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eNigeria Delegates Decry N868bn Spent on Importation of Hardware, Software

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Delegates at the just concluded 2017 eNigeria Conference and exhibition have expressed dismay that Nigeria spends a whooping sum of N868 billion ($2.8bn) annually on importation of hardware and software products and services annually.

This was revealed in a six page communiqué issued at the end of the three day annual ICT event held at the International conference Centre, Abuja and read by Dr. Collins Agu, the director of Corporate Planning and Strategies at NITDA.

The delegates expressed concern that such expenditure has led to capital flight and massive job loss in the country.

The communiqué also noted that the Nigerian economy is making digital transition which is evident from the sheer volume of online financial transactions in the country which stood at over N56 trillion in 2016, and 204 percent increase in internet transactions between 2014 and 2017 – from N5.41 billion to N16.45 billion.

The delegates further decried low patronage of Made-in-Nigeria ICT goods and services, which they said had resulted in considerable capital flight out of the country.

They described digital economy as an important enabler of economic growth since digital skills and technologies have the capacity to boost the productivity of every nation with such skills and technologies projected to contribute $2 trillion to the global economy by 2020.

The communiqué reads: ‘‘We are concerned that a whopping $2.8 billion is expended on the importation of hardware and software products and services annually to the country which had led to capital flight.

‘‘We also note that the Nigerian economy is making digital transition which is evident from the sheer volume of online financial transactions in the country which stood at over N56 trillion in 2016, and 204 percent increase in Internet transactions between 2014 and 2017 – from N5.41 billion to N16.45 billion.

‘‘Digital economy is an important enabler of economic growth since digital skills and technologies have the capacity to boost the productivity of every nation with such skills and technologies projected to contribute $2 trillion to the global economy by 2020;

‘‘We note all efforts of NITDA on local content development, infrastructural deployment, capacity building as well as creation and review of existing regulations for effective ICT sector in the country;

‘‘We equally note that in 2017, NITDA saved the sum of N2.5billion for the Federal Government of Nigeria through the IT Project Clearance initiative.

‘‘ICT deployment in Nigeria is growing at a very high rate thus positioning the country as one of the fastest growing economies in sub-Sahara Africa, with the sector contributing about 12.58 percent to the GDP in 2017.’’ Continuing, the communiqué noted: The importance of a thriving Local Content Policy through ability to develop a “home-grown” digital economy which is dependent upon the development of ICT-capacity of Nigerians,

‘‘The directive of the Federal Government of Nigeria for all Ministries, Department and Agencies (MDAs) to patronize “Made-in-Nigeria” Information Technology (IT) products and services.

‘‘That the digital economy comprises economic activities resulting from the billions of online connections leading to increase in revenue, empowerment of citizens, reduction in corruption and the creation of jobs.

‘‘The serious efforts of countries which experienced a high level economic growth through growing their digital economies.

‘‘The efforts of NITDA at collaborating with relevant government organisations such as the Bureau for Public Procurement (BPP); the Economic and Financial Crimes Commission (EFCC) and the Office of the Auditor-General of the Federation should be intensified to ensure that the certificates issued are used to assess the level of compliance of IT projects.

‘‘The giant strides made by NITDA in the development of Rulemaking Process aimed at stakeholders participation in the development of regulations, policies, and guidelines.’’

The theme of the 2017 eNigeria conference, ‘‘Fostering Digital Economy through Local Content Development and Effective Regulations’’, was predicated on three segments of using ICT to reduce unemployment, enhance national security and promote ICT local content development through effective regulations.

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E-Business

IBM Study Unveils Hidden Costs of Data Breach

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IBM Security has released a global study examining the full financial impact of a data breach on a company’s bottom line.

The study found that hidden costs in data breaches — e.g., lost business, negative impact on reputation and employee time spent on recovery — can be a huge factor. In a “mega breach” of 1 million or more records, one-third of the cost derived from lost business.

And the cost is on the rise; since the 2017 report, the average cost of a data breach globally has increased 6.4 percent, to $3.86 million, according to IBM. The number of mega breaches is also up — from nine in 2013 to 16 in 2017.

The study, sponsored by IBM and conducted by Ponemon Institute, also reveals that:

– Average cost of a data breach involving 1 million records is nearly $40 million.

– Estimated cost of a breach involving 50 million records is $350 million.

– Average time to detect and contain a mega breach (365 days) is 99 days longer than for a smaller-scale breach.

– In a mega breach, the greatest cost is from lost business, estimated at nearly $118 million for a breach of 50 million records.

A major factor in lost business cost is customer turnover — a recent IBM/Harris poll found that 75 percent of consumers in the U.S. say that they will not do business with companies that they do not trust to protect their data.

“The truth is there are many hidden expenses which must be taken into account, such as reputational damage, customer turnover, and operational costs,” said Wendi Whitmore, global lead for IBM X-Force incident response and intelligence services. “Knowing where the costs lie and how to reduce them can help companies invest their resources more strategically and lower the huge financial risks at stake.”

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Global Accelerex Trains Nigerian Security Agencies on Cyber Crime

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Global Accelerex Limited, a Central Bank of Nigeria-licenced Payment Terminal Service Provider and Payment Solution Service Provider, as part of its Corporate Social Responsibility Program, is set to train members of Nigeria’s Security Agencies on Cybercrime.

The event, which will hold on July 25, 2018 at Ladi Kwali Conference Center, Sheraton Hotel, Abuja, will enrich participants’ knowledge of the cyberspace and increase their versatility in dealing with on-line crime.

This collaboration, first of its kind in the e-payment industry, is borne out of the company’s desire to rid the nation of cyber criminals who continue to bring the country’s name into disrepute.

In addition to learning about cyber vulnerability, attendees will also learn about insider threats and sophisticated cyber adversaries.

The forum will host more than 30 participants including officials of the Nigerian Police, Nigerian Armed Forces, Economic and Financial Crimes Commission, Independent Corrupt Practices Commission, State Security Service, National Intelligence Agency and National Drug Law Enforcement Agency.

Others are Nigerian Security and Civil Defence Corps, Defence Intelligence Agency and Nigerian Custom Service.

“We applaud the effort of the Nigerian government in combating cybercrime and securing lives and property in the country. Global Accelerex is driven to compliment this effort to ensure that Nigeria is rid of these miscreants so that citizens can enjoy the cyberspace with the peace of mind they deserve.

It is absolutely critical that we support security operations so that Nigerians can use the internet freely, which is why this training is vital”, stated Stanley Peters, Chief Technology Officer of the company.

The National Security Adviser commends the initiative by Global Accelerex, saying that the move will definitely impact positively on the officers and the nation in general.

He added that continuous training is critical to stay ahead of criminals even as he revealed that attendees have shown a high level of enthusiasm at this unique opportunity.

Keynote speakers that will bring their experience to bear are Mr. Tahmeed Rab, Co-Founder and Managing Partner of Kaizen Solutions Group, Baltimore, USA and Mr. Peter Obadare, Co-Founder and Chief Operating Officer of Digital Encode.

Both experts are acclaimed for their ground-breaking achievements in cyber security, risk and compliance, mobile forensics, network and system consulting.

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Africa.com Acquires iAfrica

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Media holding company Africa.com has today announced its acquisition of Primedia and MTN-owned news portal, iAfrica.com. The terms of the agreement were not disclosed.

In a statement, Africa.com says the acquisition builds on the company’s strength in running the news Web site and the business publisher’s network, a group of nearly fifty business content publishers on the continent who have joined Africa.com to create a digital audience of over 15 million influential business people.

Africa.com chairman and CEO, Teresa Clarke, will serve as executive editor of iAfrica.

“The acquisition of iAfrica creates a next generation South African media platform with a global reach,” says Clarke. “By acquiring iAfrica, we are able to combine editorial, technology, and marketing resources, bringing the benefits of more original content and better site performance to readers of both iAfrica and Africa.com.”

Laura Joseph Africa.com’s MD, adds: “We are fusing a legendary African news portal with an innovative and dynamic management team under one umbrella. With combined resources, we will continue to make each site better and better.”

According to the statement, Africa.com has already started its re-branding of the iAfrica.com news portal.

“Africa.com is known for its creative content in the form of slideshows, videos, and infographics, and we will bring these content forms to iAfrica,” notes Debra Winter, COO of Africa.com.

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