General News
What Will 2020 Hold for the Nigerian Economy?

By Lukman Otunuga, Senior Research Analyst at FXTM,
2019 was a rough year for the Nigerian economy thanks to volatile crude Oil prices and the headwinds not only coming from global recession risks but also US-Chin a trade tensions.
In addition, there were political uncertainties amid elections which settled down following the re-election of President Buhari. However, shortly after the investors’ attention turned back to the economy as the Central Bank of Nigeria (CBN) unexpectedly cut interest rates for the first time in three years, in March 2019. Thus, increasing the specter of inflationary pressures.
Nigeria’s economy still managed to average around two percent per quarter this year. The CBN may have taken a precautionary measure to protect the economy from external risks. The move had been enough to satisfy monetary policy makers because the CBN refused to join the global easing train, in the second half of 2019, when over 40 central banks cut interest rates. Instead, hoping to avoid inflationary pressures, the CBN played a larger role in the overall economy by increasing the loan to deposit ratio from 60% to 65%, with plans to increase the ratio to 70% by 2020.
External risks that influenced Nigeria in 2019
The US-China developments will remain a primary factor influencing Nigeria’s economy in 2020. As Nigeria enjoys the position of being the biggest destination for Chinese investors in Africa, any slowdown in China’s economy is likely to affect Nigeria’s export and investment markets.
Additionally, there were widespread concerns over slowing global growth after major economic institutions like the International Monetary Fund, World Bank, Organization for Economic Co-operation and Development and World Trade Organization cut growth projections amid the consequences of the US-China trade war.
Concerns over Nigeria’s growth were further heightened by Brexit uncertainties, particularly with regards to trade relations. It must be kept in mind that trade deals with the UK and African countries are negotiated through the EU which plays a middle man. With the agreement becoming void when Britain departs from the Europe, this presents significant disruptions and economic risk to African nations who heavily trade with the UK. The UK was Nigeria’s seventh-largest trading partner during the final third quarter of 2019 with total trade amounting to roughly $1.3 billion. A question on investors’ minds is whether Brexit could disrupt trade between Nigeria, the EU and the UK in the near term.
The bright spot amongst the clouds of uncertainty is the pick-up in crude Oil price benchmarks. WTI Crude and Brent concluded 2019 with gains, appreciating roughly 23.5% and 27.0%, is good news for Nigeria.
What to expect in 2020
While crude Oil benchmarks were rising, a troubling trend made its mark when crude Oil pipeline shut-ins and shut-downs cost Nigeria N88.22bn in November 2019.
Although the commodity has appreciated roughly 4% since the start of 2020 as geopolitical tensions in the Middle East trigger fears over negative supply shocks in the markets, this may be not enough to sustain oil prices in the medium to longer term. If Oil falls in 2020, it will hit revenues, which in turn may weaken the Naira and spur inflation. This should discourage the CBN from cutting interest rates. Another vulnerability in a falling Oil price scenario stems from state fuel subsidies, which rise along with the cost of Oil, potentially impacting the bottom line for Nigeria’s record 10.59 Naira budget for 2020.
The year 2020 may be end of the Brexit process and offers an opportunity for Nigeria to reach a trade agreement with the UK, something that could support economic growth.
If the global trade outlook continues improving and the US-China trade disputes reach a final deal, the impact would be positive for the Nigerian economy. Especially, if China’s GDP growth rebounds.
2020 may be another rough year if the US-China trade disputes or Brexit issues take a turn for the worse, but there is a potential for a good year in the event of reaching a satisfactory conclusion for both. This would calm market concerns and supporting growth along with crude Oil prices.
General News
FG to Balance Innovation with National Security with Stronger Drone Regulations

Federal government said it is committed to the implementation of stricter, more organized drone regulations to balance innovation with national security.

This came as stakeholders at the 6th Dronetecx Conference and Exhibition in Lagos called for stronger regulation and a comprehensive national policy framework for unmanned aircraft systems as the Nigeria Civil Aviation Authority (NCAA) launched a Drone Portal.
Speaking at the conference, representatives of Office of the National Security Adviser (ONSA), the Ministry of Aviation and Aerospace Development and NCAA, said Nigeria is intensifying efforts to balance innovation with national security as drone operations continue to expand across sectors such as agriculture, healthcare, oil and gas, logistics, construction and security.
Mallam Nuhu Ribadu, national security adviser, represented by Commodore Oscar Mbanu, deputy director, Defence Affairs, said the federal government had adopted a strict but innovation-friendly regulatory framework requiring security clearance, end-user certification and operational approval before drones can be deployed.
He disclosed that a multi-agency drone task force involving the NCAA, security agencies and other relevant bodies had been established to strengthen monitoring, enforcement and accountability, while the End-User Certificate system would help track imported drones and prevent misuse.
Also speaking, Mahmud Kambari, permanent secretary, Ministry of Aviation and Aerospace Development, represented by Mrs Rubiyatu Aliu, director of Air Safety and Administration in the Ministry of Aviation and Aerospace Development, announced the launch of a new digital drone registration portal and Flyer ID scheme introduced by the NCAA in partnership with Dronetecx to improve oversight and proper registration of operators.
She urged drone operators to comply with regulatory requirements, warning that innovation must operate within the law.
Captain Chris Najomo, director general of NCAA, said the Federal Government was moving from policy discussions to implementation with plans to establish a comprehensive national drone policy and roadmap approved by Mr Festus Keyamo, minister of Aviation and Aerospace Development.
He noted that the framework would complement existing aviation regulations and provide clearer direction for investors and operators in the rapidly growing industry.
Mr Fortune Edu, conference organiser and founder of Dronetecx, said Nigeria must urgently position itself as a leading player in Africa’s emerging drone economy or risk losing opportunities to countries already advancing in the sector.
He explained that the proposed national framework would support innovation, research, advanced air mobility and job creation while preparing the country for future drone applications including cargo delivery and passenger transportation.
Stakeholders at the conference expressed optimism that stronger collaboration between government agencies and industry operators would accelerate the safe growth of drone technology and support national development.
General News
Olusi, BOI MD Harps on the Media as Nigeria’s Biggest Development Partner

Dr. Olasupo Olusi, the Managing Director/Chief Executive Officer of Bank of Industry, has described the media as Nigeria’s most important development partner, noting that effective communication remains critical to national growth and institutional impact.

Speaking during an interactive session with media partners in Lagos, Olusi said journalists play a central role in shaping development outcomes by amplifying progress, accountability, and national aspirations.
“The media is the biggest agent of development anywhere,” he said. “Communicating what needs to be done and what has been done is critical in the journey of any development institution.”
Olusi used the engagement to unveil major milestones in BOI’s ongoing transformation agenda, which he said is focused on strengthening support for Nigeria’s private sector and driving inclusive economic growth.
On the BOI he met when he was appointed, Olusi said: “I inherited a very strong institution. The Bank of Industry was already one of the leading development finance institutions in Africa, and certainly a respected institution in Nigeria. I usually describe it as inheriting a Rolls-Royce.” He noted that the current leadership is innovating and repositioning the Bank to become even more effective in delivering long-term financing and developmental impact for Nigeria’s private sector.
“I came with the mindset of a development economist who truly believes in impact-making,” he said.
Olusi revealed that BOI has established an Impact Fund financed through a percentage of the Bank’s annual profits to support strategic national investments.
According to him, the Fund invested $15 million in the New Africa Medical Centre of Excellence in Abuja and N25 billion in the National Credit Guarantee Company (NCGC) to improve access to financing for MSMEs lacking collateral.
“The objective is to remove the long-standing barriers preventing small businesses from accessing finance,” he explained.
The BOI boss also announced plans to commence non-interest banking operations following final regulatory approvals from the Central Bank of Nigeria.
He said the initiative would provide inclusive financing options for Nigerians who prefer non-interest financial products.
In addition, Olusi disclosed that BOI has established more than 20 youth and skills hubs nationwide focused on ICT, agro-processing, fashion, printing, and entrepreneurship development.
“These hubs are designed to help young Nigerians learn, innovate, package products, and eventually establish sustainable businesses,” he stated.
Reaffirming BOI’s commitment to Nigeria’s economic transformation, Olusi said the Bank remains focused on creating measurable impact across communities and sectors nationwide.
“The opportunities for making a difference in Nigeria are enormous across all sectors and spheres of life,” he added.
General News
Google Just Changed Android Forever With 12 New Gemini-Powered Features

Google’s annual I/O developer conference is a hub for exciting product updates. This year, “The Android Show: I/O Edition” offered an early preview of Android’s future. Packed with groundbreaking news, these updates will transform our Android interactions. Android, the world’s most popular OS with over 3 billion active devices, continues to innovate, bringing practical benefits and new possibilities.

For people in Nigeria, these advancements promise easier, safer, and more personal digital lives driven by Gemini Intelligence. From handing off your to-do list to unbreakable theft protection, dive into how Android’s 12 latest offerings will empower users across the continent:
1. Hand Off Your To-Do List with Gemini App Automation
Google is introducing Task Automation, allowing Gemini to navigate multi-step tasks across your apps so you can focus on other things. Instead of manually switching between apps and copying data, you can simply point your camera at a travel brochure in a hotel lobby and say, “Find a tour like this on Expedia for a group of six.” You can also long-press your power button over a grocery list in your notes app and ask Gemini to build a shopping cart with all the items for delivery. Gemini handles the logistics in the background while keeping you in complete control.
Availability: Already in beta on S26 and P10 Pro devices, and launching on Galaxy Fold8 and Pixel 11 later this year.
2. Speak Naturally with “Rambler” (Powered by Gemini)
Google is announcing Rambler, a revolutionary voice typing feature in Gboard that captures your underlying intent rather than just transcribing your exact words. Because we don’t always speak the way we want to write, Rambler lets you talk naturally—including self-corrections, repeats, and filler words like “ums” and “ahs”—and turns those raw thoughts into a polished, concise message. It is built for a global community and can seamlessly switch between multiple languages, like blending English and Hindi, within a single sentence.
Availability: Rolling out first to Pixel devices starting in Q3 2026.
3. A Personal Browsing Assistant with Gemini in Chrome
Google is announcing a built-in personal browsing assistant for Chrome on Android, designed to help you research and understand web content without ever leaving the app. By tapping the Gemini icon on your toolbar, the assistant opens at the bottom of your display so you can ask specific questions about the webpage you are currently viewing. Whether you need a quick summary of a long article or a detailed explanation of a complex topic, this tool seamlessly enhances your mobile web experience.
Availability: Rolling out to select Android 12+ devices with 4GB+ of RAM in the U.S. starting at the end of June.
4. Instant Image Customization with Nano Banana
Google is introducing Nano Banana, an innovative feature that lets you instantly create and customize images directly within your Chrome browser. For example, if you are studying for an online exam, you can simply ask your browsing assistant to turn a text-heavy page into an informative infographic. Similarly, if you are scrolling through apartment listings, you can ask the assistant to alter a photo of an empty room to include modern living room essentials, allowing you to instantly visualize ideas on the go.
Availability: Available in Chrome for Android starting next month.
5. Share with Anyone Using Quick Share & AirDrop
Google is announcing a massive expansion to Quick Share, making it compatible with AirDrop to solve the universal hassle of sharing files between different phone brands. If you are at a family gathering and want to share a video with friends using iOS, you can simply use Quick Share on your Android phone to generate a QR code. Scanning this code lets you instantly share high-quality media across devices via the cloud, breaking down the barriers between operating systems.
Availability: Expanding to more partners including Samsung, OPPO, OnePlus, Vivo, Xiaomi, and HONOR this year.
6. OSmosis: Wireless iOS-to-Android Transfer
Google is announcing OSmosis, a completely overhauled, wireless iOS-to-Android transfer process that makes switching phones easier than ever. You can now wirelessly migrate your passwords, photos, messages, favorite apps, contacts, and even your precise homescreen layout directly from your iPhone to your new Android device without needing a cable.
Availability: Launching first on new Samsung Galaxy and Google Pixel devices later this year.
7. Pro-Grade Creator Tools Natively on Instagram
Google is announcing an expanded partnership with Meta to bring pro-level camera and editing features natively to the Instagram app on Android flagships. Android creators can now enjoy Ultra HDR capture for lifelike, vibrant colors, along with built-in video stabilization to keep footage smooth while walking or dancing. The update also includes deep Night Sight integrations, ensuring you can capture the perfect shot even in the dimmest settings.
Availability: Rolling out to flagship devices throughout Q3 and Q4 2026.
8. Reclaim Your Time with “Pause Point”
Google is introducing Pause Point, a new digital wellbeing tool designed to help you stop mindless, autopilot scrolling. When you try to open an app you have identified as distracting, Pause Point gives you a mandatory 10-second breather to ask yourself, “Why am I here?” During this pause, you can do a quick breathing exercise or set a strict timer for your app usage. To ensure you stick to your goals, turning the feature off completely requires you to restart your phone.
Availability: Available in Q4 2026 across all countries and languages.
9. Unbreakable Biometric Theft Protection
Google is announcing a powerful new anti-theft measure that enhances the “Mark as lost” feature with biometric authentication. If your device is snatched, you can now lock it using your fingerprint or face in addition to the standard passcode. This provides an immediate, unbreakable layer of security, meaning that even if a thief spied on your PIN before stealing your phone, they will not be able to turn off device tracking or re-access your personal data.
Availability: Rolling out as a built-in feature on devices running Android 17.
10. Express Yourself with Noto 3D Emoji
Google is announcing Noto 3D, a massive update to the way we express ourselves with nearly 4,000 newly designed emoji. Moving away from flat 2D icons, these new 3D emoji bring a touch of physicality and weight to your digital conversations. Whether you are sending a wrapped burrito or a joyful smile, this visually vibrant collection bridges the digital divide, representing the difference between a message simply being received and a true presence felt.
Availability: Available across Google platforms, starting with Pixel phones later this year.
11. Fill Out Forms in a Single Tap with Gemini Personal Intelligence
Google is announcing an evolution to Autofill with Google, powered by Gemini’s Personal Intelligence. This new feature allows Android to automatically fill in complex forms across your apps and Chrome browser. By securely pulling relevant information from your connected apps or saved photos—such as passport details or frequent flyer numbers—your device saves you from the universal hassle of typing out tiny text on a mobile screen.
Availability: Rolling out in Q2 2026 for phones, and Q4 2026 for laptops and tablets.
12. Build Custom Widgets with Gemini Intelligence
Google is introducing Create My Widget, taking the first step in generative UI to give you more ways to make your device truly yours. You can now build entirely custom widgets just by describing what you want using natural language. For example, a meal prepper can ask for a widget that suggests high-protein recipes every week, or a cyclist can create a weather dashboard that surfaces exact wind speed and rain stats right on the home screen.
Availability: Launching in Q3 2026 for phones, watches, laptops, and tablets.
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