E-Business
tBs: Experts Say Knowledge-Based Economy Solution to Nigeria’s Challenges

Information and Communication Technology (ICT) experts are unanimous in their views that Nigeria has to become a thinking nation to survive the coming, disruptive revolution which is upon the world.
The experts who were gathered at the maiden edition of ‘Think Breakfast Series’ (tBs) organized by Nigeria CommunicationsWeek and CFAtech.ng in Lagos, recently, said that one of the biggest steps President Muhammadu Buhari led Federal Government must take is to identify and address impediments to broadband penetration.
Ayotunde Coker, managing director, Rack Centre, delivered a well-researched presentation on ‘The Challenges & Importance of Building a Knowledge-Led Economy through ICT.’ According to him, Nigeria has over 180million (estimated) population with the middle class around 18 years old and gross domestic product (GDP) worth $481billion, it therefore behoves on the government and the private sector to build critical infrastructure required to stir up the knowledge-led economy.
Mr. Coker who reiterated improvement broadband penetration usually leads to 1,4% increase in GDP, noting that the key driver of knowledge-based economy relies on the transformational power of computing.
“The ‘Impacts of Broadband Penetration on economic Growth’ are obvious. Both the ITU and GSMA have stated continuously that a 10% increase in broadband penetration yields 1.4% increase in GDP. Yes, broadband penetration brings about improvement of productivity in enterprises; acceleration of innovation by new consumer applications and services; more efficient functional deployment of enterprises, access to consumers and social impact from consumer access to products, services and content.
“Knowledge economy eco system requires varying technologies to thrive particularly Fibre then of course LTE, 5G is coming into the mix now. Of course the impact and benefits of cloud services can’t be over emphasized. More so Cloud services will create significant positive impact on SMEs particularly for cost savings, optimization and efficiency.
“Now, looking at the ‘Network Readiness Index and Ease of doing business’ (EDB) ranking: Nigeria ranks behind Mauritius and South Africa at the 16th position in Africa with an NRI and EDB ranking of 119 and 169 respectively.
“But the good thing is that Nigeria’s presidency has begun to look at the EDB issue realistically. We hope it will be sustained,” the Rack Centre boss said.
On his part, Mr. Yele Okeremi, Managing Director of Precise Financial Systems (PFS) said that the ten pillars the World Economic Forum (WEF) uses to gauge nations shows that Nigeria is lagging in most of the areas like skill, knowledge and competence pillar.
Mr. Okeremi said that technology as a tool and technology professionals can assist in the enhancing the ease of doing business particularly by ensuring that e-government platforms are deployed.
He said, “Leadership is key to this transformation and leverage the new mindset of the youth by focusing more on skills rather than paper qualifications. Leadership engagement- continuous awareness, education and enlightenment of our leaders across board to understand the importance of technology and the knowledge economy is primary in achieving the knowledge-led economy, because it is what the legislator knows that he will present at the floor of the Chamber, which often times becomes laws of the land.
Also speaking, Mr. Muhammed Rudman, the chief executive officer, Internet eXchange Point of Nigeria (IXPN), nodded in agreement on the need for legal framework to protect Intellectual Property (IP).
The laws when promulgated as shield for protect intellectual properties; the judges and lawyers need to be informed on the principles in order to ensure proper interpretations and enforcements.
Rudman added that funding framework for start-ups has not encouraged innovation which necessities for various channels to step up interests of angle investors in Nigeria.
“So, basically, it’s all about pervasive enabling infrastructure, learning frameworks, e-government enablement and executive drive amongst others. Opportunities include a diversified export oriented economy enhanced GDP growth of about 18%, economic and country efficiency, educational and health implications and systematic GDP impact on all value chains. We have a lot to gain from the knowledge-based economy”, he said.
Craving for local content and indigenous data hosting, Reverend Sunday Folayan, President, Nigerian Internet Registration Association (NIRA), said that unlike in other climes, Nigerian call centers staff range from 24-30.
“Does it mean that Nigerians become productive from age 22. 18-22 are not skill ready. Usually call Centre staff age is 18-22, by 24 they move to Knowledge processing. It is one thing we must look into as an industry to place our young people on the right footing.
He also encouraged individuals and organizations to join in the .ng domain name crusade. “This should be default for Nigerian businesses there is increasing interest in Nigerians patronizing .ng domain companies as 80% is mainly people process.
“Change happens with a few people not with the crowd. Nigeria can change. Government pushes agriculture as the solution to our current recession. Extractive industry is important but that is not the way to go. How much do we generate from these. The leaders and laggers’ countries, what is the difference? Knowledge is the differentiator! Three categories of people: producing something the world needs, if you are wealthy, people with specialized knowledge.
Mr. James Emadoye, President, Institute of Software Practitioners of Nigeria (ISPON), however, linked the journey to knowledge-based economy to quality educational sector.
To him, there is need for technology companies like Rack Centre to collaborate with educational institutions particularly universities to enable them enjoy the benefits of cloud services because it’s expensive for universities to building their own data centers, rather they should focus on knowledge delivery.
Again, he said, the existing university network and content platforms are ineffective, as it has become very expensive for universities to be building data Centre, hence they should focus on knowledge sharing.
He also called for industry support to young software developers though the use of cloud based productivity tools and services.
“Content development – whose responsibility- it’s everyone’s, but it must be structured to get real value. The key issue in knowledge economy is Knowledge and learning; therefore developing the people and managing processes within the technology chain is important. People, process and technology make knowledge-based economy happen”, the ISPON president said.
These thought leaders also proffered ‘trust capital’ as solution to many business ideas in the country, as trust enables progress and builds confidence in a business.
E-Business
FG Determined to Protect Rights, Privacy Online- NITDA

Federal government is determined to protect Nigerians’ rights and privacy in the digital space, according to Dr Ayodele Bakare, assistant director, Cybersecurity Department, National Information Technology Development Agency (NITDA),

To achieve that, Bakare, said that the government has developed several policy and regulatory frameworks to strengthen cybersecurity.
Bakare, stated all these during an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.
He said that cybersecurity governance in Nigeria was implemented through a collaborative approach involving multiple government institutions with different responsibilities.
According to him, the Office of the National Security Adviser (ONSA) provides overall coordination of national cybersecurity efforts through the National Cybersecurity Coordination Centre, which serves as its operational arm.
“At the national level, cybersecurity implementation is done collectively, and different government organisations are responsible for implementing different aspects of the national cybersecurity framework.
“At the top, however, the Office of the National Security Adviser coordinates these efforts through the National Cybersecurity Coordination Centre,” he said.
Bakare said that one of the key policy instruments guiding the country’s cybersecurity efforts was the National Cybersecurity Policy and Strategy Framework.
He also highlighted the legal framework provided by the Cybercrimes Prohibition and Prevention Act 2015, which was recently amended in 2024 to strengthen Nigeria’s response to cyber threats and digital crimes.
According to him, NITDA has also introduced sector-specific regulations to enhance cybersecurity in the country.
“One such regulation is the National Public Key Infrastructure Regulation, which is one of the core infrastructures required to ensure trust and security in digital communications and transactions,” he said.
Bakare said that NITDA played a pioneering role in Nigeria’s data protection landscape through the Nigeria Data Protection Regulation 2019, which laid the foundation for the current data protection framework.
He said the regulation had since evolved into a full legal framework implemented by the Nigeria Data Protection Commission.
Bakare disclosed that the agency was also finalising an Information Security Regulation that would soon be made available to the public.
He further explained that the regulation would provide organisations and individuals with clear guidelines on their responsibilities in safeguarding information and digital assets.
“Nigeria has continued to strengthen its legal and policy environment for cybersecurity, a development reflected in the country’s performance in the Global Cybersecurity Index.
“One of the pillars of the index focuses on legal measures and assesses the availability of national cybersecurity laws and regulations.
“Nigeria recorded a strong performance under the legal measures pillar, reflecting the country’s efforts to establish the necessary frameworks to support cybersecurity governance,” he told NAN.
He said that sustained collaboration among government agencies and stakeholders remained essential to effectively implement the existing policies and strengthen Nigeria’s digital security architecture.
E-Business
Firm Warns of Malware Aiming to Steal Data from Individuals, Organisations in Nigeria

According to Kaspersky telemetry, in 2025, spyware and password stealers attacks showed the biggest year-over-year growth in Nigeria among different analysed malware types.

Spyware, which is a type of malicious software installed on users’ devices to collect their data, grew in the number of attacks by 28% compared with the previous year. Password stealers, designed to gather users’ account information, increased in the number of attacks by 22%.
Exploits decreased slightly in the number of attacks in Nigeria, however they remain an acute threat that should not be underestimated. These are programs designed by cyber attackers to take advantage of vulnerabilities in an application or operating system to gain unauthorised access to it and to cause unintended behaviour to occur on software.
Ransomware, though very targeted in distribution, remains a high-risk threat for organisations, who should also guard themselves from supply chain and trusted relationship attacks.
Overall, Kaspersky security tools blocked more than 4 million online attack attempts on users in Nigeria in 2025. Online threats typically include different types of malware attacks, such as for example, password stealers, exploits, spyware, etc. Another 9 million on-device threats were blocked in the country, including malware delivered via infected USB drives.
“Operations coordinated by INTERPOL, such as Serengeti to which Kaspersky has contributed, demonstrate how international cooperation and threat intelligence sharing can strengthen the fight against cybercrime across Africa. At the same time, both organisations and individual users in the region play an important role in improving cybersecurity by staying informed about evolving threats and practicing good cyber hygiene.
“Dedicated security solutions, including Kaspersky Next for organisations and Kaspersky Premium for individuals, can further help reduce exposure to cyber risks,” said Moses Munguti, Technical Expert & Team Lead in Africa at Kaspersky.
Malware often reaches a device through phishing messages and websites employing social engineering techniques. If an operating system, browser, or application is outdated, attackers may exploit security flaws to install malware. To significantly reduce the risk of infections with malware, Kaspersky experts advise individuals and organisations to follow these best practices:
- Be cautious with links and attachments received, verify the sender before opening files or clicking links.
- Download software only from official sources.
- Install updates for systems and applications as soon as they become available.
- Use strong, unique passwords and enable multi-factor authentication wherever possible.
- Install reputable security software that can detect malware before it compromises the system.
- Regularly back up important data.
- Staying informed about current cyber threats and maintaining good digital hygiene helps keep devices and data safe.
E-Business
Nigus International, Elmirate Capital Ink $200m MoU for Nigeria’s Defense Tech, Satellite Hub

Nigus International Investment Limited and Elmirate Investment LLC (Elmirate Capital) have inked a strategic memorandum of understanding to launch a next-generation defense technology, satellite systems, and advanced manufacturing platform in Nigeria, backed by up to $200 million in planned investment.

Nigus International
The partnership, channeled through a new Special Purpose Vehicle called Nigus Tactical Systems Ltd, aligns with Nigeria’s push for sovereign defense capabilities under the Defense Industries Corporation of Nigeria (DICON) Act 2023.
It targets local production of drones, armored vehicles, munitions, cyber defense tools, and satellite networks to cut import reliance and boost regional security.
“Africa is entering a pivotal phase where technological capability defines economic strength and national security,” said HRH Prince Malik Ado-Ibrahim, Executive Chairman of Nigus International.
“This platform supports innovation, advanced manufacturing, and technology transfer to build a sustainable industrial base for national and regional needs.”
Pankajj Ghode, Managing Director of Elmirate Capital, added: “We’re proud to partner with Nigus to position Nigeria as a technology and aerospace hub.
“Our $200 million commitment connects global expertise in defense, cybersecurity, and aerospace with local talent for resilient growth.”
Key focus areas include Class C manufacturing platforms for tactical/ISR drones, unmanned aerial systems, ammunition, munitions, armored vehicles, and protected mobility; counter-terror surveillance with data analysis and border security tech; military cyber defense and cyber ranges; plus earth observation satellites, secure networks, and geospatial intelligence for defense and civilian use. The initiative aims to create high-value jobs, foster technology transfer, and establish Nigeria as a regional tech hub.
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