E-Business
Digital Economy Will Make Nigeria Globally Competitive – NITDA DG
Kasheem Inuwa, Director General of the National Information and Technology Development Agency, NITDA says the digital economy when implemented will make Nigeria globally competitive.
Inuwa made the remark at the opening ceremony of the Information Assurance Workshop organized by the national Information Technology and Development Agency, NITDA in conjunction with the Office of the Secretary to the Government of the Federation, SGF.
He said the digital economy is estimated at 22.5% of the world’s economy and yet has not been fully exploited, even as the Digital investments have growth multiplier effect in national GDP, where it increases the national economic output.
He however, added that the growth and potential of the digital economy depends on the trust on the Internet and in cyberspace
The NITDA boss, who was represented by the Director of Information Technology and Infrastructure Solutions Department, ITIS, Dr. Usman Gambo Abdullahi noted that the increasing use of digital technologies is continually exposing sensitive information and critical systems to risks and threats in the cyberspace.
And for this reason, Cyber criminals not only try to gain control over our infrastructure, they also try to steal personal information, official data and mislead citizens with fake news.
‘‘Government and industries migrate online and find effective ways of reaching out to citizens and finding efficient ways of carrying out their businesses. These activities are majorly dependent on use of data; it’s either data is created, collected, stored or analyzed. Data is a critical asset to the digital economy as such a critical target for cyber criminals.
‘‘The boom in digital economy is delicately balanced with equivalent threats that could bring organisations and nations to their knees with colossal damage arising from financial and reputational losses to cybercriminals; hence government and industries need to enhance their cybersecurity in the wake of these evolving threats to online activities.
‘‘The Nigerian digital economy is known to account for up to 13.8% of the nation’s GDP. It is therefore obvious that the digital economy is a platform to increase the growth of the national economy. Little wonder the Federal Government in its proactive nature repositioned the Federal Ministry of Communications to tap into this growth possibility with the expansion of its portfolio to cover all activities that would harness the full potential of Nigeria’s digital economy.
‘‘The digital economy leverages on cyberspace, characterized with evolving cyber threats. Thus, cybersecurity is key to enable the growth and progress of the digital economy .Security privacy and trust are critical issues for a thriving digital economy. Government and industries need to employ measures enlist the trust and confidence or all stakeholders: the government, private sector and Individuals.
“This is one of the platforms for ensuring that everybody puts in the required amount of effort and commitment to ensuring trust building and dissuading the negatives of the criminals in a digital economy.’’
He said the workshop was planned to bring together efforts of all Government organisations to combat one of the growing threats to economies, personal and national security globally.
To address the growing cybersecurity threat, he said NITDA is using a multi-faceted approach: implementing new regulations, inspecting and examining regulated entities, providing support to its Constituents, collaboration with relevant stakeholders, sensitizing and educating both the industry and the public, conducting research and leveraging on collaborations to issue guidance on trending cybersecurity matters and mitigation strategies. In terms of collaboration,
Inuwa said the agency has established MOUs with national and international stakeholders including; Seoul National University and Cybersecurity Malaysia, KPMG and British High Commission, to mention a few.
Also, a multi-stakeholder collaborative initiative for the implementation of the National Cyber Security Strategy, Plan and Act in MDAS is being embarked upon, at the instance of the Minister, Federal Ministry of Communications and Digital Economy.
He called on all MDAs to commit to comply with the circular issued by the Secretary to the Government of the Federation (SGF) on the implementation of one of the regulations by MDAS; the National Information Systems and Network Security Standards, all in a bid to ensure the security of data and technology systems in line with global best practices, and also to ensure a thriving digital economy where all stakeholders would have confidence and trust on.
In his presentation, Cybersecurity Expert, Dr. Kenneth Okereafor called for the establishment of a single Coordinating Unit of all Cybersecurity activities in Nigeria such that this body can help in the operationalization and be held accountable when necessary.
‘‘This programme is a proposal to government to implement policies that will make our cyber space more secure. The reason is because in other climes, it is very easy to detect when attacks are coming in. We are looking at a situation where Nigeria as a country has a framework in place to detect cyber security breaches. Beyond that to also respond proactively.
‘‘One of the ways to do that is to have a single coordinating unit. Though, we may be having an agency regulating IT and Cybersecurity, it is also important to have people we can hold accountable such that these bodies can help in the operationalization around him. People are not aware of the various exposures that we have in terms of cybersecurity. And the only way to do that is to have constant training and retraining in cyber security,’’ said Okereafor.
‘‘Agencies of government need now to take cybersecurity education and awareness more seriously and because of the complexity of the data space that we operate in and enlargement and embrace of technology in so many areas, it now becomes imperative for agencies of government to be aware of the exposures and then take proper actions.
‘‘Legislation and for supporting cybersecurity can never be too much. We also as a country need to look into legislation to legitimize all the regulations that need to be applied in cybersecurity. To that extent, it is necessary for government to consider having more legal frameworks to backup other areas of cybersecurity.
‘‘We as a country need to define, develop and institutionalize frameworks to protect data each of these areas. We have a lot of frameworks, but we can harmonize them and begin to use them as a people. The Cybersecurity law though is in place needs to be strengthened,’’ he added.
In his own remarks, the Head of CyberSecurity Unit at NITDA, Dr. Wariowei Dimie explained that the Information Assurance Workshop was jointly organized by SGF and NITDA to educate heads of public institutions on the need to keep the confidentiality and integrity of all public information whenever and whoever that intends to have access to it.
He said, ‘‘We discovered that in public service the world over, cyber criminals are working very hard to steal information because there is value attached to data. Because the value of data is so importance, we are putting up this workshop to make sure that whatever data generated and made available in public service is kept safe from hackers.
‘‘We would make sure that there are certain regulations put in place are adhered to by MDAs, as stated in the circular circulated by the SGF.’’ On implementation, he said, ‘‘there is plan for monitoring and evaluations. ‘Circulars generated by SGF and HOS are usually structured in such a way that compliance can be monitored from the end of the organization and as well as the generating agency.’’
E-Business
Hydrogen Hosts Catalyst Workshop, Highlights Resilient Business Models for Fintech Startups
As part of its mission to empower African businesses with tools needed to thrive, garner admiration, and foster global acclaim, leading payment solution company, Hydrogen Payment Services Company Limited (Hydrogen), recently partnered with the Co Creation Hub (CcHub), to host the latest edition of the Catalyst workshop in Lagos.
The discourse addressed the potential risks and opportunities for startups and saw experts advise participants on the need to develop resilient business models that would scale across different economic climes.
Moderated by Miracle Ezechi, Digital Marketing Manager, Hydrogen, the panel session addressed dominant issues about the theme: ‘Adapting Fintech Business Models to Economic Climes: Flexibility, Agility and Customer-centricity’.
Mr. Emeka Awagu, Chief Technology Officer, Hydrogen, who spoke as a panellist, addressed the issue of customer-centricity, which according to him, is key to Fintech growth.
He advised startups to listen to customer demands and understand their needs in order to develop the right solutions that will lead to long term market viability.
“Innovation is key for startup growth. However, understanding customers’ needs and change in behaviour will help any startup to innovate better.
“Startups must be flexible and agile to develop solutions with high interoperability and processing speed, and they must be ready to learn from startups that have failed,” Awagu said.
With an estimated 61.07 percent of startups failing, the participants stressed the need for prudence.
“Statistically, a staggering number of startups fail, often due to financial mismanagement. Hence, founders must prioritise understanding and maintaining a healthy the Cost-to-Earnings ratio.
“It is not just a number, but a pivotal indicator of a company’s financial health as well as being a key attractiveness determinant for investors,” Awagu added.
On his part, Ina Alogwu, the Group Director, Digital Transformation, ARM HOLDCO, who also spoke as a panellist at the session, stressed the need for startups to develop sustainable products and solutions that will help them remain competitive in an environment that is faced with harsh economic realities.
“Many startup businesses fail within their first five years, however upcoming startups should not be discouraged, rather develop a culture that will encourage them to understand the reasons for failure and learn from mistakes.
“Startups should not be too rigid with their solutions and should be ready to accept changes that will drive innovation,” Alogwu stated.
Hydrogen will be deepening its economic impact series with a webinar planned for Thursday, April 25, even as businesses across Africa continue to face an array of challenges, ranging from inflation and currency fluctuations to rising operating costs.
Themed ‘Navigating Economic Challenges: Strategies for Sustainable Growth,’ the webinar will delve into key areas critical for businesses to not only survive but thrive in the face of economic adversity. Register using this link – https://bit.ly/Hydrogenwebinar.
Esteemed panellists for this event include Taofik Odukoya, CEO, Vanguard Pharmacy, and Okechukwu Odimgbe, Chief Financial Officer, Hydrogen. The session will be moderated by Nnenna Sam-Obioha, Ecosystem Orchestrator, Hydrogen.
Dexude, a leading edtech platform with operations in Nigeria, has announced that it has been awarded the prestigious Business Finland TEMPO funding.
Charles Emembolu, founder of Dexude,
This significant funding injection marks a pivotal moment in Dexude’s journey towards transforming education through its AI-powered, live-first, expert-led, and community-driven platform.
The Business Finland TEMPO funding is specifically designed to support startups and SMEs aiming for international growth by building their expertise and solutions into international success stories in innovative ways.
Dexude’s commitment to innovation, coupled with its vision to enable a billion learners worldwide, aligns perfectly with the objectives of the TEMPO funding.
Commenting on this milestone achievement, Charles Emembolu, founder of Dexude, remarked, “We are incredibly honored and excited to receive the Business Finland TEMPO funding. This funding is not only a validation of Dexude’s mission to reinvent education but also a testament to the hard work and dedication of our team. With this support, we are poised to accelerate our efforts in democratizing access to quality education and empowering learners across Nigeria and beyond.”
L-r; Kelvin Chikezie, co-founder of Dexude; Kashifu Inuwa Abdullahi, Director-General/CEO of the National Information Technology Development Agency (NITDA); and Charles Emembolu, founder of Dexude
Kelvin Chikezie, co-founder of Dexude, added, “Securing the Business Finland TEMPO funding is a significant milestone for Dexude. It underscores our commitment to leveraging technology and innovation to revolutionize the way people learn and grow. We are grateful to Business Finland for believing in our vision, and we are excited to embark on this next chapter of Dexude’s journey.”
Dexude is on a mission to redefine education by providing learners with access to influential experts and thought leaders, live interactions, and a vibrant community-driven learning experience.
Through its platform, Dexude aims to break down barriers to learning and empower individuals to pursue their passions and unlock their full potential.
SOPHiA GENETICS, a cloud-native software company in the healthcare space and a leader in data-driven medicine, has announced that Nigeria-based Syndicate Bio has signed on to implement MSK-ACCESS® powered with SOPHiA DDM™.
Syndicate Bio is the first lab in Africa to adopt the MSK-ACCESS® assay via the SOPHiA DDM™ Platform, and the first company to make comprehensive genomic profiling and liquid biopsy widely available to patients throughout the entire continent.
The implementation of this new technology will further existing work from SOPHiA GENETICS, Memorial Sloan Kettering Cancer Center (MSK), and Syndicate Bio to advance health equity on a global scale.
There are roughly 1 million new cancer patients each year in Africa and currently, comprehensive genomic profiling and liquid biopsy testing options are not widely available.
This means that patients are forced to forego this testing or travel out of continent for these testing options. Syndicate Bio’s implementation of this new offering will provide cutting-edge liquid biopsy testing to many of these patients and will help progress the company’s goal of advancing genomics and precision medicine in an area of the world that has been historically underserved in these areas.
“Partnering with SOPHiA Genetics to bring MSK-ACCESS® powered with SOPHiA DDM™ to our lab is a monumental step in accelerating the cancer treatment and research landscape across Africa, beginning in Nigeria. Next-generation sequencing technologies in oncology and liquid biopsy, which this collaboration enables, hold the potential for creating a leapfrogging opportunity in the oncology treatment and research landscape in Africa,” said Abasi Ene-Obong, PhD., Founder, Syndicate Bio.
“Through this collaboration, we aim to enable the widespread application of precision medicine in oncology across Africa, and thus contributing to the improvement of patient outcomes across the African continent.
“We believe our scientific expertise, combined with AI-enabled technologies and data-driven solutions enabled by SOPHiA GENETICS, presents a unique opportunity to fundamentally transform the journey of cancer patients through non-invasive cancer analysis, predictive genetic testing, and effective precision medicine.”
Syndicate Bio is driving genomics and precision medicine initiatives across the world’s most diverse regions through large-scale partnerships with governments, industry, and other stakeholders. Through its work, Syndicate Bio is making local impact while accelerating drug discovery and development.
By focusing on Africa, Syndicate Bio is poised to make a significant impact, starting with Nigeria, by introducing its pioneering clinical oncology offerings in an underserved region.
Through this endeavor, Syndicate Bio aims to improve cancer diagnosis and treatment for African patients. This initiative not only facilitates local next-generation sequencing (NGS) testing and liquid biopsy testing but also extends access to clinical trial participation, empowering patients and healthcare providers alike.
MSK-ACCESS® powered with SOPHiA DDM™ is a decentralized version of a highly validated ctDNA test developed by MSK that involves the deep sequencing of 146 key cancer-associated genes, and will augment Syndicate Bio’s tumor profiling capabilities, allowing them to utilize a small blood sample to generate a comprehensive report in an efficient and expedited time frame.
The use of liquid biopsy is less invasive than traditional biopsy, and can help simplify patient monitoring, whilst driving the uptake of precision medicine.
The offering combines the sophisticated analytics, state-of-the-art algorithms, and decentralized, cloud-based offerings of the SOPHiA DDM™ Platform, with the scientific and clinical expertise of MSK in cancer genomics to provide a best-in-class liquid biopsy solution.
“In our mission to democratize data-driven medicine, our decentralized global network and unique set of partnerships enable us to help reach underserved populations, just as those that are served by Syndicate Bio,” said Philippe Menu, MD, PhD., Chief Medical Officer, SOPHiA GENETICS.
“By implementing this solution, Syndicate Bio will make a measurable impact throughout Africa, while also helping to generate an unparalleled and comprehensive dataset and provide invaluable insights and knowledge to shape the future of global healthcare.”
In late 2023, SOPHiA GENETICS and MSK announced they are working in partnership with AstraZeneca to bring the world-class MSK-ACCESS® powered with SOPHiA DDM™ testing solution to countries and regions around the globe, including underserved areas where access to testing remains scarce.
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