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Nigeria Risks Losing 37% Of GDP to Corruption By 2030- Allianz

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Corruption in Nigeria could cost up to 37% of GDP by 2030 if it’s not dealt with immediately, Allianz Global Corporate & Specialty (AGCS) has warned.

AGCS is the Allianz centre of expertise for global business insurance and large corporate and specialty risks with a worldwide network in more than 160 countries.

Key findings contained in its 6th annual ‘Allianz Risk Barometer’ released on Wednesday, also show that companies are increasingly worry about the struggling economy, corruption, volatility and political risks and violence.

Other growing concerns are digital dilemmas arising from new technologies and cyber risks (#5), as well as government policies which do not enable businesses to thrive, said the report based on a survey conducted among risk experts from 55 countries.

In Nigeria, Allianz Global Corporate & Specialty (AGCS) Africa worked with the Association of Enterprise Risk Management Professionals Nigeria (ERM), Risk Managers Society of Nigeria (RIMSON) and Risk Managers Association of Nigeria (RIMAN).

“The Allianz Risk Barometer 2017 is a worthy compass, telescope and guide which Risk Managers, Investors, Professionals, Governments, Policy Makers and Corporate Entities should not ignore in strategic decisions in 2017,” said president of RIMSON Engineer Jacob Odeonsun.

Nigerian risk managers sighted tough macroeconomic conditions and market volatility as their top two risks. “Nigeria faces macroeconomic challenges including low commodity prices, the Chinese slowdown and the tightening of US monetary policy and also suffers their own internal pressures such as inflation, weak domestic demand and socio-political tensions. The country’s growth is held back by weaker macroeconomic environment, the struggling financial sector, underdeveloped infrastructure, insufficient health and education ,” said Delphine Maïdou, CEO AGCS Africa during a press conference in Lagos where the report was presented.

To mitigate volatility risks and anticipate any sudden changes of rules that could impact markets, Maïdou said that companies in Nigeria will need to invest more resources into better monitoring politics and policy-making around the world in 2017.

According to trade credit insurer, Euler Hermes, a subsidiary of Allianz SE, since 2014, there have been 600 to 700 new trade barriers introduced globally every year.

Corruption was ranked fourth indicating that it is still a concern in the country. Corruption in Nigeria could cost up to 37% of GDP by 2030 if it’s not dealt with immediately.

“This cost is estimated to be nearly $2,000 per person by 2030. Corruption is ranked second as one of the most problematic factors for doing business in Nigeria in the Global Competitiveness Report.   A significant reduction in corruption will boost current per capita income and improve the lives of many in Nigeria.

Political risks and violence is still a major challenge largely due to terrorism and kidnap for ransom (KNR),” the CEO highlighted.

She added that the overall risk for Nigeria in 2017 is high on crime, terrorism, conflict, political violence and kidnap.

“The resurgence of violence in the Niger Delta is expected to continue into 2017. Militant groups are likely to continue high-profile attacks on oil and gas infrastructure to press the federal government into meeting its demands, which include greater autonomy for the region and a greater share of the oil wealth, which may be untenable considering Nigeria’s current fiscal woes. Greater military action risks increasing anti-government sentiment.

“Kidnapping, primarily for the purposes of financial gain, will remain a complex and multifaceted security threat in Nigeria in 2017. The country was one of the world’s top five worst kidnapping-affected countries and the region’s kidnapping capital.

However ongoing state military offensives over the past 18 months have led to the relative containment of Islamic State (IS) affiliate, Boko Haram, in north eastern Nigeria. According to available information, Boko Haram conducted no successful abductions of foreign nationals within the country in 2016. However the group is extending its operations into Chad and Cameroon and this could lead to an increase in KRE activity.

Globally, business interruption (BI) continues to lead the ranking for the fifth year in a row, primarily because it can lead to significant income losses, but also because multiple new triggers are emerging, especially non-physical damage or intangible perils, such as cyber incidents, and disruption caused by political violence, strikes and terror attacks. This trend is driven, in part, by the rise of the “Internet of Things” (IoT) and the ever-greater interconnectivity of machines, companies and their supply chains which can easily multiply losses in case of an incident. Companies are also facing potential financial losses with the changing political landscape leading to fears of increasing protectionism and anti-globalization.

“Companies worldwide are bracing for a year of uncertainty,” says Chris Fischer Hirs, CEO AGCS SE. “Unpredictable changes in the legal, geopolitical and market environment around the world are constant items on the agenda of risk managers and the C-suite. A range of new risks are emerging beyond the perennial perils of fire and natural catastrophes which require re-thinking of current monitoring and risk management tools.”

At the same time, increasing reliance on technology and automation is transforming, and disrupting, companies across all industry sectors. While digitalization is bringing companies new opportunities, it is also shifting the nature of corporate assets from mostly physical to increasingly intangible, bearing new hazards, above all cyber risks (30% of responses). Companies ranked cyber threats a close #3 globally, climbing to #2 across the Americas and Europe and the top risk in Germany, the Netherlands, South Africa and the UK. At the same time, it is the top concern globally for businesses in the information and telecommunications technology and the retail/wholesale sectors.

“Cyber incidents is ranked #5 in Nigeria with the most common threats being from hackers, disgruntled employees, negligence and competitors,” said Nobuhle Nkosi, head of Financial Lines AGCS Africa. “This is doubled-edged sword to the country as Africa has a particular role in embracing and responding to new technologies compared to mature markets while speeding up cyber security and personal data protection legislations.”

The threat now goes far beyond hacking and privacy and data breaches, although new data protection regulations will exacerbate the fall-out from these for businesses.

“Time is running out for businesses to prepare for the implementation of the new General Data Protection Regulation across Europe in 2018 – although the cost of compliance will be high, the penalties of not doing so could be even higher. Meanwhile, increasing interconnectivity and sophistication of cyber-attacks poses not only a huge direct risk for companies but also indirectly via exposed critical infrastructures such as IT, water or power supply”, the insurance firm said.

Then there is the threat posed by technical failure or human error, which can lead to long-lasting and widespread BI exposures. In the digitalized production or Industry 4.0 environment, a failure to submit or interpret data correctly could stop production.

Businesses need to think about data as an asset and what prevents it from being used. Results also show that smaller companies may be under estimating cyber risk: in this category (revenues <€250 million), cyber ranks only #6. However, the impact of a serious incident could be much more damaging for such firms.

 


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Study Reveals 83% of Employees Stay Connected to Work During Time Off, Fuelling Digital Anxiety

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A new Kaspersky survey undertaken in the Middle East, Turkiye and Africa (META) region reveals that digital anxiety is becoming a defining feature of modern work culture, as employees don’t disconnect even during their free time and vacations.

According to the findings, 83% of respondents keep an eye on work tasks outside working hours. An overwhelming 85% reply to all work-related messages in instant messaging apps, while the same share (85%) check work emails during their time off – and 81% admit they are responding to work emails while on vacation or in their personal time.

The pressure to remain constantly available is contributing to heightened stress levels in the workplace. Other sources of stress include work issues, for example, 43% experience anxiety after accidentally sending a random message to a work chat.

Interestingly, not all digital mishaps are perceived equally: 40% report that they take it calmly when they send an unfinished email, proving that some mistakes are considered less damaging than others.

Blurred boundaries between professional and personal life, combined with instant communication tools, are intensifying feelings of constant monitoring and fear of making digital errors.

More than a third (36%) of respondents say they feel extremely uncomfortable or even scared if their boss notices them scrolling through social media at work instead of working. The “always-on” culture may undermine employee well-being, increase burnout risks, and reduce overall productivity in the long term.

“Digital anxiety doesn’t just affect employee well-being – it can also increase cybersecurity risks for organisations. When people feel constant pressure to respond immediately to messages and emails, they are more likely to act impulsively, without carefully verifying links, attachments, or sender identities.

This urgency can make employees more vulnerable to phishing, and other scams using social engineering techniques,” comments Brandon Muller, Technical Expert at Kaspersky.

Kaspersky recommends employees to follow the below tips to avoid digital anxiety and associated cyber risks:

  • Slow down before clicking or replying. Digital anxiety can trigger automatic reactions. A short pause to check sender details, URLs, or attachments can prevent security breaches.
  • Treat urgency as a red flag. Cybercriminals often exploit pressure and fear. Always verify unexpected or urgent requests before responding.
  • Avoid handling sensitive information on unsecured networks. Public Wi-Fi, often used when working outside regular hours, increases exposure to cyber threats. Mobile network and VPN should be applied in such cases.
  • Use technologies that will help reduce risks. For example, Kaspersky Premium offers AI-powered anti-phishing features designed to help warn of potential threats.

Businesses can reduce cybersecurity risks related to employees’ digital anxiety by providing regular cybersecurity training that helps staff recognise threats and respond correctly even under stress.

At the same time, organisations should use robust cybersecurity solutions to minimise the impact of human error. Kaspersky Next’s adaptable and robust cloud-native protection, underpinned by an unequalled cybersecurity track record, is one of such products.

Protection solutions for mail servers, such as Kaspersky Security for Mail Server, with anti-phishing capabilities, help to additionally decrease the chance of infection through a phishing email.


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FG Approves Electric Buses for Civil Servants, Pushes Local Auto Growth

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Federal Government of Nigeria has approved the acquisition of electric buses for civil servants as part of efforts to promote cleaner transportation and boost local vehicle manufacturing.

FG Approves Electric Buses for Civil Servants, Pushes Local Auto Growth

The development was disclosed in Abuja by Joseph Osanipin, Director-General of the National Automotive Design and Development Council (NADDC). Osanipin said the buses would be sourced from local assemblers to strengthen domestic production and stimulate growth in Nigeria’s automotive sector.

He stated: “The initiative is aimed at encouraging the transition to cleaner mobility while creating opportunities for local manufacturers.” According to him, the government has also procured charging infrastructure that will be deployed across parts of the country to support the adoption of electric vehicles.

As part of broader efforts to develop the sector, the council is establishing the Nnewi Automotive Development Park in Anambra State. Osanipin explained: “We are developing the Nnewi Automotive Development Park where we will provide the necessary infrastructure so that users of the park can share facilities.”

He added that the shared infrastructure model would enable investors and manufacturers to operate without bearing the full cost of setting up independent facilities. The council is also seeking additional investment to accelerate the development of the park and attract more industry participants.

Osanipin urged Nigerians to support locally assembled vehicles, noting that increased patronage would help create jobs and drive economic growth. He said the council is providing training to manufacturers and stakeholders to enhance local production of vehicle components such as batteries and tyres.

“The move will reduce import dependence, create employment opportunities, and contribute to the country’s Gross Domestic Product,” he said. The NADDC is also working with the Bank of Industry Nigeria to facilitate the disbursement of the National Automotive Development Fund to qualified stakeholders.


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Jumia Reaffirms Commitment to Consumer Trust on World Consumer Rights Day

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As the global community commemorates World Consumer Rights Day, Jumia Nigeria joined industry leaders, regulators, and consumer advocates at the Lagos Marriott Hotel, Ikeja, for a high-level panel session hosted by the Lagos State Consumer Protection Agency (LASCOPA) on Tuesday, March 17, 2026.

Speaking during the session, Peters Afebuame, Group Head of Content and Production at Jumia, highlighted Jumia’s comprehensive approach to protecting consumers from counterfeit or adulterated products on its marketplace, noting that the company has implemented structured checks and technology-driven systems across the entire product lifecycle, from seller onboarding to post-listing monitoring, to safeguard product authenticity.

“Ensuring product authenticity on our platform requires a combination of technology, policy enforcement, and continuous seller engagement,” he stated.

“At Jumia Nigeria, we have implemented a multi-layered process that begins with rigorous seller onboarding and policy agreements, followed by catalogue configuration controls, AI-driven product attribute verification, and the use of global product identification standards. These systems are reinforced by ongoing quality moderation, brand protection mechanisms, and strict enforcement actions, including product and seller delisting, ensuring that customers can shop on our platform with confidence.”

Central to Jumia’s consumer protection framework is a rigorous seller verification process designed to ensure marketplace integrity. Vendors are required to provide proof of legal and regulatory compliance before gaining access to the platform. This vetting process is reinforced by a strict quality control system that monitors products listed on the platform, backed by a zero-tolerance policy toward counterfeit or substandard goods. Non-compliant sellers face penalties and permanent delisting from the marketplace.

Transparency also remains a core priority in helping customers make informed purchasing decisions. Product listings across the platform feature clear specifications, verified descriptions, and detailed images, enabling shoppers to understand exactly what they are purchasing before completing a transaction.

Recognising that digital literacy plays a critical role in online safety, Jumia continues to invest in consumer education initiatives through instructional “how-to” videos, platform guides, and social media campaigns that equip Nigerian shoppers with practical knowledge to navigate online shopping securely and confidently.

To further strengthen transaction security, Jumia leverages its proprietary payment solution, JumiaPay, which provides a secure and encrypted payment infrastructure designed to protect customer financial data. The company also adheres to internationally recognised data protection standards such as the General Data Protection Regulation (GDPR) and local regulatory frameworks established by the Nigeria Data Protection Commission (NDPC), ensuring responsible handling and protection of user information.

Beyond the point of purchase, Jumia reinforces consumer protection through a customer-centric return and refund policy designed to ensure seamless resolution when issues arise. A dedicated customer service team also provides support through multiple channels, including phone and social media, enabling swift response to consumer inquiries and complaints.

As e-commerce continues to expand across Nigeria, Jumia reaffirmed its commitment to building a marketplace that prioritises fairness, transparency, and consumer safety. Through continuous investment in technology, strong policy enforcement, and ongoing consumer engagement, the company aims to strengthen trust and confidence in Nigeria’s growing digital commerce ecosystem.


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