News
PwC Report Reveals Brain Exports Presents New Optimal Development Path for Nigeria

Exporting Brain Capital to the global market will put Nigeria on the path to become a developed nation in record time. This is according to a new report by leading professional services firm, PwC Nigeria which analyses the best development path for the country.
After significantly evaluating relevant trends impacting today’s global business landscape and Nigeria’s unique circumstances as well as her position in the world today, the report titled Nigerian Brain Exports: The Optimal Path to Growing the Nigerian Economy’ recommends placing Nigerians in high-end Global Value Chains (GVCs) as the best path forward.
Brain export occurs when a Nigerian physically in Nigeria is inserted into global value chains and exchanges their brain capital for foreign currency which is then remitted to the country where the talent is physically located.
With such a large population that has an average age of 19 years, Nigeria according to PwC has significant Brain Capital advantage, especially considering the ageing population in countries such as Germany, Japan, Italy and the United States. It is estimated that the worldwide working-age population will see a 10% decline by 2060.
Japan in particular tops this list with 28% of its population above 65 and Italy comes second with 23%. In contrast, only 2.7% of the Nigerian population is above 65 which means Nigeria is strategically positioned to supply labour to the global market, thus presenting a strong comparative advantage.
Andrew S. Nevin(PhD), Partner & Chief Economist, PwC Nigeria, said: “Nigeria can transition from a developing to a developed nation within 10 to 20 years. To achieve this however, the country must seek and follow a path different from the traditional development path.
“We believe that the traditional strategy for development is not the most efficient path to improve the quality of life for Nigerians. It takes too long to deliver the expected benefits and Nigeria has not been successful in following this path. Most developed countries adopted the traditional path, but it required significant financial investments spread over a long period. Unlike these countries, Nigeria lacks the finances and cannot afford to waste time.
Given the times we live in, with advancements in research with technology and changes in the ways of working, there is a new optimal development path, one that is strengthened by changing circumstances and Nigeria’s unique assets and attributes. That path is one where Nigeria exports Brain Capital into higher value-added global services markets.”
With case studies of India and Kenya and a few local examples of companies already exporting Brain Capital from Nigeria and actively participating in the GVC’s, the report created a plausible scenario in which Nigeria captures 17% of the global programming and software development jobs. The earnings that will accrue to Nigerians performing these jobs is about $50 billion.
Based on the market size and the growth potential, Nigeria should have a target of two million remote workers inserted into GVCs within ten years. This number the report reckons would drive growth in other sectors of the economy through the increased purchasing power of the people inserted into the GVC.
According to the report, it is essential that the talent plugged into GVCs are not in a few selected locations but adequately distributed across the country to ensure prosperity for the nation.
Importantly, the report opines that Nigeria needs to start treating education as an infrastructure for development, not a social service, especially digital education, as screen-based interactions have become as fundamental as reading and writing.
The report acknowledged that it might be complex for the government to tax Brain Export workers at the moment. But it noted that the advantages outweigh that concern. With increased Brain Exports, burdens such as extreme poverty and high unemployment would lessen, and the government would also gain indirect tax benefits, like Value Added Tax.
News
Meta to Begin Layoffs Across All Operations from Today

Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, is set to implement company-wide layoffs starting Monday, February 10, 2025.
Notifications will begin at 5 a.m. local time in most countries, including the United States.
However, due to local regulations, employees in Germany, France, Italy, and the Netherlands will be exempt from these cuts.
Staff in over a dozen countries across Europe, Asia, and Africa will receive their notifications between February 11 and February 18.
The layoffs are expected to affect approximately 5% of Meta’s workforce.
They will target the company’s lowest performers in what is termed “performance terminations.”
This move is part of Meta’s broader strategy to streamline operations and focus on key areas of growth.
Concurrently, Meta is expediting the hiring of machine learning engineers and other essential engineering roles.
The hiring process is scheduled to take place between February 11 and March 13, aligning with Meta’s strategic priorities for 2025.
Unlike previous company-wide layoffs, Meta plans to keep its offices open on Monday and will not issue any additional updates regarding the decisions.
The company has declined to comment further on the internal memos detailing these plans
News
NEMSA, NAICOM Sign Agreement to Boost Electrical Safety, Insurance

The Nigerian Electricity Management Services Agency has signed a Memorandum of Understanding with the National Insurance Commission to enhance electrical safety compliance in residential, commercial, and industrial buildings, as well as ensure adherence to insurance policy requirements for these structures.
A statement issued by Ama Umoren, NEMSA’s Head of Communications and Protocol Unit, on Sunday in Abuja, stated that the MoU establishes a collaborative framework between NEMSA and NAICOM to ensure that as a pre-condition, all electrical installations in residential, commercial, industrial premises, hazardous locations, industries and factories are duly certified by NEMSA before the Insurance Policy is processed by all Insurance Companies.
It stated further that the partnership between NEMSA and NAICOM aligned with the Federal Government’s commitment to strengthening the reliability and safety of Nigeria’s electricity sector.
The NEMSA’s Managing Director/Chief Executive Officer, Engr. Aliyu Tukur Tahir, while speaking during the signing ceremony, emphasised the importance of this collaboration in mitigating risks associated with electrical accidents and infrastructure failures.
“This partnership with NAICOM is a significant step towards ensuring that all electricity consumers, operators, and investors adhere to the highest safety and risk management standards.
”By integrating insurance compliance into electrical safety enforcement, we are safeguarding lives, investments, and the overall integrity of the power sector,” he stated.
Tukur, who is also the Chief Electrical Inspector of the Federation, said going forward, ‘’It will also be a requirement by NEMSA that all Facility Applicants of its statutory inspection, testing and certification, should ensure that their Facilities are insured with Insurance Companies, for safety and mitigation of risk.”
On his part, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, reiterated NAICOM’s commitment to ensuring that all power sector players embrace insurance as a critical risk management tool.
“Insurance plays a crucial role in cushioning the effects of electrical hazards and infrastructure-related incidents. Through this MoU, we will work closely with NEMSA to enforce compliance with relevant insurance policies, ensuring that the power sector operates with adequate risk mitigation mechanisms in place,” he said.
The collaboration will involve joint awareness campaigns, regulatory enforcement, and information-sharing initiatives to promote electrical safety and insurance adoption across the power sector.
This strategic partnership marks a milestone in the drive to enhance safety, reliability, and sustainability within Nigeria’s electricity industry and the country at large.
News
Femi Falana Files $5 Million Suit Against Meta for Alleged Invasion of Privacy

A Senior Advocate of Nigeria (SAN) Femi Falana has filed a $5, 000, 000 (Five million US dollar) suit before a Lagos High Court against the United States of America-based organization Meta Platforms Inc., over alleged invasion of his privacy.
Falana, through his lawyer, Olumide Babalola, accused Meta of publishing motion images and voice captioned, “AfriCare Health Center,” on their website to the effect that he suffered a disease known as ‘Prostatitis’ which the lawyer claimed constitutes an invasion of his privacy as guaranteed by section 37 of the Constitution of the Federal Republic of Nigeria, 1999.
The suit was filed pursuant to Section 37 of the 1999 Constitution (as amended) and Section 24(1)(A) and (E) & Section 34(1)(D) of Nigeria Data Protection Act 2023, Order 2 Rule 1 Fundamental Rights Enforcement Procedure Rules, 2009.
In documents put before the court, Falana claimed the publication and the video as released through the organization’s platform -www.facebook.com, is “false, inaccurate, misleading and unfair to him and thereby violates the provision of section 24(1)(a) and (e) of the Nigeria Data Protection Act 2023.”
The Senior Advocate is therefore asking the court for a declaration that the “Respondents continued publication of the Applicants name, still and motion images and purported voice on a page and video captioned ‘AfriCare Health Centre’ on their platform – www.facebook.com to the effect that the Applicant suffered from a disease known as ‘Prostatitis constitutes an invasion of the Applicants privacy guaranteed by section 37 of the Constitution of the Federal Republic of Nigeria, 1999.”
He is also asking the court for an order mandating the “Respondents to forthwith remove, erase and delete the video captioned ‘AfriCare Health Centre’ on their platform – www.facebook.com.”
For the damages the publication has caused him, Falana is asking for general damages of $5, 000, 000 (five million US dollars) and any consequential order that the court may deem fit to grant in the circumstance.
Falana says that the published false video about his health status has rubbished his image and the name he built over the years.
He argued that the publication by the respondent which is false, offensive, and disturbing paints him in a false light, that has caused him mental and emotional disturbances.
The grounds upon which the originating processes were instituted were that the applicant as a reputable person is guaranteed the enjoyment of the fundamental right to privacy under Section 37 of the Constitution of the Federal Republic of Nigeria 1999 (as amended) and that the respondents published the applicant’s name and images and ascribed a false illness to him and thereby violated his right to privacy guaranteed by the Constitution and Nigeria Data Protection Act 2023 and he has suffered emotional and psychological distress as a result of the false story.
In the affidavit in support of the motion, Falana claimed that he is known for his fearless legal battles, often taking on cases against government policies and actions that infringe upon the rights of citizens, and that his law practice covers a broad range of areas, including constitutional law, civil rights, public interest litigation, and international human rights law.
He said further that he is recognized for his work in defending freedom of expression, advocating for the rights of marginalized groups, and challenging governmental overreach.
Falana alleged that the respondent is a media company operating a global social media platform known as www.facebook.com. and that on the 16th day of January 2025, he discovered a video of his person was posted on the Respondent’s platform under a page named “AfriCare Health Centre” on the Respondent’s platform – www.facebook.com. which he tendered as an Exhibit in the suit.
He stated: “In the video that carries my name and picture, I am reported to have said: ‘My name is Femi Falana, and I have been battling prostatitis for over 16 years. At the age of 50, I was diagnosed with this condition. Every day I faced pain, discomfort, and constant fatigue. I had trouble urinating lower back pain and other symptoms that made it difficult to live a full life. Despite consulting the best urologist in the country, no one could offer me effective treatment, I was prescribed numerous medications, physical therapy even surgery but the problem was that these methods only temporarily relieved the symptoms.”
He lamented the wrongful publication and insisted that he has been greatly prejudiced by the respondent’s video on the grounds that his health life is part of his private life and he has never suffered any disease known as ‘Prostatitis’ in his life.
The SAN submitted that “I have never had any dealing with the respondent or its pages on issues with my health life. The video and its contents are false, inaccurate, misleading, and unfair to me. The video paints me in a false light and as such is an invasion of my privacy.”
He claimed that the respondent operates global platforms and anything published on these platforms is accessed and viewed by millions of people around the world. Hence, the stories have been viewed by millions of people since January 2023 when they were published on the respondent’s platforms.
Falana said, “For the purpose of this suit, I do not find these stories libelous but since they are false and fabricated against me, I find them offensive, reckless, insensitive, disturbing, and an unjustifiable intrusion into my privacy by painting me in a false light.
“By the video, the Respondent’s page has given me publicity that paints me in a false light as the insinuations in the video are false and they infringe my right to privacy right to be let alone.
“At the time of deposing to this affidavit, the video has been published to the entire world on the Internet, and it has remained there for several weeks.
“For their failure to verify the page and video before publishing, I believe the Respondent’s publicity of my name and image in a false light was done carelessly and recklessly to draw traffic to the Respondent’s platform to boost its advertisement revenues.
“I believe that the respondent’s use of my name and image in the video is unfair and insensitive to my feelings since they never verified the claims as expected.
“I find the respondents’ publicity of my photograph and name in a false light highly offensive and emotionally disturbing. This continues to cause me anxiety, sadness, and exposure to ridicule.”
He therefore asked the court to rescue and save his image from being ruined.
- E-Financial3 days ago
Fidelity Bank Raises ₦232Bn in First Phase of Capital Raising
- E-Business3 days ago
UK Orders Apple to Create Backdoor for Encrypted iCloud Data
- Telecom3 days ago
Airtel Nigeria’s Communications Director Champions Workforce Transformation at PAU Career Fair
- Telecom3 days ago
ATICEN Commends NLC for Suspending Strike over Telecoms Tariff Hike
- News3 days ago
IFC Invests in Lagos Free Zone to Support Industrial Growth and Economic Diversification
- Telecom3 days ago
MTN mPulse Inspires Excellence at Glorious Covenant School in Rivers State
- General News3 days ago
Fortune Global Shipping Aims to Transform Nigeria’s Business Landscape
- News21 hours ago
Meta to Begin Layoffs Across All Operations from Today