E-Business
TETFund Develops Software to Track Expenditures

The Tertiary Education Trust Fund, TETFund, said it has developed a project impact tracking system to evaluate the correlation of its spending on research and results so far achieved.

Prof. Suleiman Bogoro, the Executive Secretary of TETFund, who disclosed this, also expressed optimism that the annual allocation to the National Research Fund, NRF, will hit N10 billion in 2022.
“We realised that we need to know the impact of our research and so we have worked on and concluding a process of software that will help us to evaluate the impact of the research grants, so that we are not just throwing money on research exercise but we need to evaluate the impact, ” he said.
He spoke at a virtual meeting on ‘Democratization of Higher Education in Nigeria through Open Access,’ co-hosted by TETFund and the Training Centre in Communication, Nairobi, as part of activities to mark International Open Access Week.
According to him, the agency’s Board of Trustees had recently approved N8.5 billion as 2021 allocation for NRF.
Bogoro said following the agency’s proposal, the Board of Trustees’ had in 2019 graciously approved N5 billion for NRF, which was raised to N7.5 billion in 2020 and N8.5 billion in 2021.
His words : “Over the last two and half years now, we have raised funds available for research. They are two categories; institution based and National Research Fund.
“The institution based has a ceiling of about may be N3,600 US dollars and it is for mainly basic research while the higher ceiling grant of about 92 or 93 US dollars is the National Research Fund aimed at promoting applied research, and to that extent, in 2019 I made case to the Board of Trustees of TETFund to increase the threshold.
”It used to be a kind of seed money. Seed money of N4 billion for eight years but from the year 2019 to last year and this year, we increased it to N5 billion annually. Last year we increased it from N5 billion to N7.5 billion and this year it is N8.5 billion and we are hoping in 2022 it will move to N10 billion.
He said NRF is one of the major platforms put in place by the government through TETFund to support the academic community in research to achieve specific objectives, particularly in the area of science, technology and innovation.
While expressing the readiness of TETFund to always mainstream open access/science through massive support for Research and Development (R&D), Bogoro said the Fund had recently established 12 Centres of Excellence across the country.
He said the move was aimed at supporting cutting-edge research mainly in universities so as to provide solutions to various problems bedeviling the society as well as position Nigeria as a major player in the knowledge economy.
“We are increasing emphasis on Science, Technology and Innovation to solve societal problems,” Bogoro said, even as he said democratisation of higher education in Nigeria would improve more access to research and its supportive platforms to the schools and the society.
Also speaking at the webinar, the Technical Adviser to the TETFund’s Executive Secretary, Dr Popoola Mustapha Ayodele, harped on the decolonisation of education research and technology in Africa.
“Our educational system is still colonised, we must do away with old traditions and adopt new paradigms…., the traditional practice of closed systems should be done away with,” Popoola said.
Popoola, who spoke on ‘Democratisation of Higher Education in Nigeria, Open Access Landscape and TETFund’s Intervention for Open Science Adoption,” said the agency is leaving no stone unturned to revolutionise R&D in the country to benefit all.
While saying TETFund’s intervention lines on open science include the establishment of 12 Centres of Excellence in universities, Popoola said the agency will soon establish the second set of 12 centres to be shared equally among polytechnics and colleges of education.
On his part, the Director of Distance, Open and eLearning of the National Universities Commission (NUC), Odedina Kayode, lamented the problem of access in the Nigerian university system both in terms of materials and admission of students.
Odedina said while there are 201 universities in the country, only about 30 per cent from over a million candidates that apply for admission every year scale through the hurdles.
He, however, restated NUC’s commitment to take steps that will usher in easy access to materials and open learning to boost research output in the country.
Mr Daryl Naylor of Digital Science, who also spoke at the event, assured of the readiness of his organisation to always support open access initiatives in Africa.
E-Business
NDPC Warns of Offshore Data Risks as 90 Percent of Country’s Data is Hosted Abroad

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.

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.
E-Business
Opay Plans IPO in US, Targets $4Bn in Valuation

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

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.
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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.
E-Business
How Nigerians Search is Changing — and Why it Matters for Our Businesses

By Olumide Balogun
There was a time when using a search engine felt like cracking a code. You typed two or three carefully chosen keywords, hoped the machine understood, and waited to see what came back. People had to learn the language of machines, shrinking complex needs into stilted phrases.

Olumide Balogun, Director, West and East Africa at Google.
That era is ending. Today, a person can ask a question the same way they would ask a colleague, and the technology is finally learning to respond in kind. Nowhere is this shift more visible than in Nigeria, where a young, mobile-first population expects tools to keep pace with how they actually think and speak.
This change carries weight far beyond convenience. It is reshaping how Nigerian businesses reach customers and how customers find what they need.
For years, marketing online meant wrestling with rigid keyword lists. A small business owner had to guess every possible phrase a customer might type. If you sold ankara dresses, you tried “ankara dress,” “Nigerian print fabric,” “traditional wear Lagos,” and a dozen variations, hoping you covered the gaps. Anything you missed was a missed customer
The new wave of conversational search makes those lists feel ancient. People now ask layered, specific questions: “Where can I find a sustainable tailor in Yaba who makes office wear?” Older systems would have stumbled on a query like that. Newer ones, powered by artificial intelligence, can read intent and stitch ideas together. They connect a question to a relevant local website that a basic keyword search might never have surfaced.
The shift is starting to show up in concrete tools. Google’s AI Max for Search ads, now a year old, is one of the more visible examples. In plain terms, it lets a business describe what it sells and who it serves in everyday language, and the system figures out which searches to match it to, instead of forcing the owner to write hundreds of keywords by hand. Early adopters report stronger revenue growth than peers, and users say results feel more useful because the technology connects ideas for them, often surfacing local sites that would not have appeared before.
There is a quieter benefit too. When advertising becomes more relevant, it stops feeling like an interruption. An ad that answers a real question is no longer noise; it is information. That changes the texture of the internet. The marketplace gets less cluttered, and people spend less time wading through results that do not fit what they were looking for.
None of this is automatic. The technology only works if it can understand human nuance, and human nuance in Nigeria is not the same as human nuance in California. A search for “owambe outfit” or “small chops for fifty people” demands cultural context, not just linguistic translation. Newer features try to bridge that gap. AI Brief, a part of the same Google toolkit, lets a business owner type plain instructions, like “focus on sustainable traditional wear, keep a premium tone,” and the system follows them. This is steering by intent, not by keyword bingo.
There are gains for businesses with deep catalogues too. A retailer with thousands of items no longer has to match every question to the right page by hand. Tools such as Google’s Final URL Expansion read the search and send the customer straight to the page that fits, in real time. In travel, finance, and healthcare, where compliance matters, the same systems can carry mandatory legal text into every ad automatically. Regulated industries can grow without cutting corners.
These are not abstract wins. They are the difference between a small business being found by a customer in Abuja at 9 p.m. and being lost in a sea of generic results, between a hospital reaching the right patient and a tailor in Surulere being discovered by a bride planning her wedding.
We should not pretend the transition is finished. AI is imperfect. It can misread context, amplify mistakes, and require careful oversight. Regulators, businesses, and users all have a role in shaping how it develops in our market. The broader direction, however, is clear, and it is one Nigeria should engage with rather than resist.
Nigeria is a nation of storytellers and traders. Our markets, physical and digital, have always been about conversation. The technology of search is finally beginning to mirror that. It is becoming less of a vending machine and more of a market stall, where you can ask a question, get a real answer, and discover something you did not know you needed.
That is the bigger story behind any single product launch. It is about how a country full of voices is finding new ways to be heard. For Nigerian businesses willing to adapt, the opportunity has never been clearer.
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