Connect with us

E-Business

Nigeria’s Digital Future at Risk as Broadband Gaps Threaten Economic Growth

Published

on

Ngozi Okonjo-Iweala, DG, World Trade Organization
Kindly share this post

World Trade Organisation (WTO), and the World Bank,  have warned that Nigeria’s weak infrastructure and regulatory gaps could prevent the country from unlocking the potential of the billion dollar digital economy.

Nigeria’s Digital Future at Risk as Broadband Gaps Threaten Economic Growth

According to them, weak broadband infrastructure and regulatory gaps may stymie the country’s potential to ride the digital wave.

The WTO’s stern warning came via a new report jointly carried out by its Secretariat and the World Bank, released under the Digital Trade for Africa project.

The report, assessed Nigeria alongside five other countries; Benin, Côte d’Ivoire, Ghana, Kenya, and Rwanda and identified opportunities and challenges in building competitive digital trade systems.

The report praised Nigeria for progress in expanding digital infrastructure, but warned that internet access remains highly uneven, particularly between urban and rural areas.

According to the WTO report, “expanding fibre optic infrastructure and enhancing last-mile connectivity are crucial to bridging Nigeria’s urban-rural divide and fostering a more inclusive digital economy and strengthening competition in the telecommunications sector could further drive affordability and service quality for consumers and businesses.”

The Digital Trade For Africa joint project, co-authored by Antonia Carzaniga from the WTO and Nigorakhon Sadikova and Martín Molinuevo from the World Bank, highlighted the central role of Nigeria’s services sector, particularly digitally delivered services, in driving economic growth.

“Between 2019 and 2021, Nigeria’s exports of digitally delivered services experienced sharp fluctuations, with financial and insurance services showing notable declines. However, since 2021 exports across all major service sectors have grown steadily, signaling Nigeria’s increasing integration into global digital markets.”

While Nigeria continues to lag behind Ghana in digital trade, the report found that it has outperformed several other ECOWAS countries, underscoring the strength of its long-term potential.

Nigeria has undertaken important international commitments in digital trade. It ratified the WTO’s Trade Facilitation Agreement, TFA, and made General Agreement on Trade in Services, GATS, commitments in sectors such as telecommunications.

It is also a participant in two ongoing WTO rule-making initiatives: The Agreement on Electronic Commerce, which “aims to foster an enabling environment for cross-border digital trade.”

The Investment Facilitation for Development Agreement, designed “to improve the investment and business climate, making it easier for investors in all sectors of the economy, including digital trade, to operate and expand.”

But the report cautioned that Nigeria has “not bound its trade regime for other key digital trade-enabling services, such as computer, distribution, or postal services,” and has “not eliminated tariffs on information technology goods under the WTO’s Information Technology Agreement, ITA.”

On the regulatory front, it informed that Nigeria has taken meaningful steps in data protection and cybersecurity, which the report described as “particularly valuable given the nascent nature of the country’s digital sector.”

Lamenting that significant policy gaps still remain, they noted that Nigeria must: “Clarify the scope of data storage and processing requirements for cross-border data exchange (‘data sovereignty’).”, “Improve the regulatory and institutional framework for online consumer rights and protection, “Implement regulations on electronic transactions and e-signatures.”, and “Adopt a balanced framework for platform liability to enhance transparency and trust in digital markets.”

While praising Nigeria’s reforms, the report warned of the risks of complacency, saying: “Nigeria has the foundations to leverage digital trade as a pillar of economic growth, however, without urgent reforms in infrastructure, regulation and competition, the country risks leaving its digital goldmine untapped.”


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Business

Firm Spots Rising Scam Activity Around the 2026 World Cup, from Bogus Tickets to $500,000 “grant” Emails

Published

on

Kindly share this post

Millions of football fans around the world are gearing up for the World Cup, and cybercriminals are seizing the moment to exploit the heightened interest.

Experts at Kaspersky have uncovered various types of scams that mimic official tournament resources or leverage the event for unsafe purposes, putting users’ data and finances at significant risk.

On one of the fraudulent websites discovered, users are offered the option to buy tickets for FIFA World Cup matches, with payments accepted in almost any currency.

However, after completing the fake registration and payment steps, users risk not only losing money from their bank cards but also exposing sensitive personal data to attackers.

The site uses the official colour scheme of the 2026 tournament to mislead users. In addition, the scammers offer ways to contact them, either directly on the site or via messaging apps.

Another website offers users the chance to purchase “official merchandise” for the 2026 tournament, featuring images of mascot plush toys and T-shirts, with a wide selection available for “purchase.” To make the offer more enticing, the site highlights steep discounts. Additionally, to appear more credible, the scammers have added a “Trusted store” badge at the bottom of the page, along with a registration form that requests personal and banking details.

Another attack scenario involves fraudulent email campaigns, in which attackers attempt to trick users into sending money or click a phishing link. To increase the chances of engagement, the emails feature compelling subject lines and persuasive messaging.

In one of the examples identified, fans received emails allegedly sent by official representatives of the event regarding a fake decision from a dispute resolution chamber. The link provided in the email leads to a phishing page.

In some cases, users are targeted with scam emails claiming they have “won” a $500,000 grant to cover tickets, flights, and accommodation, followed by instructions to contact the sender to claim the “prize” funds. Kaspersky also reports email spam and unsolicited ads related to the sale of competition-themed merchandise and souvenirs, some of them might turn out to be a scam.

“Unfortunately, major sporting events that attract large audiences are never overlooked by scammers. Seemingly harmless or even appealing emails can often conceal not only dangerous links and malicious attachments.

In some cases, careless interaction with such messages can lead to serious device infections. We recommend that users ignore any suspicious emails and websites to protect their financial assets and keep their devices and personal data secure,” says Anna Lazaricheva, senior spam analyst at Kaspersky.


Kindly share this post
Continue Reading

E-Business

NDPC Warns of Offshore Data Risks as 90 Percent of Country’s Data is Hosted Abroad

Published

on

Kindly share this post

Nigeria Data Protection Commission (NDPC) has raised concerns over data sovereignty, national security as well as loss of economic value, as over 90 per cent of Nigeria’s data is hosted abroad.

NDPC Warns of Offshore Data Risks as 90 Percent of Country’s Data is Hosted Abroad

Pic credit…247digitize.com

Vincent Olatunji, national commissioner/CEO, NDPC, stressed the importance of safeguarding Nigeria’s digital economy through strong data protection and privacy frameworks.

He spoke while while delivering a keynote address at the IoT West Africa Conference, where he stated that the trend poses significant risks to Nigeria’s control over its digital assets.

He further described the situation as precarious for the nation’s sovereignty, and called for urgent investment in local data infrastructure.

Olatunji, highlighted data sovereignty, the growing role of data centres, and regulatory expectations under the Nigeria Data Protection Act, 2023, noting both the benefits of compliance and the risks of non-compliance. Olatunji underscored that data centres are now critical infrastructure for Nigeria’s digital transformation.

While decrying that over 90 percent of the Nigeria’s data is hosted abroad which is precarious for the nation’s sovereignty he encouraged for more investment in the sector as it is projected to reach $1.9 billion by 2031.

Also speaking, Kashifu Inuwa, the director-general of the National Information Technology Development Agency (NITDA), said policy is emerging as the key driver of Nigeria’s digital transformation, particularly in shaping the development of the Lagos-Abuja digital corridor.

“While infrastructure responds to demand, policy creates the enabling environment for sustainable growth,”

Inuwa who was represented by Aristotle Onumo, director, stakeholders management and partnership at the IoT West Africa Conference in Lagos, on the theme “The Lagos-Abuja Digital Corridor: Building Africa’s Next Data Centre and Cloud Hub.”

Inuwa emphasised that while infrastructure responds to demand, policy remains the critical driver that creates an enabling environment for sustainable digital growth.

He explained that Nigeria’s broadband policy, which stipulates minimum speeds of 10 Mbps for rural areas and 25 Mbps for urban centres, provides a strategic framework for prioritising infrastructure deployment along the Lagos-Abuja digital corridor.

He cautioned, however, that without deliberate collaboration and partnership between government, the private sector, and civil society, widespread infrastructure rollout would remain challenging. “Collaboration is the pathway that massifies impact, while partnership harnesses collective intelligence. No one can achieve this in isolation,” he said.

Inuwa also spoke on the Nigerian Sovereign Cloud Project; a flagship initiative aimed at strengthening indigenous cloud service providers and preventing the dominance of Nigeria’s digital infrastructure by foreign hyperscale operators.

By scaling local infrastructure to meet global standards, the project seeks to domesticate data hosting, reduce operational costs, and improve access to cloud services across the country.


Kindly share this post
Continue Reading

E-Business

Opay Plans IPO in US, Targets $4Bn in Valuation

Published

on

Kindly share this post

Opay, a financial technology (fintech) firm, is working with Citigroup Inc., Deutsche Bank AG, and JPMorgan Chase & Co. for an initial public offering (IPO).

Opay Plans IPO in US, Targets $4Bn in Valuation

According to a report by Bloomberg on Friday,  sources said the platform, backed by SoftBank Group Corp., is considering a listing in the United States and is targeting a valuation of about $4 billion.

They added that the company could proceed with the share sale later this year, although the timing and size of the offering are yet to be finalised.

Opay is one of Africa’s fastest-growing fintech firms, offering mobile payments, transfers, and other financial services across Nigeria.

Advertisement

The fintech company, Citi, Deutsche Bank, and JPMorgan have not publicly commented on the IPO plans.

Like Opay, Flutterwave, a major fintech company in Africa is planning an IPO.

 


Kindly share this post
Continue Reading

Trending