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Start-Ups in Nigeria can Generate $3Bn Annually- NITDA DG

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Kashifu Inuwa Abdullahi, DG, NITDA
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Kashifu Inuwa  Abdullahi, director-general of the Nigeria Information and Technology Development Agency (NITDA), has said that Nigerian IT start-up environment is capable of generating $3 billion annually.

Start-Ups in Nigeria can Generate $3Bn Annually- NITDA DG

Kashifu Inuwa  Abdullahi, DG, NITDA

Abdullahi, disclosed this in an interview with Economic Confidential and noted that the development translates to $30 billion revenue generation by 2030.

Abdullahi noted that  realizing the projection will entail harnessing the power of the internet by Nigerian innovators, adding that the Nigerian government is creating an enabling environment for start-ups to thrive.

The director-general described Nigeria as a country with great potential, going by its economic size, which, he said, makes up 18 per cent of Africa’s GDP.

“Africa, apart from China, has the opportunity to benefit from the new world we are creating. Our size, our population is of advantage because the world is shifting from the way we eat, the way we work and the way we do things.

“This new normal is powered by technology and technology is derived by people. People that drive this technology migration are young people and Africa has the highest youth population in the world.

“It is also projected that by the year 2050, Africa will have 1 in 3 youths in this world,” he said.

This, he said, is a potential advantage for Africa that Nigeria needs to harness well in order to benefit from the new economy, noting that three trends are shaping and creating the African economy.

According to him, the three trends, include increase, affordability and fast internet speed across the continent; startups to transform business landscape and the general economy.

He further explained that when you look at the emerging technology ecosystem, and the market they are creating, you will realize that there are two promising emerging technologies that are going to change a lot of things in the world: Blockchain and Artificial Intelligence.

He said that based on two reports by PWC, they projected that by year 2030, Blockchain technology will add up to $1.76 trillion to global GDP.

And based on that report, they said that developing countries, at least, can add 4 percent of the GDP if they use that technology. For example, Nigeria’s GDP today is more than $400 million.

The 4 percent of $400 million is more than $10 billion.

That is the minimum GDP Blockchain technology can generate.

He further said that in another report, PWC projected that Artificial Intelligence can add more than $10 trillion to the global GDP by 2030 and based on that report, they said developing countries like Nigeria can add up to 5.6 percent to the GDP. So, still Nigeria, let’s say we are targeting only $10 billion which is far less than 5.6 percent of our GDP today. So, you can see we have 20 billion already.

“We are doing a lot of things to ignite innovative activities in these sectors like for Blockchain, we have developed National Adoption Strategy as approved by the Minister of Communication and Digital Economy, Dr Isa Ali Pantami.   Because they are foundational technologies, they cut across so many sectors. So, we have developed that foundational strategy and we are working with the startups ecosystem to develop prototypes and identify the most promising ones”.

A member of both British Computer Society (BCS) Nigeria Computer Society (NCS) and the 1st Cisco Certified Internetwork Expert (CCIE) in Nigeria’s Public Sector, Kashifu remarked that in the area of Artificial Intelligence, Nigeria has built the National Centre for Robotics and Artificial Intelligence which is helping to harness these potentials. So, that’s $20 billion out of the $30 billion that we said.

“And today, based on Startups Genome report of 2020, Lagos startups ecosystem is valued at more than $2 billion and also recently, two of our startups have reached unicorn level that means evaluation of more than $1billion each. That is Flutterwave and Interswitch.”

“So, now we have $4 billion. Lagos ecosystem has $2 billion, Flutterwave $1 billion, Interswitch $1 billion, and then Jumia is already valued at $1.9 billion. Roughly you have $6 billion in Lagos alone talk less of the other parts of the country”.

Abdulahi said the media and entertainment industry is powered by digital technology, mostly startups, and based on PWC report also, the Nigeria media entertainment sector will be valued at $10 billion by 2023. So, you can see that we are almost at that targeted $30 billion.

“So, we hope we will exceed that target and we are on track based on our initiatives, based on government policies like the National Digital Economy Policy and Strategy (NDEPS), and other government interventions in form of policies and infrastructural interventions. All these can help us to reach that target of $30 billion by 2030.


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Oyedele Dismisses Claims Bank Accounts Without TIN Will Be Frozen

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Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has dismissed reports that bank accounts not linked to a Tax Identification Number (TIN) will be frozen or automatically debited from January 1, 2026.

Oyedele Dismisses Claims Bank Accounts Without TIN Will Be Frozen

Taiwo Oyedele

Oyedele described the claims as false and misleading, warning Nigerians against panic over misinformation surrounding recent tax and financial reforms.

In a post on his X handle Tuesday morning, he wrote: “Don’t let anyone manipulate you. Your bank account is safe. Misinformation makes you panic and fear a reform that is designed to help you.

“When they tell you that your account will be frozen or automatically debited from January 2026, ask them for the evidence in the new law. Be wise.”

He stressed that no provision in the new tax laws authorises the freezing of bank accounts, adding that the rumours are part of widespread misrepresentation of the reforms.

The committee chairman reiterated that the reforms are intended to simplify Nigeria’s tax system and ease the burden on ordinary citizens, not to impose punitive measures on bank customers.


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Amazon Blocks 1,800 North Koreans From Job Applications

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AMAZON
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US tech giant, Amazon has disclosed that it blocked more than 1,800 North Koreans from applying for jobs, amid growing concerns that Pyongyang is deploying large numbers of IT workers overseas to earn and launder funds.

Amazon Blocks 1,800 North Koreans From Job Applications

Amazon

In a LinkedIn post, Amazon’s Chief Security Officer, Stephen Schmidt, said North Korean nationals have been attempting to secure remote IT roles with companies around the world, particularly in the United States.

He noted that the company recorded nearly a one-third increase in such applications over the past year.

According to Schmidt, many of the applicants operate through so-called “laptop farms” — computers physically located in the US but remotely controlled from abroad.

He warned that the issue is not unique to Amazon and is likely occurring at scale across the tech industry.

He added that common red flags include incorrectly formatted phone numbers and questionable academic credentials.

The issue has previously drawn the attention of US authorities. In July, a woman in Arizona was sentenced to more than eight years in prison for running a laptop farm that helped North Korean IT workers obtain remote jobs at more than 300 US companies.

Officials said the scheme generated over $17 million in revenue for both the woman and North Korea.

Last year, South Korea’s intelligence agency also warned that North Korean operatives were using LinkedIn to pose as recruiters, approaching South Koreans working at defence companies in an attempt to steal sensitive technological information.

“North Korea is actively training cyber personnel and infiltrating key locations worldwide,” Hong Min, an analyst at the Korea Institute for National Unification, told AFP.

He added that, given Amazon’s business model, the motivation behind such operations is largely economic, with a high likelihood of attempts to steal financial assets.

North Korea’s cyber warfare programme dates back to at least the mid-1990s and has since expanded into a cyber unit of about 6,000 personnel known as Bureau 121, according to a 2020 US military report.

In November, Washington announced sanctions against eight individuals accused of being state-sponsored hackers, alleging their illicit activities were carried out to fund North Korea’s nuclear weapons programme.

The US Treasury has also accused North Korea-linked cybercriminals of stealing more than $3 billion over the past three years, primarily through cryptocurrency-related crimes.


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Treepz Launches Direct Flight Bookings to UK, Canada, UAE and 210 Global Destinations

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Treepz, Africa’s leading mobility and travel technology company, has officially launched direct flight bookings on its platform, enabling customers to search, compare and book flights to more than 210 destinations worldwide, including the United Kingdom, Canada and the United Arab Emirates.

The development marks a major milestone in Treepz’s transition from a mobility provider into a fully integrated travel platform. With the new service, travelers can now complete the entire booking process — from flight search to payment — directly on the Treepz website without relying on multiple agents or third-party platforms.

Speaking on the launch, Mr. Onyeka Akumah, Chief Executive Officer and Founder of Treepz, described the initiative as a defining moment for the company and for travel access across Africa.

He said launching flight bookings to serve customers with flights to over 200 destinations was a major achievement, noting that travelers could now search for flights, enter their details, make payments with their cards, and complete bookings instantly on the platform without delays or switching between multiple websites.

The launch comes at a critical time for the African travel market. December is widely regarded as the busiest travel season on the continent, driven by holiday vacations, family reunions, weddings, festivals and end-of-year celebrations.

Millions of Africans travel locally and internationally during this period, often facing challenges with slow booking systems, unclear pricing and fragmented services.

Treepz’s new flight booking system is designed to address these challenges by offering a faster, more intuitive and reliable experience.

Customers can now search and book flight tickets directly on the Treepz website, compare prices and travel options in real time, make payments using any card option, and complete bookings faster without switching platforms.

Treepz has outlined ambitious plans for 2026, including unlocking access to over six million hotels globally, which will allow travelers to book flights and accommodation together in one seamless flow.

The company also plans to expand its car rental services into Europe and South America, further strengthening its position as a one-stop travel ecosystem.

According to Akumah, these developments will significantly reduce planning time for both leisure and corporate travelers, while giving customers more control and convenience.

Treepz has already facilitated more than six million movements across multiple cities and countries, ranging from daily commutes and corporate transportation to group travel and event logistics. With active operations across Africa and recent expansion into Canada, the company continues to grow its international footprint.

The addition of flight bookings strengthens Treepz’s ability to serve global travelers while maintaining its reputation for reliability and customer-focused service.

By integrating flights, accommodation, ground transportation and experiences into one platform, Treepz is positioning itself as more than a mobility provider.

The company is evolving into a comprehensive travel solution designed for modern travelers who value speed, clarity and convenience.

Industry analysts say the move could redefine travel access across Africa, particularly during peak seasons when demand for efficient booking systems is highest.

With this launch, Treepz has taken a bold step toward building a unified, tech-driven travel ecosystem that connects Africa to the world.


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