Connect with us

News

NSIA, REA Plan N10Bn Solar System Roll-out

Published

on

Kindly share this post

Drawing strength from the Economic Sustainability Plan (ESP), the Nigeria Sovereign Investment Authority (NSIA) and the Rural Electrification Agency (REA) are set to unveil over 200,000 Solar Home Systems under the “Solar Power Naija” deal.

The Solar Power Naija Programme is being launched under the ESP and will be supervised directly by the Vice President, Prof. Yemi Osinbajo.

The NSIA-REA partnership will see the NSIA creating an initial revolving fund of N10 billion for qualified developers to distribute and manufacture Solar Home Systems.

The fund will be accessible by Nigerian Electrification Program qualified developers under the existing REA and World Bank scheme that guides technical qualification and provides grants for developers to invest and participate in Off-Grid Electrification projects. The REA under the Ministry of Power will provide technical and advisory support to the NSIA as it rolls out the program.

This investment by NSIA is targeted at catalysing 200,000 off-grid connections in the first instance with a goal of reaching over 500,000 systems as the Fund revolves and is expanded through to 2023. The program is estimated to also create up to 20,000 jobs across manufacturing, assembly, installation and retail over the period.

Additionally, this partnership will help Nigeria meet its ESP target of increasing Electrification, this is a step towards creating 5 million solar connections over the next few years. At completion, it is expected that this investment will demonstrate locally that the Solar off-grid space is an investable segment of the power market.

Speaking on the partnership and the programme, Ahmad Salihijo, the Managing Director of the REA said “the partnership with NSIA is exciting in so many ways, we believe this investment commitment as approved by the NSIA Board is a harbinger for increased investments in the off-grid renewable space that will help Nigeria achieve its goals under COP 26 and eliminate the Electrification Gap in the country”.

Mr. Uche Orji, MD/CEO of the NSIA in his comment said “NSIA continues to prioritize climate-smart infrastructure to create access to affordable power to Nigeria’s underserved communities, particularly in the rural areas.

“NSIA recognizes the latent potential in these communities and believes that access to power is fundamentally important to enhancing the capacity of SMEs in these communities to support the economic growth of the country and employment.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

Firms Seek Specialized Expertise to Combat AI Cyber Threats – Study Reveals

Published

on

Kindly share this post

As concerns about the use of AI in cyberattacks increase, companies worldwide are racing to bolster their cybersecurity strategies, according to a Kaspersky survey.

In a new study the cybersecurity company revealed that 92% of IT and Information Security professionals surveyed in the Middle East, Turkiye and Africa (META) region expect the use of AI by malicious actors to escalate over the next two years.

This growing threat is prompting organisations to prioritise cyber defense expertise, with many turning to cybersecurity vendors for specialised support and training.

In its latest study titled “Cyber defense & AI: Are you ready to protect your organisation?” Kaspersky gathered insights from IT and Information Security professionals across SMEs and large enterprises. The findings underscore the urgent need to prepare for AI-driven cyberattacks.

To combat these evolving threats, companies place high value on cybersecurity expertise, with 94% of respondents in the META region highlighting the importance of growing internal expertise through training for in-house employees, and 93% underscoring the need for external expertise provided by cybersecurity vendors. This need spans sectors from retail to critical infrastructure, emphasising a universal demand for advanced threat protection.

To reinforce their cyber protection, organisations are actively integrating both internal and external expertise. Currently, 36% of companies surveyed in the META region are either implementing or planning to deploy external support to adapt to the evolving threat landscape, while 34% are doing the same through internal training initiatives. Additionally, 61% already use external cybersecurity expertise, and 62% have training programs in place, underscoring a dual approach in fortifying their protection.

Cybersecurity vendors’ expertise can come in various forms, from specialised professional services that help organisations deploy their protection solutions, to advanced expert centers that focus on specific security challenges.

One of these centers is the Kaspersky AI Technology Research Center. It brings together the company’s AI research and development efforts, to deepen the protective capabilities of cybersecurity solutions.

Vladislav Tushkanov, Group Manager at the Kaspersky AI Technology Research Center, says: “Our latest survey shows that businesses are acutely aware of the rising threat from AI-driven cyberattacks and are looking to reinforce their protection through comprehensive solutions, including the use of vendors’ extensive cybersecurity expertise.

The Kaspersky AI Technology Research Center plays a pivotal role by helping us leverage AI advancements to enhance our threat protection strategies and explore innovative ways of using AI in cybersecurity. It also enables us to address security concerns specific to AI itself, ensuring that businesses are prepared for the latest AI-driven threats.”

 


Kindly share this post
Continue Reading

News

EFCC Dismantles Fake Hotel Review Syndicate, Arrests 105 in Crackdown

Published

on

Kindly share this post

Economic and Financial Crimes Commission (EFCC) has dismantled a fake hotel review syndicate and arrested four Chinese nationals and 101 Nigerians for their roles in the elaborate internet fraud scheme.

EFCC Dismantles Fake Hotel Review Syndicate, Arrests 105 in Crackdown

Victims were allegedly first lured into rating hotels in exchange for small sums of money.

Eventually they would be encouraged to make bookings in any of the rated hotels for as much as $500.

They were told that the company would pay them back with chunky interest into a crypto wallet bearing their names.

However, the victims would in the end not be able to open the wallet.

EFCC announced that the suspects operated out of Naka Hall Plaza on Abutu Garba Street in Gudu, Abuja, where agents recovered 100 compact workstations.

Dele Oyewale, spokesman, EFCC, said the suspects used fake foreign identities to target unsuspecting victims, primarily U.K. residents.

Authorities said the criminal network was allegedly led by the Chinese nationals, who recruited and trained Nigerian youths with advanced technical skills to act as customer service representatives.

These representatives followed a predesigned script to deceive their victims online.

The operation follows a separate crackdown weeks earlier, in which 792 suspects — including 148 Chinese nationals — were arrested for involvement in cryptocurrency and romance scams.

The foreign nationals allegedly used corporate apartments disguised as business centers to train their Nigerian accomplices. These accomplices were reportedly taught to initiate romance and investment scams and use their own identities to carry out fraudulent activities.

The EFCC also highlighted a concerning trend of foreign nationals instructing Nigerians in internet-related crimes.

 


Kindly share this post
Continue Reading

News

AfDB to Partner LAMATA to Expand Existing Rail System

Published

on

Kindly share this post

The African Development Bank (AfDB), has disclosed plans to work with the Lagos Metropolitan Area Transport Authority (LAMATA), to boost the state’s transport system with the development of another rail line.

This was contained in a statement signed by, the Head, Corporate Communication, LAMATA, Mr. Kolawole Ojelabi in Lagos.

Ojelabi said that the AfDB Vice President, Private Sector Infrastructure and Industrialisation, Mr. Solomon Quaynor, gave the assurance during a visit to LAMATA.

He added that the bank was interested in partnering LAMATA to expand the capacity of the existing rail system.

“Quaynor was also in the company of the Non-Sovereign Operations and Private Sector Equity Specialist, Mr Mayowa Ayodele ahead of a visit of the technical team to assess the Purple line,” he said.

The Purple Line is a 60-kilometre railroad along the Redemption Camp in Ogun State, traversing Berger, Agege and Alimosho and terminate at Volkswagen to join the Blue Line.

“The visit follows a recent pitch for investment on 60-kilometre Lagos Rail Mass Transit (LRMT) Purple Line at the African Development Bank forum in Morocco, where the Lagos delegation was led by Governor Babajide Sanwo-Olu.

“This is to further discuss collaboration on the project and other lines outlined in the Lagos Strategic Transport Master Plan. The delegation toured the LRMT Blue Line and expressed satisfaction with the progress of the Blue Line rail system,” he said.


Kindly share this post
Continue Reading

Trending