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Opinion: Nigeria Strides into Q4

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By Lukman Otunuga, Research Analyst at FXTM

Nigeria displayed its resilience in the global arena on repeated occasions this year, by confronting a currency crisis, navigating depressed oil prices and rebounding from an economic deceleration.

With the nation currently in the process of recovering from its worst slump in 25 years, despite the headwinds created from both external and internal risk, the overall outlook remains highly encouraging.

Annual inflation has eased considerably, while core fundamentals suggest that the economic landscape continues to stabilize. With the driver behind Nigeria’s economic rebound fuelled by sustainable sources such as manufacturing, agriculture and trade, it is clear why sentiment is slowly turning bullish.

Now that Nigeria has shown the world that it resilient, the central bank is likely to direct its focus towards mitigating inflation and further supporting the local currency.

The fact that Nigeria managed to grow 0.55% in Q2, despite suffering a painful contraction for five consecutive quarters, highlights the tenacious nature of the nation and prospects for future growth. Consumer prices also eased to 16.01% in August, pointing to signs of improving price stability.

While there is still some distance to go before inflation falls back within the Central Bank of Nigeria’s 6-9% target, improved Dollar supply which has eased inflation by reducing import costs, may play a part in inflationary pressures becoming a theme of the past.

Although the combination of accelerating growth and falling inflation may encourage the CBN to cut benchmark interest rates in the future, it is only one element of the equation.  While an interest rate cut is likely to boost business confidence and support the nation further, attention should be directed towards the fiscal side.

Taking a look at the fiscal side of the equation, it can be said that Nigeria is in dire need of a national infrastructure plan. Major roads remain in poor condition, bridges and railways need to be renovated and education needs an overhaul.

It should be kept in mind that a solid and stable infrastructure yields a healthy economy, while a weak foundation limits growth and exposes the nation to downside risks. Rectifying these issues has the ability to not only create employment but it would also support economic growth – ultimately boosting investor confidence.

On a positive note, the National Bureau of Statistics (NBS) recently reported that Nigeria recorded an export rise of 73.5% in the second quarter of 2017.

There was a significant rise in non-oil exports with agricultural goods increasing in the country’s foreign exchange earnings. With agriculture remaining the backbone of Nigeria, this report was highly encouraging, especially when you consider how the nation has an ongoing quest to diversify from oil reliance.

Focusing on the foreign exchange outlook, the Naira held its ground against the Dollar in September, with prices trading within a narrow range on the parallel market exchange. The implantation of the Investors and Exporters (FX) Window has bolstered confidence over Nigeria’s outlook and this may be reflected in the Naira’s current stability.

The Naira’s price action also suggests that the increased supply of foreign exchange into the largest economy inAfrica has attracted investors, ultimately creating another wall of stability in the FX markets.

While the outlook for the Naira is starting to look encouraging amid the stabilizing fundamentals, markets will still be observing how Nigeria tackles the system of multiple exchange rates. With the central bank aiming to erase the multiple exchanges, which would require an official devaluation, it becomes a matter of when and how.

Resurgent oil prices have positively impacted the nation’s government revenues and even reinforced the stability of foreign exchange markets. Investors are becoming increasingly optimistic about OPEC’s ability to rebalance the market long-term, as this was reflected in WTI Crude which appreciated towards $52.

With further upside on the cards in the short to medium term amid the optimism, the Nigerian government is likely to receive more revenue. It should be kept in mind that Oil prices still pose a significant external risk to Nigeria in the longer term, especially when considering how fragile the current OPEC supply cut deal really is.

With OPEC requesting Nigeria to cut production by 1.8 million barrels a day, this complicates matters, as the Federal government’s 2017 budget is based on the production of 2.2 million barrels per day at $44.50 per barrel. A situation where Nigeria limits production and oil prices depreciate, could pose a serious threat to the budget, ultimately punishing economic growth.

As the final quarter of 2017 gets underway, markets will be closely watching to see if the stabilizing economic conditions prompt the Central Bank of Nigeria to cut interest rates.

A rate cut will be one the first steps of many the nation takes on in its ongoing mission to recover economically, diversify and continue to rattle the global arena.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

Angst as FG Drops $32.8m Fine on Meta for Data Breach

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Decision to cancel the $32.8 million fine previously imposed on Meta for alleged data privacy violations was taken as far back as October 30, 2025.

Angst as FG Drops $32.8m Fine on Meta for Data Breach

The development has raised concerns over the country’s approach to data protection enforcement and regulatory transparency.

This followed a confidential, out-of-court settlement singed by Nigerian Data Protection Commission (NDPC) with Meta, effectively waiving the fine imposed earlier that year.

This deal, sanctioned by a Federal High Court, resolved disputes over behavioural advertising and user data transfers without Meta paying the penalty.

Recall that the NDPC claimed that it launched investigation in September 2023 that examined Meta’s handling of personal data from more than 60 million Nigerian users.

The NDPC had accused Meta of several breaches, including the absence of explicit consent for behavioural advertising, unauthorised cross-border data transfers, the collection of data from non-users, and the deployment of algorithms that could expose users to financial and health risks.

At the time, the regulator described the penalty as part of efforts to strengthen digital rights protections in Africa’s most populous country, aligning Nigeria with global enforcement trends in the United States, United Kingdom, and European Union, where Meta and other major technology firms have faced multibillion-dollar fines for similar violations.

However, documents from a subsequent settlement indicate that Nigeria reversed its position in October 2025.

Under the agreement, Meta was absolved of the $32.8 million penalty and required only to cover legal fees incurred by the government during court proceedings challenging the NDPC’s final orders.

The settlement was signed on 30 October 2025 and later validated by the Federal High Court in Abuja on 3 November 2025.

Despite this judicial confirmation, the terms of the agreement were not made public at the time, and only recently emerged through disclosed documentation.

The development has triggered questions about transparency in regulatory enforcement, particularly given the scale of the initial allegations and the number of affected users.

Iliya-Ezekiel Ndatse, data protection lawyer, said the outcome weakens regulatory deterrence.

“Removing penalties after such findings reduces the effectiveness of enforcement actions and weakens the credibility of compliance obligations,” he noted.

The case has also drawn comparisons with Nigeria’s previous dispute involving Twitter, now rebranded as X, which was banned in 2021 before the two parties reached a negotiated resolution.

 


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Kaspersky Discovers Vulnerability in Qualcomm Snapdragon Chips that can Lead to Data Loss & Device Compromise

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Kaspersky ICS CERT discovered a hardware-level vulnerability affecting Qualcomm chipsets that are widely used in a range of consumer and industrial devices, including smartphones and tablets, car components, IoT devices and more.

The vulnerability resides in the BootROM – firmware embedded at the hardware level. Attackers could potentially get access to any data stored on the device or device sensors like camera and microphone, implement complicated attack scenarios and in some circumstances get full control of the device. The results of the research were presented at Black Hat Asia 2026.

The vulnerability affects Qualcomm MDM9x07, MDM9x45, MDM9x65, MSM8909, MSM8916, MSM8952 and SDX50 series and was reported to Qualcomm in March 2025. Qualcomm formally acknowledged the vulnerability in April 2025. It has been assigned a CVE-2026-25262. Other Qualcomm-based chips may be affected as well.

Kaspersky researchers explored the Sahara protocol, a low-level communication system used when a Qualcomm chip enters Emergency Download Mode (EDL) – a special recovery mode designed for repairing or restoring smartphones or other devices. Sahara acts as the first step that allows a computer to connect to the device and load software before the operating system on the device starts.

Kaspersky demonstrated that a security flaw in this process could allow an attacker with physical access to the target device to bypass key security protections in the chip, compromise the secure boot chain and, in some cases, deploy malicious applications and backdoors to the chip’s Application Processor, thus fully compromising the entire device.

For example, in cases when the target device is a smartphone or a tablet, the attacker can potentially get access to entered user passwords, and subsequently this opens further access to multiple types of sensitive user data, such as files, contacts, location, access to the devices’ camera and microphone, etc.

A potential attacker only needs a few minutes of physical access to a device to compromise it. Therefore, if a smartphone has been sent for repair or left unattended for a short time, one can no longer be sure it is not infected. Researchers warn that the threat extends beyond end-user scenarios to include potential compromise during the supply chain phase.

“Vulnerabilities like this may allow attackers to deploy malware that is difficult to detect and remove. In practice, this could enable covert data collection or influence device behaviour over extended periods of time.

“While a reboot might seem like an effective way to remove such malware, it cannot always be relied upon: compromised systems may simulate a reboot without actually resetting. In such cases, only a complete loss of power – including battery depletion – guarantees a clean restart,” comments Sergey Anufrienko, security expert at Kaspersky ICS CERT.

Kaspersky advises organisations and individual users to exercise strict physical security control over devices including at the supply, maintenance and decommissioning phases. A reboot of the device by cutting off the power supply to the affected chip (if available) or full battery discharge may help to get rid of the malware if it was installed.


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Survey Shows Gaps in Cybersecurity Policies and Employee Commitment Leave Organisations Vulnerable

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A recent Kaspersky survey entitled “Cybersecurity in the workplace: Employee knowledge and behaviour”, showed that 39% of professionals in the Middle East, Turkiye and Africa (META) region, consider cybersecurity rules in their company to be excessive or not fully appropriate.

While 7% noted that their organisations do not have cybersecurity rules or that they are not aware of them. These results show a disconnect between corporate cybersecurity policies and employee commitment to these rules, underscoring the risks associated with shadow IT and unmanaged device usage in the workplace.

Shadow IT is defined as the use of unauthorised software, devices, or services without IT oversight, and it has evolved into a critical business risk. While often driven by employee productivity needs, it creates blind spots for IT departments.

The rise of hybrid work environments, increased reliance on cloud-based tools and the spread of AI tools have accelerated this trend. Without robust cybersecurity management and oversight, organisations face heightened exposure to ransomware attacks, data leaks, and regulatory penalties.

19% of survey respondents in the META region said there are no policies regarding the use of non-corporate devices in their company. 35% of employees admitted that they can use their own devices to access business information, provided they have some type of cybersecurity protection, even consumer-grade software.

On the positive side, 21% said they can use their own device, but these must first pass more stringent corporate IT security checks; while 25% of respondents indicated that only devices provided by the IT function can be used for work purposes.

The situation is significantly better with permissions for employees to install software on corporate devices without IT department’s approval. 50% reported that only IT specialists in their company are allowed to install software, while in 31% of organisations only top management or designated users can do so. 11% of employees can install software that is approved by the IT team. However, 8% of respondents said that all users can install any software they need without IT agreement in their organisation.

At the same time 21% of professionals surveyed acknowledged that within the past year they installed software on their work devices without IT supervision. That highlights a persistent shadow IT challenge that continues to expose organisations to security vulnerabilities, compliance risks, and data breaches.

“Shadow IT is now a mainstream operational risk. When one in five employees installs software without IT oversight, it signals a policy gap. Many organisations already have security policies in place, but employee perception must also be considered.

Organisations should move beyond restrictive controls and instead implement intelligent, user-centric cybersecurity strategies that combine strategies that integrate technology with employee awareness and responsible use,” said Toufic Derbass, Managing Director for the META region at Kaspersky.

 


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