented flair for visioning, strategy and branding.
He is a member of several professional and leadership bodies, including ICT Advisory Board, Nigerian Competitive Council and Nigerian Economic Summit Group.
He also serves on the Executive Committee of the Nigerian-South African Chamber of Commerce.
Austin has been recognized and honored locally and internationally with many awards in recognition of his contribution to the Information and Communications Technology world. He was named ICT Personality of the year 2014 by the Nigerian Computer Society and ICT Man of the Decade by ICT Watch Africa Digital Network in 2012.
His most recent recognitions are; 2016 NCS Presidential Award for promotion of ICT in Nigeria, Announced as member of the Global Business School Network Advisory Board and was named as one of Nigeria’s Top 50 Tech-Titans at the Titan of Tech Awards 2016.
He is currently an Entrepreneur in Residence at Massachusetts Institute of Technology’s Legatum Centre as well as Columbia University, New York.
Chairman of the occasion
Dr Ayotunde Coker has over 30 years’ international experience across Europe, USA, Asia and Africa. He was born in Nigeria, went to school in Lagos, and university in the UK.
His distinguished career of 28 years in the UK, included roles as Management Consultant Cap Gemini UK, Director Egg Bank the first European Internet Bank, Global Applications Director BP, CTO UK Criminal Justice, IT Director, Ministry of Justice.
He returned to Nigeria in 2009 as Group CIO of Access Bank, and then MD/CEO of Emerging Markets Payments, West Africa. As MD/CEO, he has led Rack Centre to become a household name in Nigeria, leading brand in Africa with global recognition and numerous international awards. He is Secretary General of the Africa Data Centre Association.
He is an award-winning post graduate alumnus of Cranfield Institute of Technology UK, Fellow Institute of Directors (UK), Fellow British Computer Society, Honorary Senior Member Chartered Institute of Bankers of Nigeria.
He holds a PhD (Honoris Causa) by ESCAE University, Republic of Benin.
He was recently identified in the Power 200: The Worlds Most Influential Data Economy Leaders by the Data Economy Magazine in the UK
MoDiTECH 2019
The Forum sponsored by Digital Encode, Global Accelerex, Medallion Communications and hosts of others has been endorsed by, ATCON, InnovationBed Africa and ALTON, FinTechNgr and AfICT.
It will feature C-Level executives including CEOs/CFOs/CROs/CCO/CIO; Directors and Heads of trading, operations, research, analytics, investment, strategy, digital, compliance, risk and data analysts; and senior regulators and policymakers; drawn from the FMCGs, Financial Industry including Fintechs, Banks, Insurance Companies, etc., AgriTech, Logistics, Cyber security companies, amongst others.
Interested corporate/individual participants can register via next.techeconomy.ng or contact the organisers via email: [email protected] : Chike – 08033800291 or Peter- 08184346261 for sponsorship and exhibition space reservation.
News
World Bank Maintains Nigeria’s Growth at 3.6% Amid Trade Tension

The World Bank has retained Nigeria’s annual growth at 3.6 percent in 2025 despite heightened trade tension and uncertainty that has dragged the global economy’s GDP to its worst levels in decades.
The Washington-based lender sees Africa’s most populous nation’s GDP improving by 0.2 percent this year up from 3.4 percent recorded in 2024 with services sector being the major growth driver.
“Growth in Nigeria is forecast to strengthen to 3.6 percent in 2025 and to an average of 3.8 percent in 2026-27,” the development lender said in a report released Tuesday.
“Services activity will continue to be the main driver of growth, while the industrial sector will remain constrained by subdued crude oil production as last year’s slight rebound wanes.”
Nigeria saw its fastest growth in at least a decade last year, primarily driven by financial and telecommunication services, a recovery in the transportation sector, and a slight rebound in oil production.
That momentum is expected to continue this year amid global headwinds and escalating trade tension that cut World’s growth from 2.7 percent to 2.3 percent.
Nigeria’s macroeconomic indicators have been mildly affected by the trade faceoffs triggered by President Donald Trump’s reciprocal tariffs that have shocked economies and shifted dynamics of the global markets.
While Africa’s biggest oil producer suffered a declining oil prices that saw the naira fall slightly in the past months, the local currency is gaining and so is inflation easing, thanks to reforms that have put the country in a better position to weather global shocks.
According to the World Bank, the country’s bold reforms, including floating of the naira and scrapping fuel subsidy, has strengthened Nigeria’s fiscal position and led to a surge in revenues at the state level, and higher remittances from government-owned enterprises.
“Domestic reforms have helped spur investment, supporting growth in the services sector, especially in financial services and information and communication technology,” the World Bank said.
The multilateral lender sees inflation declining “gradually” this year as the monetary authorities continue to remain hawkish in a bid to rein in rising prices and ensure the naira remains at its fair value.
In response to high inflation, the central bank raised its policy rate six times last year. Although inflation has cooled somewhat in recent months, it remains elevated relative to the central bank target and pre-pandemic trends.
But the CBN continues to monitor the trends and has remained committed to its core mandate of price control.
News
Agriculture and its Potentials for Nigeria’s Economic Diversification

By Diana Tenebe, Chief Operating Officer, Foodstuff Store
Nigeria is a nation that is blessed with arable land and a teeming youthful population. For so long the nation has been tied to the fortunes of crude oil. Oil revenues have dominated the sustenance of economic development. The overall annual GDP growth for Nigeria in 2024 is reported at 3.40%.
The oil sector’s contribution to real GDP in Q4 2024 was 4.60%, with an annual growth rate of 5.54%. The agriculture sector contributed 24.64% to real GDP in Q4 2024, and 20.97% to aggregate nominal GDP for the full year, though its growth was more modest at 1.2% to 1.76% across different quarters. The non-oil sector, which includes agriculture, contributed a substantial 95.40% to real GDP in Q4 2024, indicating a decreasing reliance on oil as the main economic driver.
Nigeria’s economy is primarily driven by its non-oil sectors, with agriculture serving as a significant foundation, even with its ongoing productivity and security hurdles. There’s optimism that agriculture could spearhead the nation’s economic diversification in the future, especially if it’s strategically developed to generate foreign exchange and government revenue.
Agriculture was the bedrock of the Nigerian economy before the oil boom. Agriculture was the undisputed mainstay of Nigeria’s economy, contributing over 60% to the Gross Domestic Product (GDP) and employing more than 70% of the population. Regions specialised in cashcrops like cocoa, palm oil, groundnuts, and rubber making Nigeria a significant global exporter. The revenue generated from these agricultural activities fueled infrastructural development, education and social amenities across the country. The oil boom in the 1970s led to a neglect of the agricultural sector and fostered an over-reliance on petrodollars and invariably led to the stifling of the development of a diversified economy.
Just weeks into office in July 2023, President Bola Ahmed Tinubu declared a national emergency on food security, signaling a commitment to transforming agriculture into a modern, productive, and resilient engine of growth. Key initiatives include the immediate release of fertilizers and grains from national strategic reserves, a harmonisation of efforts between the Ministry of Agriculture and the Ministry of Water Resources to enable all-season farming through expanded irrigation, and the proposed establishment of a National Commodity Board to stabilize food prices and strengthen reserves. The administration of President Bola Tinubu has embarked on significant reforms to position agriculture as an economic tool to drive diversification. The efforts are constantly challenged by the pervasive violence of bandits on Nigeria farmers.
One of the flagship programs is the Agro-Pocket Initiative under the National Agricultural Growth Scheme, targeting the cultivation of 750,000 hectares for staple crops like rice, maize, wheat, and cassava, providing targeted support and input vouchers to farmers. To cushion the effects of inflation, the administration also announced a 150-day suspension of duties and tariffs on essential food imports and facilitated the import of significant quantities of maize and wheat for small-scale processors. Furthermore, a new National Agricultural Extension Policy aims to deliver demand-driven, ICT-enabled, and market-oriented extension services, moving away from outdated methods.
The ambitious agricultural agenda faces a formidable adversary: widespread banditry and insecurity. Across various regions, particularly in the food-producing states, farmers are increasingly subjected to violent attacks, kidnappings, and extortion. These acts of violence have devastating consequences, forcing many farmers to abandon their farmlands, reducing cultivated areas, and disrupting the entire agricultural value chain. The fear of attack not only deters new investments but also jeopardizes the livelihoods of existing farmers, leading to reduced agricultural output and escalating food prices. The Centre for Journalism Innovation and Development (CJID) recently highlighted that “No Farmer, No Food: Attacks on Farmers Fuel Nigeria’s Hunger Crisis,” underscoring the direct link between insecurity and food insecurity.
The Tinubu administration acknowledges this critical challenge. The National Security Adviser (NSA), Mallam Nuhu Ribadu, has reiterated the government’s commitment to returning displaced farmers to their communities and farms, emphasizing that sustainable peace cannot be achieved through kinetic responses alone. There’s a recognition that addressing the root causes of violent extremism, such as poverty and lack of opportunity, through inclusive, whole-of-government, and whole-of-society solutions, including integrated agricultural approaches, is crucial. The approval of Forest Guards is also seen as a transformative measure to enhance security for farmers.
Beyond the immediate crisis of insecurity, Nigeria’s agricultural sector still grapples with a myriad of systemic challenges. These include poor access to finance, with many farmers relying on informal lenders at exorbitant rates; high production costs, exacerbated by fuel subsidy removal; inadequate infrastructure, leading to significant post-harvest losses; and the impacts of climate change, such as erratic rainfall patterns and floods. Experts advocate for sustained investment in agricultural infrastructure, including irrigation systems, storage facilities, and rural road networks, to reduce post-harvest losses and improve market access.
Despite these hurdles, the potential for agriculture to drive Nigeria’s economic diversification remains immense. By focusing on value addition through agro-processing, leveraging modern agricultural technology (precision farming, irrigation, biotechnology, satellite imagery for yield prediction), diversifying crop production beyond traditional cash crops to include high-demand items, and investing in livestock and aquaculture, Nigeria can unlock significant economic growth. Public-private partnerships and accessible financial solutions, coupled with robust policy reforms, are vital to support smallholder farmers and attract necessary investments.
The journey beyond oil will be long and arduous, but agriculture offers Nigeria a tangible and sustainable path to economic resilience. President Tinubu’s reforms demonstrate a clear intent, but their success hinges on the government’s ability to effectively tackle the escalating violence against farmers. Without a secure environment, the seeds of diversification will struggle to take root, and the promise of a thriving agricultural sector will remain elusive. Only when farmers can work their lands in peace will agriculture truly become the robust engine Nigeria needs to diversify its economy and secure a prosperous future for its citizens.
News
Nigeria Police Dismantle WhatsApp Scam Syndicate, Freeze Millions

Nigeria Police Force has uncovered and dismantled a sophisticated cyber fraud syndicate that hijacked WhatsApp accounts belonging to high-profile Nigerians and used them to defraud their contacts.
The operation was carried out by the National Cybercrime Centre (NPF-NCCC) following a complaint lodged on April 14, 2025.
According to Force Public Relations Officer ACP Olumuyiwa Adejobi, the cyber intelligence team employed advanced digital forensics and investigative tactics to expose the syndicate’s inner workings.
Investigations revealed that the group relied on social engineering and mobile platform compromises to gain control of victims’ WhatsApp accounts.
During the course of the operation, police traced and froze illicit funds amounting to millions of naira across multiple Nigerian banks. A key suspect, Onajite Okoro, was arrested in Warri, Delta State.
He reportedly confessed to working with an accomplice known as “Chief Mallam Zaki,” whom he met through Facebook.
Okoro was found to have played a pivotal role in registering SIM cards, linking them to numerous bank accounts, and facilitating fraudulent transfers. Forensic analysis of his devices and financial records provided further evidence of his involvement in the scam.
Authorities say several other members of the syndicate are still at large, and efforts are underway to apprehend and prosecute them. Inspector-General of Police Kayode Adeolu Egbetokun reaffirmed the Force’s zero-tolerance stance on cyber and financial crimes, emphasizing the NPF’s commitment to staying ahead of emerging digital threats.
The police urged the public to strengthen their digital security by enabling multi-factor authentication, securing communication apps, and remaining cautious of unexpected messages, even from familiar contacts.
The Force reiterated its dedication to safeguarding Nigeria’s cyberspace and ensuring all cybercriminals are brought to justice.
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