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Nigeria not Good for Business – World Bank

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The World Bank Group’s Doing Business Report 2016, has delivered a damning report which would further scare away investors from Nigeria. It said that Nigeria is no longer a good business environment.

Comparatively, the 2015 report saw Nigeria ranking 170 point of 189 in the world, with a Distance To Frontier (DTF) or Ease of Doing Business Score of 47.33, against Singapore’s 88.27 and Eritrea’s 33.16.

However, in the 2016 version of the report, Nigeria climbed one rung of the ladder to the 169 position, but sheds almost 3 percentage points to clock at 44.69.

Highlighted in the report as Nigeria’s Achilles heel in doing business are the unusually long number of steps it takes to register a business, the difficulty of building a warehouse, poor access to electricity and the administrative burden of complying with tax payments, among other lacunas.

According to data collected by Doing Business, starting a business in Nigeria requires 8.70 procedures, takes 30.80 days, costs 31.70 percent of income per capita and requires paid-in minimum capital of 0.00 percent of income per capita.

Globally, Nigeria stands at 139 in the ranking of 189 economies on the ease of starting a business.

Underlying the indicators for Nigeria, according to the report, is a set of specific procedures—the bureaucratic and legal steps that an entrepreneur must complete to incorporate and register a new firm.

According to data collected by Doing Business, dealing with construction permits requires 16.10 procedures, takes 106.30 days and costs 24.40 percent of the warehouse value.

Obtaining a new electricity connection in Nigeria requires 9.00 procedures, takes 181.20 days and costs 437.70 percent of income per capita.

Globally, Nigeria stands at 182 in the ranking of 189 economies on the ease of getting electricity.

The length of time it takes to transfer property is another setback for the country. According to data collected by Doing Business, registering property requires 12.10 procedures, takes 69.60 days and costs 10.50% of the property value.

Globally, Nigeria stands at 181 in the ranking of 189 economies on the ease of registering property.

The economy has a score of 6.00 on the depth of credit information index and a score of 6.00 on the strength of legal rights index. Higher scores indicate more credit information and stronger legal rights for borrowers and lenders.

Globally, Nigeria stands at 59 in the ranking of 189 economies on the ease of getting credit.

The economy has a score of 6.80 on the strength of minority investor protection index, with a higher score indicating stronger protections.

Globally, Nigeria stands at 20 in the ranking of 189 economies on the strength of minority investor.

The report observes that the administrative burden in paying taxes by companies leaves much to be desired.

On average, firms make 59.00 tax payments a year, spend 907.90 hours a year filing, preparing and paying taxes and pay total taxes amounting to 33.30 percent.

Globally, Nigeria stands at 181 in the ranking of 189 economies on the ease of paying taxes. The rankings for comparator economies and the regional average ranking provide other useful information for assessing the tax compliance burden for businesses in Nigeria.

Globally, Singapore keeps her place in the easiest country to do business in, with a DTF of 87.34, while Eritrea remained at the bottom of the ladder, plunging further to 27.61 from 33.16 in 2015.

The report, which chronicled enviable progress made since 1999 and the last few years of booming economy, categorically stated that doing business in Nigeria is far difficult than in 2015.

Nigeria has seen her stock plummet with a consistent fall in oil prices at the international market. Added to this grim environment has been lack of budget for almost a month fueling anxiety on the direction of the country.

Rwanda remained the best destination for business in Africa, invigorating new drives in the country long beset by political and ethnic violence. The two countries are 32 and 62 in Africa, respectively.

Nigeria’s West African neighbour Ghana came top in ECOWAS category clocking 114 of 189 countries. Ghana has innovative economic policies augmented by strong building of civil service, judiciary and curbing corruption, factors inhibiting Nigeria’s growth.

According to the World Bank, “Where informal construction is rampant, the public can suffer. Take the case of Nigeria, which lacks an approved building code setting the standards for construction,” slaying into authority’s lack of policy direction.

“Without clear rules, enforcing even basic standards is a daunting task, and many buildings fail to comply with proper safety standards. Structural incidents have multiplied.

“According to the Nigerian Institute of Building, 84 buildings collapsed in the past 20 years, killing more than 400 people,” the report pointed out.

Core to any nation’s stability and growth, the report decried the worsening power generation in the country pointing out that the “industry is a core sector for the generation of national wealth and employment in Nigeria, but faced with an electricity sector hampered by poorly utilized generation capacity, high transmission losses and frequent outages, companies turn to self-provision of electricity.”

Thus, “This raises their production costs, reducing their competitiveness and thus their demand for labour. The erratic and inadequate power supply in Nigeria has often been cited as the main reason forcing multinationals to relocate production lines to other countries. Power outages also affect output levels.”

On reforms, it said, “Nigeria made transferring property in Lagos less costly by reducing fees for property transactions.

“Nigeria strengthened minority investor protections by requiring that related-party transactions be subject to external review and to approval by disinterested shareholders. This reform applies to both Kano and Lagos.”

 

 

 


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Francis Okafor Stuns China, Emerges Second-Place Winner @ Tencent OpenClaw Hackathon

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In a striking moment of global recognition for African talent in artificial intelligence, Shenzhen-based Nigerian technologist, Francis Okafor has emerged as the second-place winner at the 2026 Tencent OpenClaw Hackathon, a fiercely contested competition hosted by Chinese tech giant Tencent.

The achievement places the Nigerian engineer among the top innovators in one of the world’s most competitive technology hubs, Shenzhen, often described as China’s Silicon Valley.

Okafor’s journey to the podium was anything but scripted. Walking into Tencent’s facility on the day of the contest, he found a room already buzzing with elite programmers deep in preparation.

“Laptops open. Heads down. Some people setting up their system before the challenges even dropped,” he recalled, contrasting the scene with his own uncertainty at that moment. “And then there is me — a Nigerian looking around like, okay Francis, what exactly are you doing here?”

Rather than confidence, his first reaction was raw nerves. “I won’t lie, I had goose bumps. Not the inspirational kind,” he admitted, describing a quiet internal debate about whether he had wandered into territory far beyond his league. Yet that hesitation quickly gave way to experimentation, a hallmark of the hackathon spirit.

Earlier that same week, Tencent had rolled out OpenClaw integration into WeChat (known domestically as Weixin), exposing its massive user base to AI agent capabilities.

Okafor, a senior technology lead, artificial intelligence advocate, and global community organiser, had already been stress-testing the system and decided, on the spot, to build his entry around it. “I had been pushing it hard all week just to see what it could do… so when the challenges dropped I thought, you know what, let me use this thing as my weapon.”

That decision proved decisive. Competing against some of the most accomplished engineers in China’s hyper-competitive tech ecosystem, Okafor’s solution stood out for both ingenuity and execution. “It went far enough apparently,” he said with understated pride after securing second place.

Remarkably, he had entered without a grand plan. “I didn’t go in with a strategy. I went in for the thrill of it… Honestly I thought I would learn a few things and go home with a good story.” Instead, he left with a trophy, and a narrative that has resonated far beyond the competition hall.

Beyond personal triumph, Okafor emphasized the broader technological significance of the moment. Tencent released the WeChat OpenClaw plugin on the very morning of the event, effectively putting advanced AI agent tools into the hands of an estimated 1.4 billion users.

In his view, this signals a profound shift in how artificial intelligence will reach the public. The company, he observed, is “not just making AI accessible to developers… they are bridging it to everyone,” while using hackathons to identify innovators capable of pushing the technology forward, regardless of origin.

Okafor was acutely aware of his uniqueness in the room. “I was definitely the only African there and for sure stood out,” he noted. Yet what mattered was not nationality but capability. “Nobody cared about where I was from. They cared about what I built.”

His message to aspiring technologists, particularly those from underrepresented regions, is both simple and powerful: show up. “Enter things you think you have no business entering,” he urged. “The worst case is you learn something. The best case is you shock yourself.”

In an industry often defined by geography, capital, and institutional advantage, Okafor’s victory offers a compelling counter-narrative. Talent, preparation, and courage can still disrupt expectations, even in rooms that seem designed for someone else.

As he concluded in a line that has since captured widespread attention: Black excellence, he said, “doesn’t need a geography.”


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CBN Pledges Deeper Synergy with EFCC in Enugu Operations

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Economic and Financial Crimes Commission (EFCC) has urged the Central Bank of Nigeria (CBN) to deepen collaboration and provide faster operational support in Enugu State.

EFCC Seeks Stronger Ties with CBN in Enugu for Anti-Graft War

Zonal Director of the EFCC Enugu Zonal Directorate, Commander Daniel Isei, made the call during a courtesy visit to the CBN Branch Controller in Enugu, Mr Otutubuike Justice Agbaeze, on Tuesday.

The engagement forms part of ongoing efforts to boost inter-agency ties, enhance financial sector accountability, and fortify anti-money laundering initiatives nationwide.

Isei described the CBN as “our most critical partner in the fight against economic and financial crimes,” highlighting years of joint operations and the bank’s role in securing recovered assets.

“The CBN naturally stands out as one of our most critical partners… it serves as a secure repository for valuables recovered by the EFCC and it has greatly enhanced our operations,” he stated.

While commending past cooperation, Isei appealed for quicker responses to the EFCC’s frequent investigative requests from its Enugu office.

“We understand that these requests may be demanding, but timely responses are crucial, as time is of the essence in financial investigations. We therefore seek your continued indulgence in ensuring that our letters receive expeditious attention,” he added.

In response, Agbaeze reaffirmed CBN’s dedication to the partnership, pledging expert support and improved synergy “in the interest of financial system stability and national development.”


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Firm Shares Tips for Updating Your Digital Habits for an AI-driven World

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As smart devices with artificial intelligence (AI) tools, and always-on services become part of everyday life, the cybersecurity habits many people formed a few years ago may no longer be enough.

From AI-powered scams to social media trends that encourage users to upload personal details, the way people interact online is changing quickly. Ensuring that you stay secure now requires small, deliberate actions in your daily digital behaviour. Experts from Kaspersky, a global cybersecurity and digital privacy company, share the below advice to stay safe online.

  1. Be cautious with verification requests. Many scams now mimic legitimate verification processes, asking users to confirm accounts, update payment details, or approve login attempts. Because people are used to frequent security prompts, it is easy to respond automatically. Pause before sharing verification codes or personal information and independently verify requests through official websites or by contacting service providers directly.
  2. Cultivate healthy AI usage habits. AI agents, chatbots and multimedia-generating apps can be convenient and entertaining, but uploading high-resolution photos or personal information carries privacy implications. Facial images can function as biometric identifiers, and once shared with an online service, be it AI or a social network, control over how that data is stored or reused may be limited. Before using AI tools, review privacy policies, minimise the personal information they provide, and avoid uploading sensitive documents or confidential content.
  3. Do your homework on AI. For parents, the rise of AI assistants introduces another dimension. While AI tools can help in making education interactive and gamified, children may turn to AI tools for homework support or entertainment without fully understanding how their data is used or how to evaluate responses critically.

Open conversations about responsible AI use, privacy awareness, and the importance of not oversharing personal information can help children build safe digital habits from an early age.

  1. Audit your online subscriptions. Reducing digital exposure is another simple but often overlooked step. Over time, unused subscriptions, dormant accounts, and forgotten apps accumulate personal data and payment details. Regularly reviewing subscriptions, deleting unused accounts, and checking which apps have access to personal information can significantly reduce risks of this data being leaked.
  1. Secure your devices and home. Device longevity and smart home security also play an important role. Older devices that no longer receive security updates may contain unpatched vulnerabilities.

Ensure that smartphones, laptops, routers, and smart home devices are running the latest firmware and are protected with strong passwords and multi-factor authentication. Changing default passwords on connected devices and securing home Wi-Fi networks are essential steps in protecting both personal data and physical spaces.

As technology and AI becomes more integrated into daily life, security is less about dramatic measures and more about consistent, informed habits.

“Technology evolves quickly, and our online behaviour should keep pace,” says Brandon Muller, Technical Expert for the Middle East and Africa region at Kaspersky. “Take time to review privacy settings, app permissions, and connected third-party services, removing anything that is no longer needed. By being more deliberate about what we share, how we verify requests, and how we manage our devices, we can significantly reduce exposure to modern cyber risks while enjoying all the benefits of new technologies.”


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