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FG Requires N350tn to Fund National Development Plan

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Federal Government says it requires about N350 trillion to fund National Development Plan (NDP) for 2021 through 2025.

At a joint press briefing by the NESG and Federal Government on Wednesday in Abuja, the Ministry of State for Finance, Budget and National Planning, Prince Clem Agba said the scheduled Summit would hold on October 25-26, 2021

Minister of State for Budget and National Planning, Prince Clem Agba, disclosed this at a joint press briefing by the NESG and Federal Government on Wednesday to kickoff the 2021 edition of the National Economic Summit (#27NES) scheduled to hold from October 25th-26th, 2021 in Abuja.

Agba, who said the N350 trillion targeted fund has already been captured in the 2022 Budget, explained that out of the amount, N300 trillion is expected to come from the private sector while the rest of N50 trillion will come from the federal government.

“The N50 trillion is with regard to funding requirements for the National Development Plan capital project for 2021 to 2025. With the projects that have been projected and costed, there will be a requirement of about N350 trillion and out  of this,  N300 trillion is expected to flow in from the organised private sector in terms of investment and all of that.

“And that the government will be contributing about N50 trillion. The government here is federal and state. The portion of government is about N30 trillion. For the state (sub-nationals) it is about N20 trillion” he said.

It will be recalled that the 27th Economic Summit was earlier slated for October 25, 2021. The minister had on Wednesday, 28th July, 2021, the minister inaugurated the joint Planning Committee (JPC) for the 27th Summit. The inauguration midwived five sub-committees: Technical; fundraising; and mobilization; media and publicity; editorial and event planning to ensure effective delivery of the summit.

Agba expressed satisfaction with the gradual recovery of the economy and assured that the economy would continue in that positive trajectory.

“What I said was that for 17 months, inflation was rising and in the last five months it is still on a downward trend.

“For 17 years, it rose to 18.7 per cent. Currently, it is at 17.1 per cent. It is declining. And in the last one month, inflation also reduced for the first time. It shows that we are moving in the positive trajectory” he said.

For him, the measures put in place by government were enough to put Nigeria on a positive economic trajectory.

“Measures put in place by the government of Nigeria have ensured that both health and economic data have continued to be on the positive trajectory. Nigeria’s Gross Domestic Product (GDP) grew by 5.01 per cent (year-on-year) in real terms in the second quarter of 2021.

The Q2 2021 growth rate was higher than the -6.10 per cent  decline recorded in Q2 2020 and the 0.51 per cent growth recorded in Q1 2021 year-on-year, indicating the return of business and economic activity  levels seen prior to the nationwide implementation of COVID-19 related restrictions.

“To sustain this growth trajectory, the Special-Industrial Processing Zones (SAPZs), an Initiative by African Development Bank Group, public and private sector will be established in all 36 states of Nigeria including FCT.

It is a 10- year development programme to be financed under thea African Development Bank (AFDB) which will guarantee steady annual growth rate of about 5 per cent over the next 10 years from year 2023.

“The private sector has capacity if pursued with desired commitment by the Public and Private Sector to provide 25 million permanent employments and 25 million housing.

“The plan amongst others, is to add at least US$150 billion to the country’s foreign reserves cumulatively from non-oil exports over the next 10 years; create at least 500,000 additional export linked jobs annually due, principally to increase in productive export activities; lift at least 10 million Nigerians out of poverty and empower each state and its people by integrating them into the export value chain.

These efforts/initiatives, therefore, would unlock the potentials of each state in the development and promotion of at least one crop for export,” Agba said.

In his remarks, the Chairman of Nigerian Economic Summit  (NES #27), Mr Asue Ighodalo,  who regretted the earlier postponement of the summit date, descried the huge  economic woes currently facing the country which include, currency devaluation, foreign exchange shortages, trade imbalances, budget deficits, mounting debts, high inflation especially food inflation and food insecurity.

He further listed low manufacturing capacity, port inaccessibility, delays and high costs of moving goods and machinery through the ports as other economic challenges facing the nation.

‘‘At NESG, we are pleased with government for heading to recommendations of previous summits,’’ he said.

The summit is expected to provide a platform for effective collaboration between the private and public sectors and also bring together development partners, the Civil Society and representatives of the academia as well as provides participants the unique opportunity to deliberate on contemporary economic and social issues.

The Summit with the theme: Securing the future: The Fierce Urgency of Now, will seek to explore potential opportunities that will accelerate economic development and build on conversations from last year’s summit, which emphasized the importance of harnessing critical and strategic partnership to navigate the economy towards recovery and resilience.

The theme is designed to assess the current state of the Nigerian economy; foster a people-centered approach to refocused economic, social, and political challenges; galvanize a renewed commitment of stakeholders to urgently and actively prioritize the pursuit of economic growth that can sustainably create jobs and lift millions out of poverty.

According to Agba, the summit discussions will be designed around five sub-themes:  high and sustained growth; quality of life; national security political economy and digital transformation.

It is also expected to enable Nigeria to realize its economic potentials on the global stage and agree on compact that compels stakeholders to take critical and immediate actions and institute efficient monitoring mechanisms to ensure key recommendations at the NES #27.


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Cybersecurity Firm Warns Against Gift Card Scams @ Saint Valentine’s Day

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Looking for a gift for your soulmate on February 14th and think that a gift card would be a nice option? Just remember that when digital trends rapidly rise in popularity with customers, they are also gaining traction with scammers looking to use them as bait.

With Saint Valentine’s Day approaching, Kaspersky has identified several phishing and malicious campaigns targeting gift card owners and those who’re looking for a digital present for their loved ones. To help stay safe, the security experts at Kaspersky have also shared practical advice on how not to be tricked.

A “check‑your‑balance” that drains your gift card

Kaspersky’s latest global survey* shows that 80% of respondents consider giving digital presents such as subscriptions, gaming credits or gift cards. Scammers are actively exploiting this trend capitalising on well-known brands, creating fake online stores and even crafting fake verification portals designed specifically to steal gift card value.

Kaspersky’s phishing detection identified deceptive platforms offering victims a “secure” system to check their gift cards validity, status or balance. Targeting those who recently received a gift card, phishers steal the card’s identification data and get an opportunity to activate the certificate before the user themselves.

To stay protected from such scams, Kaspersky recommends double‑checking that a website is real. Look carefully at the web address, any links you’re asked to click, and spot any odd pictures or designs that might hint the site is fake.

The safest way to confirm a gift card’s balance is to go straight to the brand’s official website – don’t follow any other links. To prevent clicking on a malicious link, use a security solution such as Kaspersky Premium with a strong AI-powered anti-phishing component.

Is it a gift card for you or for cybercriminals?

As gift shoppers flood online marketplaces with flash sales and limited-time deals, cybercriminals are watching closely, ready to strike when users are most vulnerable.

Kaspersky experts detected a fake website that mimics Amazon, one of the most famous marketplaces, offering $200 gift card. With this tempting offer, scammers encourage customers to press a “Get your Amazon gift card” button.  However, when the user clicks it, they get an MSI installer with a backdoor that cybercriminals use to remotely control the victim’s device.

This fraudulent scheme highlights the importance of complex cybersecurity protection, showing that clicking on a wrong link may result in not only money and data loss, but also device infection or loss of control over it. When a fake site copies the original store’s look exactly, it’s hard to tell which one is real and which is a scam.

Kaspersky Premium protects users from fraudulent online stores through advanced detection technology that analyses website characteristics and URLs to identify suspicious patterns.

For its excellent performance in AV-Comparatives Fake Shops Detection certification in 2025 Kaspersky Premium was awarded an “Approved” certificate, making it the right choice for confident online shopping.

“As Valentine’s Day approaches, cybercriminals may increase their efforts to exploit the emotional vulnerability and romantic spirit that define this holiday. They’re creating fake gift card websites, spoofing popular retailers, and launching phishing campaigns that prey on your desire to make your loved ones happy.

The best defence is to stick to well-known retailers, check URLs carefully, apply a security solution with advanced phishing detection and remember that if a deal seems too good to be true, it probably is,” comments Anton Yatsenko, Lead Web Content Analyst at Kaspersky.


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NITDA, Wigwe University deepen talks on AI, agriculture collaboration

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National Information Technology Development Agency (NITDA) and Wigwe University are laying the groundwork for a far reaching collaboration centred on artificial intelligence (AI) research, agricultural innovation and digital talent development, following a high level engagement between both institutions in Abuja.

NITDA, Wigwe University deepen talks on AI, agriculture collaboration

NITDA

The discussions, led by Wigwe University Vice Chancellor Professor Marwan Al Akaidi and senior NITDA officials, revealed an alignment of expertise, priorities and national objectives that could accelerate Nigeria’s technological advancement.

Professor Al Akaidi, who leads the young but ambitious Wigwe University established under the vision of the late Herbert Wigwe, said the institution was created to become “the university of Africa”, providing high quality teaching and transformative research for Nigeria and the continent.

He emphasised that Nigeria has immense talent but often lacks the opportunities and platforms to channel it effectively—an issue the university intends to solve through strong industry and government partnerships.

Drawing from his long academic and research career in the United Kingdom and the Middle East, Professor Al Akaidi shared that the university is already conducting work on AI for Health in Nigeria with a team of ten researchers.

He stressed his determination to build a full AI centre in the country, similar to the one he helped establish in Abu Dhabi, noting that although funding setbacks followed Herbert Wigwe’s passing, the ambition remains intact and urgent.

According to him, Wigwe University does not seek to become a passive user of foreign AI tools but aims to “create the Nigerian AI”—a locally driven, world class AI engine that reflects the country’s needs, languages and realities.

He further explained that the university’s location in Rivers State provides a natural foundation for AI enabled agriculture and food production research.

Surrounded by extensive farming communities, the institution sees opportunities to apply AI to livestock management, land use, food processing and agricultural efficiency.

Using Nigeria’s cattle population as an example, he argued that technology can dramatically improve productivity: “In countries with fewer cattle, output is far higher because of new feeding systems and technology. If we apply AI properly, Nigeria’s agricultural wealth can multiply.”

He also pointed to AI’s potential in hospitals and medical diagnosis, especially for widespread illnesses like malaria.

NITDA’s representative, Dr Aristotle, welcomed the visit warmly, calling the Agency “Nigeria’s technology powerhouse” with mandates covering IT development, regulation, innovation, research and standards.

He said the Vice Chancellor’s proposals align strongly with NITDA’s strategic direction and existing programmes, highlighting the National Centre for Artificial Intelligence and Robotics and the National Adaptive Village for Smart Agriculture as key areas where collaboration can take shape.

He praised Wigwe University’s focus on entrepreneurship, innovation and skills development, noting that academia is a crucial stakeholder in the national tech ecosystem.

He also explained that NITDA’s work aligns closely with the government’s priority agenda and the Agency’s Strategic Roadmap and Action Plan, built on pillars such as knowledge, research and development, entrepreneurship, innovation and partnership.

He assured the visiting delegation that NITDA sees collaboration as essential and is committed to implementation rather than discussions alone: “Whatever we commit to, we will do. We understand the importance of partnership because no single institution has all the answers.”

Building on this, NITDA’s Director of Research and Development, Dr Kumo, said the Agency is working to develop a technology research ecosystem capable of moving Nigeria into the top 25 per cent of global research performance.

He noted that many of Wigwe University’s interests—AI, robotics, unmanned aerial vehicles, the Internet of Things, blockchain and additive manufacturing—mirror NITDA’s research priorities.

He also emphasised the value of virtualising education, allowing learners anywhere in Nigeria to access Wigwe University’s programmes through technology, improving national inclusivity.

From the Digital Literacy and Capacity Building Department, Dr Tambuwal stressed that NITDA prioritises building a digitally literate population and developing talent from basic education through to tertiary level.

He noted that many workers today still lack the digital skills required to use modern systems effectively, making it essential for universities to produce graduates who are digitally fluent and ready for the workforce.

He expressed readiness to partner with Wigwe University and explore shared learning opportunities.

Returning to curriculum and industry alignment, Professor Al Akaidi stressed that academia needs industry just as much as industry needs academia.

He described the need for constant curriculum review, especially in computing, engineering and technology, to ensure students are not learning outdated content.

He explained that teaching must be underpinned by active research and that the real value of education lies in producing graduates who understand the technology and can lead in their fields.

At Wigwe University, he said, students are already demonstrating remarkable capability—second year students are set to launch a major educational app, showing what young people can achieve when supported and challenged.

He insisted that Nigerian universities must produce graduates who are not only job seekers but job creators, noting that Wigwe University is building such a culture deliberately.

His call to action was clear: “We need to work together. If we combine our strengths, we can produce something real for Nigeria and beyond.”

The meeting ended with mutual assurance that the collaboration will move into concrete action. Both sides agreed to identify dedicated contact teams and map out specific workstreams for AI research, agricultural innovation, virtual learning, digital literacy, curriculum development and emerging technologies. With this shared resolve, NITDA and Wigwe University appear ready to build a partnership capable of shaping Nigeria’s technological future.


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Identy.io Targets Nigeria, Kenya in Its Africa Expansion Strategy

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Nigeria and Kenya are the next target markets for Identy.io, a global provider of digital identities, as it expands into Africa. Facial, fingerprint, and palm identification are among the safe, mobile biometrics that the company specialises in.

According to Indenty.io, its platform runs locally on smartphones, eliminating cloud storage while maintaining security and privacy.

It goes to say this is achieved by leveraging standard smartphones for fingerprint and face scans, the company aims to bridge the continent’s digital divide, where a significant number of adults still lack basic identification.

To spearhead this rollout, the firm has appointed a specialised regional leadership team, including industry veterans from Nigeria’s Bank Verification Number programme, to integrate their automated Biometric Identification System into national digital public infrastructure.

The company says the significance of this move lies in the departure from traditional, “clunky” biometric models.

Historically, digital ID enrollment in Sub-Saharan Africa has been throttled by the high cost of specialised scanners and the logistical nightmare of deploying them to rural areas.

Identy.io notes that its approach shifts the heavy lifting to mobile software.

Identy.io is positioning itself to capture a market the World Bank’s Identification for Development initiative identifies as critical for financial inclusion.

If successful, this could accelerate government-to-person payments and healthcare access in regions where coverage currently sits below 70%.

“We are transforming the traditional industry model, which often relies on expensive and inflexible digital infrastructure,” says Antony Vendhan, Co-founder of Identy.io. “This allows our clients to reach underserved communities by providing individuals with multimodal access to secure their digital identities.”

The company will face established players like IDEMIA and Thales, who have long dominated government contracts.

Furthermore, Identy.io will face competition from up-and-coming regional fintech identity firms such as Smile ID, which already has a significant presence in Know Your Customer services throughout Africa.

To gain an edge, Identy.io has aligned itself with Modular Open Source Identity Platform (MOSIP).

By being listed on the MOSIP marketplace, the company says its tech becomes “plug-and-play” for governments building open-source national ID systems, a growing trend among nations wary of “vendor lock-in.”

While the primary focus remains on Nigeria and Kenya, Identy.io’s long-term roadmap includes a phased rollout to other emerging markets.

 


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