E-Business
The Hanke’s Misery Index: How Africa’s Economic Challenges Are Holding Back the Continent Part 3

By Evans Woherem, Ph.D
Addressing the Root Causes
The section highlights the urgent need to address the root causes of poverty and economic challenges in many African nations. It emphasizes the importance of decisive action, effective leadership, and learning from successful examples to overcome these challenges and foster sustainable development.

The section also covers various key areas, including addressing immediate challenges, implementing sustainable economic strategies, promoting infrastructure development and regional integration, and the significance of unity among African nations.
- Addressing Immediate Challenges
Addressing the immediate challenges faced by African nations, as highlighted by the Hanke’s Annual Misery Index of 2022, is crucial. This section emphasizes the importance of tackling inflation, unemployment, and poverty-contributing factors to create an enabling environment for economic growth and improved well-being. To overcome these challenges, decisive action and effective leadership are required, prioritizing the well-being of citizens and implementing sustainable economic policies.
In order to accelerate development, African countries need to learn from successful examples. By studying countries that have transformed their economies and improved living standards, Africa can adapt their strategies and adopt a comprehensive, multi-pronged approach. This approach should include economic reforms, investments in education and skills, promotion of entrepreneurship, strengthening of institutions, improvement of infrastructure, and fostering regional cooperation.
By addressing the challenges highlighted by the Misery Index, African nations can create a favorable environment for economic growth and improved well-being. Effective leadership, learning from successful experiences, and implementing a comprehensive approach are essential for overcoming the present challenges and setting Africa on a sustainable path of development and prosperity.
- Implementing Sustainable Economic Strategies
To foster sustainable economic growth in Africa, it is crucial to address the root causes of economic challenges with comprehensive and innovative strategies. This includes implementing prudent fiscal policies to combat inflation effectively, controlling government spending, managing public debt, promoting transparency and accountability, and tackling waste and corruption in government spending. Additionally, creating sustainable employment opportunities through investments in sectors with growth potential, promoting entrepreneurship, vocational training programs, and public-private partnerships can empower individuals and drive economic progress.
Political stability is paramount for long-term economic growth. Fostering peaceful and inclusive societies, resolving conflicts through dialogue, and strengthening democratic institutions are key aspects to focus on.
By promoting the rule of law, protecting human rights, ensuring citizen participation, and establishing transparent governance structures, African nations can create a favorable environment for investment and sustainable development, attracting investments and encouraging the establishment of transparent governance structures.
Facilitating affordable and accessible credit is vital for stimulating investment and economic growth. African governments should work towards creating an enabling environment for credit access by implementing sound financial regulations, promoting competition among financial institutions, improving financial literacy, and empowering individuals and businesses with favorable credit terms through measures like credit guarantees for small enterprises.
- Promoting Infrastructure Development and Regional Integration
To achieve a sustainable future, Africa must prioritize infrastructure development and regional integration. Addressing Africa’s reliance on imported energy sources is a critical aspect of this endeavor.
By promoting decentralized renewable energy systems, such as mini-grids and community-owned projects, Africa can provide electricity access to remote areas while involving local communities in renewable energy initiatives.
These decentralized systems not only reduce dependence on imports but also yield cost savings, enhance energy security, lower emissions, and stimulate local economic growth. Successful implementation of these projects necessitates government support, financial incentives, and collaboration with the private sector.
In addition, digital connectivity and financial inclusion are instrumental in driving economic growth and development in Africa. By expanding broadband infrastructure and leveraging blockchain technology, Africa can revolutionize access to digital services, e-commerce, and education, thereby uplifting millions of lives.
This expansion of internet access extends the benefits of online banking, e-commerce platforms, and educational resources to underserved rural communities, fostering communication and collaboration between businesses and government agencies. Blockchain technology ensures secure and transparent financial transactions, effectively curbing fraud and corruption and bolstering trust in financial systems. Together, digital connectivity and financial inclusion empower Africa, promoting inclusivity and prosperity.
Furthermore, sustainable infrastructure development plays a crucial role in building a greener and more efficient future for Africa. By prioritizing green infrastructure projects, such as renewable energy-powered transportation systems and energy-efficient buildings, Africa can significantly reduce greenhouse gas emissions, improve air quality, and generate employment opportunities in the clean energy sector. Integrating smart city concepts further enhances efficiency by leveraging technology to optimize traffic flow and monitor energy usage, promoting sustainable urban development.
To drive economic progress, regional integration and trade promotion are vital for Africa. Strengthening regional economic communities encourages collaboration, reduces trade barriers, and harmonizes regulations, facilitating cross-border investments.
Developing robust transport and logistics networks enhances connectivity, enabling seamless movement of goods and services between businesses and markets. By promoting cross-border investments, Africa can leverage new technologies, skills, and job opportunities, fostering sustainable growth and development across the continent.
In conclusion, promoting infrastructure development and regional integration is crucial for Africa’s sustainable future. By focusing on decentralized renewable energy systems, digital connectivity, sustainable infrastructure, and regional collaboration, Africa can overcome challenges, drive economic growth, and foster prosperity.
- Uniting African Nations for Economic Progress
The unity and cooperation among African nations through regional or continental integration are paramount for driving economic progress. Currently, intra-Africa trade represents just 14.4% of total African exports. However, according to forecasts from the United Nations Conference on Trade and Development, implementing the African Continental Free Trade Area (AfCFTA) has the potential to boost intra-Africa trade by approximately 33% and reduce the continent’s trade deficit by 51%. The relatively low levels of intra-regional trade in Africa compared to other regions like Europe (69%), Asia (59%), and North America (31%) underscore the need for enhanced collaboration within the continent.
The urgency for African countries to unite at the regional or continental levels cannot be overstated. Many African nations lack the necessary size and strength to effectively operate on their own. Encouragingly, the ongoing efforts made by East African countries towards unity serve as an inspiring example for the rest of Africa, emphasizing the importance of cooperation in addressing pressing economic challenges. Prompt adoption of the East African model by other African countries and regions is essential.
The African Union (AU) has already taken significant strides in tackling economic challenges through initiatives like the AfCFTA, African Agenda 2063, and the development of the Pan-African Payment and Settlement System by the African Export-Import Bank. These commendable efforts deserve recognition and support as they hold tremendous potential to drive Africa’s development. It is crucial to effectively implement these projects within their designated timeframes.
Successful execution of these initiatives would not only enhance intra-Africa trade but also contribute to overall economic growth and prosperity in Africa. Given the urgency of the situation, it is imperative for all African countries to unite and collectively overcome the obstacles that have hindered their progress.
Investing in critical areas such as inflation management, unemployment reduction, poverty alleviation, entrepreneurship promotion, political stability, affordable credit, renewable energy, digital connectivity, sustainable infrastructure, and regional integration is vital for Africa’s development.
By adopting a comprehensive approach and drawing inspiration from successful examples, Africa can reduce poverty, improve the quality of life, and stimulate economic growth. Effective leadership, innovation, and a commitment to learning from successful experiences are essential in paving the way towards a prosperous and inclusive future for Africa. The unity of African nations is the key to unlocking the continent’s economic potential.
Conclusion
The economic challenges faced by African countries, as evidenced by the Hanke’s Annual Misery Index of 2022, highlight the urgent need for comprehensive and targeted strategies to address the root causes of these issues. Factors such as inflation, unemployment, political instability, and poor governance have a profound impact on the well-being and development of African nations. To overcome these challenges and unlock Africa’s economic potential, a multi-faceted approach is necessary.
Addressing inflation requires prudent fiscal policies, control over government spending, transparency, and accountability to combat rising prices. High unemployment rates, particularly among the youth, call for investments in education, vocational training, entrepreneurship promotion, and public-private partnerships to create sustainable job opportunities. Political stability is crucial for long-term economic growth, and it can be fostered through peaceful and inclusive societies, resolving conflicts, and strengthening democratic institutions.
To stimulate investment and economic growth, affordable and accessible credit must be facilitated through sound financial regulations, competition among financial institutions, and favorable credit terms for individuals and businesses.
The promotion of decentralized renewable energy systems can reduce Africa’s reliance on imported energy sources, improve energy security, and foster local economic development. Digital connectivity, financial inclusion, and the adoption of blockchain technology can revolutionize access to digital services, e-commerce, and education, promoting inclusivity and prosperity.
Sustainable infrastructure development, prioritizing green projects and smart city concepts, is essential for building a greener and more efficient future in Africa. Regional integration and trade promotion play a vital role in economic progress by fostering collaboration, reducing trade barriers, and enhancing connectivity. In fact, Africa needs to unite into confederated countries in order to maximize its potential and its place in the committee of nations.
By investing in these areas and adopting innovative strategies, Africa can address the root causes of economic challenges, reduce poverty, and promote sustainable economic growth. Effective leadership, learning from successful examples, and a commitment to comprehensive development are crucial in transforming the economic landscape of Africa and improving the livelihoods of its people. With the right policies and actions, Africa can pave the way for a prosperous and inclusive future.
E-Business
CPN Begins Crackdown on Quack IT Professionals, Vows Tougher Action against Cybercrime

Computer Professionals (Registration Council of Nigeria), also known as CPN has begun a nationwide crackdown on quackery and unlicensed practices in a bid to strengthen professional standards in the country’s information technology sector.

CPN has also vowed tougher action against cybercrime in the country.
These were the major decisions taken at its 2026 Information Technology Professionals’ Assembly and Annual General Meeting (AGM) on Friday
Essien Eyo, president and chairman of Council of CPN, speaking at a virtual press conference, said the council would continue to enforce strict compliance with professional regulations to safeguard the integrity of Nigeria’s computing ecosystem.
He warned that the council would not tolerate unlicensed practice in the sector, stressing that regulatory enforcement would be strengthened in line with its statutory mandate.
“The Act makes it mandatory for all persons and organisations seeking to engage in computing and professional services to be registered and licensed by the council.
“It is illegal to engage in computing and professional practice without satisfying the requirement of registration and possession of a valid licence,” Eyo said.
He added that the council was determined to rid the sector of quackery and ensure that only qualified professionals are allowed to operate.
“CPN is committed to ensuring high professional ethics and standards, and we will continue to intensify efforts to eliminate quackery, arbitrary practice and lack of standards in the IT sector,” he stated.
Eyo disclosed that the 2026 IT Professionals’ Assembly, scheduled for May 13 and 14 at the NAF Conference Centre, Kado, Abuja, would serve as a key platform to advance regulatory compliance, professional development and industry collaboration.
The event, now in its 20th edition, has the theme, “Digital Resilience and Inclusion for Smart Economy,” and aligns with Nigeria’s broader digital economy and Renewed Hope Agenda.
He explained that the theme reflects the urgent need to build a secure, inclusive and resilient digital ecosystem capable of withstanding modern technological disruptions.
“In an era defined by rapid technological change, cybersecurity threats, economic disruptions and evolving digital demands, resilience ensures that digital infrastructure and institutions can withstand shocks and sustain growth,” Eyo said.
“At the same time, inclusion guarantees that no segment of society is left behind in accessing digital opportunities.”
He said the assembly would also focus on emerging digital risks, ethical technology deployment, inclusive policy frameworks and strengthening collaboration among government, industry, academia and civil society.
Eyo further noted that the event would feature the induction of new members into the computing profession and would be delivered in a hybrid format to ensure wider participation.
“The 2026 IT Professionals’ Assembly is not just an event but a strategic platform for shaping Nigeria’s digital destiny,” he said.
He confirmed that the keynote address would be delivered by Bosun Tijani, minister of Communications, Innovation and Digital Economy.
Also speaking, Aliu Abdullahi, vice president of Council, said the establishment of CPN was a Federal Government response to the need for proper regulation of Nigeria’s growing IT sector.
He said the council’s mandate includes setting professional standards, accrediting academic programmes, conducting examinations, regulating practice, enforcing ethics and maintaining the national register of computing professionals.
Abdullahi reiterated that all individuals and organisations engaged in IT training, computing services and related activities must be duly registered and licensed by the council.
He urged media organisations to support public awareness of the council’s activities, especially the forthcoming assembly, which he described as critical to strengthening Nigeria’s digital governance and professional integrity.
E-Business
Nigeria Hit by 24.1m Data Breaches – Surfshark

Surfshark, a Netherlands-based cybersecurity firm, has reported that Nigeria recorded about 24.1 million compromised user accounts since 2004, making it the third most affected country in Sub-Saharan Africa.

The report, which analysed global data breach trends for the first quarter of 2026, showed that Nigeria recorded 281,500 leaked accounts between January and March 2026, ranking the country as the 34th most breached nation globally during the period.
Globally, the report revealed that 210.3 million accounts were breached in the first quarter of 2026, representing a sharp increase compared to previous periods.
The United States accounted for 29 per cent of all reported breaches worldwide, followed by France, India, Brazil and the United Kingdom.
According to the report, cyber threats targeting Nigerian users have continued to intensify over the years, exposing millions of individuals to risks such as identity theft, account hijacking, extortion and financial fraud.
Surfshark disclosed that about 7.5 million unique email addresses linked to Nigerian users have been exposed since 2004, while approximately 13 million passwords were leaked alongside compromised accounts.
The report noted that more than half of breached Nigerian users remain vulnerable to cyber-related crimes.
“Statistically, 10 out of 100 Nigerian people have been affected by data breaches,” the report stated.
Further analysis showed that leaked data linked to Nigerian users included highly sensitive information such as Social Security-related records, payment card details, residential addresses, and personal contact information.
According to the report, about 3,900 Social Security-related records and 1,600 payment card details were exposed, alongside 1.9 million phone numbers and more than 925,000 residential addresses.
The cybersecurity firm warned that the growing scale of data exposure reflects increasing vulnerabilities in the global digital ecosystem as businesses accelerate the adoption of artificial intelligence technologies.
Commenting on the trend, Tomas Stamulis, chief security officer, Surfshark, said the rapid integration of AI systems by companies has significantly expanded the volume of user data being collected and stored.
According to him, businesses are increasingly relying on AI-driven tools for automation, analytics and operational efficiency, leading to the accumulation of larger datasets that could become attractive targets for cybercriminals.
The report cited industry statistics indicating that 20.2 per cent of companies used AI technologies in 2025, up from 8.7 per cent in 2023.
“These AI-driven systems collect and log more detailed user information for automation, analytics, and model improvement,” Stamulis said.
He added that while artificial intelligence improves productivity and operational efficiency, it also increases the number of systems organisations must secure, thereby creating additional opportunities for cyberattacks and data leaks.
Stamulis further warned that compromised personal information often retains value for cybercriminals long after passwords or email credentials have been changed.
According to him, hackers frequently combine old and newly leaked information into so-called “combo lists,” which are repeatedly traded or deployed for fraudulent activities and identity theft schemes.
He advised internet users to minimise the amount of sensitive personal information shared online, use alternative email identities or masking services where possible, and provide confidential information only when necessary.
The report also showed that global breached accounts in the first quarter of 2026 tripled compared to the corresponding period of 2025 and rose by 22 per cent relative to the fourth quarter of 2025, underscoring the growing sophistication and frequency of cyberattacks worldwide.
E-Business
NITDA Warns of AI-Powered DeepLoad Malware Targeting Banks, Govt Agencies

National Information Technology Development Agency (NITDA), has raised alarm over a new artificial intelligence-powered malware known as “DeepLoad,” warning that the cyber threat is actively targeting Nigerian government agencies, financial institutions, businesses and individuals.

The agency disclosed this in a critical advisory issued through its Computer Emergency Readiness and Response Team (CERRT.NG) and shared via its official X account.
The warning comes amid a growing wave of cyber-attacks targeting Nigerian organisations, including private institutions such as banks and government agencies like the Corporate Affairs Commission (CAC).
According to NITDA, DeepLoad is an AI-enhanced malware strain designed to infiltrate systems, steal sensitive information and evade conventional antivirus detection systems.
“The malware is distributed through a social engineering technique involving fake website error,” the advisory stated.
NITDA explained that the malware spreads through deceptive website prompts that trick users into executing malicious commands on their computers.
“Once executed, DeepLoad silently installs itself, harvests stored credentials and sensitive data from major browsers, and leverages artificial intelligence to evade antivirus detection,” the agency said.
The agency further warned that one of the most dangerous features of the malware is its ability to remain active even after attempted removal.
“Critically, the malware incorporates a hidden WMI-based persistence mechanism capable of reactivating the infection up to three days after apparent removal,” it stated.
NITDA stressed that the severity of the threat requires immediate action from both organisations and individuals across the country.
“Given its severity and confirmed active targeting of Nigerian entities, all organizations and individuals must implement the protective measures outlined in this advisory immediately,” the agency added.
The agency warned that individuals, government institutions, businesses, large organisations and small enterprises are all vulnerable to the rapidly evolving cyber threat posed by DeepLoad.
According to NITDA, a successful DeepLoad infection could grant cybercriminals unauthorised access to bank accounts, mobile money services and payment cards, while also enabling the theft of passwords, documents and sensitive personal information stored on web browsers.
The agency warned that the stolen information could be exploited for identity fraud, allowing criminals to impersonate victims for financial gain.
For organisations, NITDA said infections could trigger operational disruptions requiring complete system isolation and remediation procedures. It added that attacks on government systems could compromise classified networks and pose broader national security risks.
To prevent infections, NITDA advised Nigerians never to paste commands from websites into their computers, noting that legitimate software providers do not request such actions.
The agency also cautioned users against opening suspicious files such as “Chrome Setup” or “Firefox Installer” from USB drives and advised that all external storage devices be scanned with antivirus software before use.
NITDA further recommended enabling two-factor authentication on important accounts and avoiding the storage of banking passwords directly on web browsers.
For organisations, the agency urged companies to immediately sensitise staff about the DeepLoad threat, enable PowerShell Script Block Logging across Windows systems and review browser extensions for unauthorised installations.
The advisory also recommended blocking malicious domains, including holiday-updateservice[.]com, forest-entity[.]cc and hell1-kitty[.]cc, at firewall and DNS levels.
Additionally, organisations were advised to check for hidden WMI Event Subscriptions that could allow the malware to survive standard cleanup procedures.
NITDA said institutions that suspect infections should immediately disconnect affected systems from the internet, change all passwords from clean devices, isolate compromised systems, activate incident response teams and report incidents to the agency within 72 hours as required by law.
The latest warning has added to growing concerns over cyber attacks targeting Nigeria’s financial and digital infrastructure in recent months.
In April, the Nigeria Data Protection Commission (NDPC) warned about coordinated cyber threats targeting Nigeria’s financial systems and critical digital infrastructure, urging organisations to strengthen their data protection architecture.
The warning also followed the commission’s announcement of an investigation into an alleged data breach involving Remita Payment Services, Sterling Bank and other entities.
Similarly, the Corporate Affairs Commission (CAC) temporarily shut down its website between April 17 and April 20, 2026, following reports that about 25 million documents may have been exfiltrated during a suspected cyber attack.
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