News
FG Lacks Ideas to Turnaround Economy, Gloom Ahead- Bloomberg

Bloomberg, the very authoritative new source has reported that President Muhammadu Buhari’s government lacks ideas on how to reverse Nigeria’s economic conundrum and warned that the country’s economy could shrink this year.
Analysts including Yvonne Mhango of Renaissance Capital Ltd, told Bloomberg that Buhari’s vision to diversify the economy of Nigeria, which relies on oil for more than 70 percent of revenue, has not translated into big investments, and infrastructure to support local manufacturers doesn’t exist yet.
Last month, the Central Bank of Nigeria (CBN) allowed the naira to devalue after a 15-month currency peg curbed investment and contributed to a 0.4 percent contraction in the economy in the three months through March.
With inflation at a six-year high, the Monetary Policy Committee will probably raise borrowing costs by 400 basis points by the end of 2016, according to Standard Chartered.
The four-month delay in passing the record 6.1 trillion naira ($21.6 billion) budget, which was meant to stimulate growth in Africa’s largest economy by spending on roads, ports and electricity generation, will reduce its efficiency, according to the International Monetary Fund.
“That’s the missing link and we haven’t heard enough on how they are going to improve and make the business environment more conducive,” Mhango said by phone from Johannesburg on July 12. “There has been little colour on fiscal policies to drive the growth agenda.” said Renaissance’s Mhango.
Nigeria is facing a revenue squeeze as earnings from oil fall due to lower prices and a resurgence of militant activity destroyed installations in the crude-producing Niger River delta, slashing output to an almost three-decade low.
The naira peg at 197-199 per dollar, compared with an unofficial exchange rate of 340 per dollar just before the currency was allowed to float, caused fuel shortages for months as businesses struggled to access foreign currency to place orders. Restrictions on the use of dollars to import goods ranging from steel products to rice still apply.
The naira strengthened 0.18 percent to 282.37 per dollar by 4:03 p.m. in Lagos. It traded at 360 on the black market according to Aminu Gwadabe, president of Bureau de Change Operators of Nigeria.
“It is not sufficient to focus on going from a de facto peg to a flexible regime,” Gene Leon, the IMF’s resident representative in Nigeria, said in an interview in the capital, Abuja, on July 8. “The authorities need to be announcing at the same time how the change affects fiscal policy, how is it impacting inflation, balance sheets of corporates, balance sheets of the banks, and how the increased fiscal receipts allows the undertaking of development.”
Leon said the economy will probably contract this year, even as the IMF still forecast growth of 2.3 percent in its April Regional Economic Outlook.
Renaissance Capital projects the economy will shrink 0.5 percent in 2016 and London-based Capital Economics Ltd. forecasts a contraction of 1 percent. Central bank Governor Godwin Emefiele said in May the economy is likely to fall into recession.
Inflation probably accelerated to 16.2 percent last month, from 15.6 percent in May, according to the median of seven economist estimates compiled by Bloomberg.
Price growth and the need to support the naira and attract inflows could force policy makers to increase the benchmark interest rate by as much as 400 basis points to 16 percent this year, according to Standard Chartered head of Africa macro research Razia Khan. Raising rates to fight inflation will mean “squeezing the little life out of growth,” the IMF’s Leon said.
Nigeria urgently needs to boost electricity generation to improve its economic outlook, according to Alan Cameron, London-based economist at Exotix.
The nation generated an average of 2,464 megawatts of electricity on June 6, according to information from the power ministry, less than half of the installed capacity of 5,000 megawatts for a population of 180 million people. It compares to power-generating capacity of more than 40,000 megawatts in South Africa, which has a population a third of the size.
“A lot of what has gone wrong in the economy –- notably fuel shortages and oil output disruptions –- happened in the second quarter rather than the first quarter. So things are likely to get quite a bit worse before they get better,” John Ashbourne, Africa economist at Capital Economics, said in an e-mailed response to questions.
“This year is going to be terrible for the economy no matter what they do. The goal of policy now is damage limitation rather than sustained growth.”
News
Experts Reveal a Steady Decline of High-severity Incidents Over the Years

According to the ‘Anatomy of a Cyber World: Global Report by Kaspersky Security Services’, there has been a noticeable decline in the percentage of high-severity incidents over the past few years.

While 2021 recorded the highest proportion at 14.3%, 2025 experienced the lowest in six years at just 3.8%. This trend indicates that many attack attempts were quickly detected and effectively mitigated by Kaspersky MDR experts, preventing their severity from escalating beyond medium levels.
High-severity incidents are defined as attacks involving direct human involvement that result in a significant impact on the customer’s IT infrastructure. In 2025, the number of such incidents detected by Kaspersky MDR decreased by 19% compared to 2024, highlighting improvements in early detection capabilities and more effective remediation efforts among Kaspersky MDR clients.
A detailed analysis of the root causes of these incidents in 2025 reveals the following insights:
Human-driven attacks accounted for approximately 23% of high-severity incidents. Although this represents a slight decrease from 2024, they continue to be the primary cause of serious breaches.
Kaspersky detected such attacks in nearly 21% of customers, demonstrating that motivated adversaries persist in bypassing automated defences. Despite advancements in automated detection tools, these highly skilled attackers still find ways to evade security measures.
Confirmed cyber exercises like Red Teaming made up over 23% of incidents. When activity is verified as part of security testing, it’s often classified as infrastructure false positives, though customers frequently report them as incidents.
Social engineering ranked third, responsible for over 15% of high-severity attacks and affecting nearly 18% of organisations. These are classified as high-severity when successful and not automatically remediated, often leading to security awareness recommendations.
Security policy violations constituted just under 14% of all cases, involving legitimate accounts performing suspicious actions like data exfiltration. Malware incidents represented less than 12%, while artifacts from past attacks, or APT traces, were found in over 7% of cases. Vulnerability detection, though not core focus for Kaspersky MDR, was reported in fewer than 5% of incidents.
“The decline in high-severity incidents highlights the critical importance of adopting a proactive cybersecurity strategy. Human-led solutions such as Managed Detection and Response (MDR) and Incident Response remain essential in combating sophisticated, human-driven threats.
To further enhance the effectiveness and efficiency of in-house security teams, organisations should incorporate advanced, automated solutions like Extended Detection and Response (XDR), which provide improved visibility and enable faster responses.
Additionally, leveraging SOC consulting services can assist in building a robust Security Operations Center from the ground up or optimising an existing one for maximum performance.
An integrated approach to hybrid security operations empowers organisations to detect threats early, contain them swiftly, and ultimately prevent severe breaches from occurring,” comments Sergey Soldatov, Head of Security Operations at Kaspersky.
News
Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

Google and UpSkill Universe, Sub-Saharan Africa’s leading AI and business skills training partner, have announced a major redesign of the Google Hustle Academy programme.

For the first time, the free training initiative is open to everyone, not just business owners. The new curriculum is focused on equipping individuals and entrepreneurs with practical AI skills.
Small businesses are the engine of Africa’s economy, creating over 80% of jobs on the continent. To help them grow, the Hustle Academy was launched in 2022, providing bootcamp-style training on business strategy, digital skills, AI, and leadership. The program has since trained over 18,000 SMEs, with many reporting increased revenue and job creation.
Now, as AI reshapes the job market, the program is evolving. The 2026 edition is built for anyone in Sub-Saharan Africa, including employees, students, and jobseekers, who wants to use AI to advance their career.
To meet the needs of a diverse audience, the new format includes short, 60-minute webinars and more immersive, high-impact bootcamps. These sessions are laser-focused on putting AI to work immediately in areas like digital commerce, marketing, and growth strategy.
Speaking about the academy, Gori Yahaya, Founder & CEO UpSkill Universe said “The 2026 Hustle Academy is designed to close the AI Skills gap with hands-on training that is short, focused, and immediately useful. AI is reshaping how businesses win and how careers are built, right across this continent.
“We’re excited to renew our partnership, now in its fifth year with Google, combining their global AI leadership with our deep regional AI expertise. The next wave of AI leaders will come from this continent. We are making sure they are ready.”
The Hustle Academy initiative has strengthened digital competitiveness across emerging African economies by enabling SMEs to move beyond AI awareness to practical implementation, positioning them for sustained growth in an increasingly AI-driven business environment.
“We believe that the future of Africa’s digital economy lies in the hands of individuals and entrepreneurs alike. Our new strategy focuses on scaling reach by training individuals in the latest AI-centered tools and techniques,” said a Google representative.
News
Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt
Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.
GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.
Individuals owe N13.5 million to N35 million each.
Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.
More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.
Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.
Pedro urged prompt filings and payments.
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