News
AfriTECH 4.0 Unveils QNET, Galaxy Backbone, Digital Realty, Hyperspace, Other Sponsors Driving Africa’s Digital Future

The organizers of AfriTECH 4.0 are thrilled to announce the official sponsors of this year’s event, showcasing a lineup of renowned organizations committed to advancing Africa’s digital transformation, with QNET emerging as Gold Sponsors.
Set to take place at Oriential Hotels, Lekki Road, Lagos, Nigeria, on Thursday November-07-2024, AfriTECH 4.0 is Africa’s premier technology and innovation conference, uniting industry leaders, innovators, policymakers, and tech enthusiasts from across the continent.
The theme for AfriTECH 4.0, “Leapfrogging Digital Transformation for Future of Africa’s Economy,” reflects the urgent need to harness technology for sustainable development across the region.
This year’s sponsors include major players in ecommerce (Direct Selling), telecommunications, artificial intelligence/blockchain technology, finance/digital assets, and cybersecurity, each recognized for their contributions to shaping Africa’s digital economy.
Official Sponsors of AfriTECH 4.0:
QNET – GOLD SPONSOR
QNET is a prominent lifestyle and wellness company that uses a direct selling business model to offer a wide selection of exclusive products that enable individuals to embrace a healthier, more balanced life.
Since 1998, QNET’s innovative products and e-commerce-driven business model have helped build a global community of satisfied customers and microentrepreneurs, who are driven by the mission of RYTHM – Raise Yourself To Help Mankind. Popular product brands offered by QNET include the Bernhard H. Mayer range of luxury watches and jewellery, HomePure range of home care products, the Amezcua wellness range, Physio Radiance personal care range, and QVI branded holiday packages.
QNET proudly holds memberships in the Direct Selling Association in several countries, the Hong Kong Health Food Association, the Health Supplements Industry Association of Singapore, and more.
QNET is also active in several global sports sponsorships including in its role as the official direct selling partner of the Manchester City Football Club and the Confederation of African Football (CAF), underscoring its commitment to excellence and global reach. Discover a world of new possibilities with QNET by visiting www.qnet.net.
Galaxy Backbone
Galaxy Backbone was established by the Federal Government of Nigeria to operate a nationwide IP-based network that will provide a common platform for connectivity and other infrastructure services for all Government Ministries, Departments and Agencies (MDAs).
Galaxy Backbone currently owns and operates a 1482Km optical fibre backbone from Abuja across 13 states of the federation, with 19 more states coming. They also own and operate a 375km metro optical fibre network covering Abuja and other parts of the FCT.
As one of the telecommunications services provider in Africa, Galaxy Backbone’s sponsorship underlines the importance of robust connectivity infrastructure in driving digital transformation. GBB will showcase its innovative services and network solutions designed to empower businesses and individuals across Africa.
Digital Realty (Nigeria)
Digital Realty Nigeria is a data center operator that offers colocation, interconnection, and data center solutions. As part of Digital Realty, a global data center provider with over 300 facilities in more than 25 countries, Digital Realty Nigeria offers secure and scalable infrastructure, access to undersea cables, and carriers to connect to Europe and the Mediterranean.
Digital Realty Nigeria has a data center in Lagos, Nigeria, called LOS1, located at 8A Saka Tinubu Street, Victoria Island. Digital Realty Nigeria also has a data center in the Lekki area of Lagos, and plans for a fourth campus in the Ikeja area.
Hyperspace Technologies
Hyperspace Technologies is a Lagos-based web3 startup that offers web solutions, including websites, web applications, branding, marketing, and hosting. The company also has a focus on security, with a patented product called cipherKEY tap2sign MFA that uses blockchain, public/private key cryptography, and NFC (Near Field Communication) technology to protect against identity theft, phishing, and social engineering.
Open Access Data Centres (OADC)
With the development of Africa’s digital economy a significant driving force for the continent’s economic growth, the launch of Open Access Data Centres (OADC) represents a major milestone for Africa: a US$500 million-plus, multi-year investment programme that will strengthen key elements of the continent’s digital infrastructure.
OADC has made a significant impact on the market in terms of its rapid speed in building a network of data centres and flexible client solutions. Learn more about OADC at AfriTECh 4.0.
Honourable Mentions: Several other sponsors, including leading tech startups and industry associations, are contributing to the success of AfriTECH 4.0, ensuring the event delivers on its promise to be a dynamic platform for networking, collaboration, and thought leadership.
They include, Digital Encode Limited, Tecom, Northsnow, Internet Exchange Point of Nigeria (IXPN), AfriGoPay Financial Services Limited, Cyberchain, Lagos Blockchain Week, InnovationBed Africa, amongst others.
AfriTECH 4.0 will feature keynote speeches, interactive panel discussions, workshops, and exhibitions, focusing on emerging technologies like artificial intelligence (AI), blockchain, fintech, cybersecurity, and digital infrastructure. This year’s sponsors will take center stage to share their insights and offer practical solutions to the challenges facing Africa’s digital economy.
Speaking on the sponsorships, Chike Onwuegbuchi, co-convener, and AfriTECH 4.0 Organizing Committee Chairman, said:
“We are excited to have such a strong group of sponsors onboard for AfriTECH 4.0. These organizations are not only leaders in their respective fields but also catalysts for change in Africa’s digital ecosystem. Their support underscores the importance of collaboration in shaping Africa’s digital future.”
AfriTECH 4.0 is expected to draw hundreds of attendees, including government representatives, business executives, technology experts, and innovators from across the continent and beyond. With the support of its sponsors, AfriTECH 4.0 is set to be a landmark event, driving conversations and initiatives that will propel Africa’s digital economy to new heights.
For more information about AfriTECH 4.0, including sponsorship opportunities, visit the website: https://africatechallianceforum.africa/.
Participation is free, but you are required to register via the link here: https://bit.ly/3ZPdi88.
News
World Bank Maintains Nigeria’s Growth at 3.6% Amid Trade Tension

The World Bank has retained Nigeria’s annual growth at 3.6 percent in 2025 despite heightened trade tension and uncertainty that has dragged the global economy’s GDP to its worst levels in decades.
The Washington-based lender sees Africa’s most populous nation’s GDP improving by 0.2 percent this year up from 3.4 percent recorded in 2024 with services sector being the major growth driver.
“Growth in Nigeria is forecast to strengthen to 3.6 percent in 2025 and to an average of 3.8 percent in 2026-27,” the development lender said in a report released Tuesday.
“Services activity will continue to be the main driver of growth, while the industrial sector will remain constrained by subdued crude oil production as last year’s slight rebound wanes.”
Nigeria saw its fastest growth in at least a decade last year, primarily driven by financial and telecommunication services, a recovery in the transportation sector, and a slight rebound in oil production.
That momentum is expected to continue this year amid global headwinds and escalating trade tension that cut World’s growth from 2.7 percent to 2.3 percent.
Nigeria’s macroeconomic indicators have been mildly affected by the trade faceoffs triggered by President Donald Trump’s reciprocal tariffs that have shocked economies and shifted dynamics of the global markets.
While Africa’s biggest oil producer suffered a declining oil prices that saw the naira fall slightly in the past months, the local currency is gaining and so is inflation easing, thanks to reforms that have put the country in a better position to weather global shocks.
According to the World Bank, the country’s bold reforms, including floating of the naira and scrapping fuel subsidy, has strengthened Nigeria’s fiscal position and led to a surge in revenues at the state level, and higher remittances from government-owned enterprises.
“Domestic reforms have helped spur investment, supporting growth in the services sector, especially in financial services and information and communication technology,” the World Bank said.
The multilateral lender sees inflation declining “gradually” this year as the monetary authorities continue to remain hawkish in a bid to rein in rising prices and ensure the naira remains at its fair value.
In response to high inflation, the central bank raised its policy rate six times last year. Although inflation has cooled somewhat in recent months, it remains elevated relative to the central bank target and pre-pandemic trends.
But the CBN continues to monitor the trends and has remained committed to its core mandate of price control.
News
Agriculture and its Potentials for Nigeria’s Economic Diversification

By Diana Tenebe, Chief Operating Officer, Foodstuff Store
Nigeria is a nation that is blessed with arable land and a teeming youthful population. For so long the nation has been tied to the fortunes of crude oil. Oil revenues have dominated the sustenance of economic development. The overall annual GDP growth for Nigeria in 2024 is reported at 3.40%.
The oil sector’s contribution to real GDP in Q4 2024 was 4.60%, with an annual growth rate of 5.54%. The agriculture sector contributed 24.64% to real GDP in Q4 2024, and 20.97% to aggregate nominal GDP for the full year, though its growth was more modest at 1.2% to 1.76% across different quarters. The non-oil sector, which includes agriculture, contributed a substantial 95.40% to real GDP in Q4 2024, indicating a decreasing reliance on oil as the main economic driver.
Nigeria’s economy is primarily driven by its non-oil sectors, with agriculture serving as a significant foundation, even with its ongoing productivity and security hurdles. There’s optimism that agriculture could spearhead the nation’s economic diversification in the future, especially if it’s strategically developed to generate foreign exchange and government revenue.
Agriculture was the bedrock of the Nigerian economy before the oil boom. Agriculture was the undisputed mainstay of Nigeria’s economy, contributing over 60% to the Gross Domestic Product (GDP) and employing more than 70% of the population. Regions specialised in cashcrops like cocoa, palm oil, groundnuts, and rubber making Nigeria a significant global exporter. The revenue generated from these agricultural activities fueled infrastructural development, education and social amenities across the country. The oil boom in the 1970s led to a neglect of the agricultural sector and fostered an over-reliance on petrodollars and invariably led to the stifling of the development of a diversified economy.
Just weeks into office in July 2023, President Bola Ahmed Tinubu declared a national emergency on food security, signaling a commitment to transforming agriculture into a modern, productive, and resilient engine of growth. Key initiatives include the immediate release of fertilizers and grains from national strategic reserves, a harmonisation of efforts between the Ministry of Agriculture and the Ministry of Water Resources to enable all-season farming through expanded irrigation, and the proposed establishment of a National Commodity Board to stabilize food prices and strengthen reserves. The administration of President Bola Tinubu has embarked on significant reforms to position agriculture as an economic tool to drive diversification. The efforts are constantly challenged by the pervasive violence of bandits on Nigeria farmers.
One of the flagship programs is the Agro-Pocket Initiative under the National Agricultural Growth Scheme, targeting the cultivation of 750,000 hectares for staple crops like rice, maize, wheat, and cassava, providing targeted support and input vouchers to farmers. To cushion the effects of inflation, the administration also announced a 150-day suspension of duties and tariffs on essential food imports and facilitated the import of significant quantities of maize and wheat for small-scale processors. Furthermore, a new National Agricultural Extension Policy aims to deliver demand-driven, ICT-enabled, and market-oriented extension services, moving away from outdated methods.
The ambitious agricultural agenda faces a formidable adversary: widespread banditry and insecurity. Across various regions, particularly in the food-producing states, farmers are increasingly subjected to violent attacks, kidnappings, and extortion. These acts of violence have devastating consequences, forcing many farmers to abandon their farmlands, reducing cultivated areas, and disrupting the entire agricultural value chain. The fear of attack not only deters new investments but also jeopardizes the livelihoods of existing farmers, leading to reduced agricultural output and escalating food prices. The Centre for Journalism Innovation and Development (CJID) recently highlighted that “No Farmer, No Food: Attacks on Farmers Fuel Nigeria’s Hunger Crisis,” underscoring the direct link between insecurity and food insecurity.
The Tinubu administration acknowledges this critical challenge. The National Security Adviser (NSA), Mallam Nuhu Ribadu, has reiterated the government’s commitment to returning displaced farmers to their communities and farms, emphasizing that sustainable peace cannot be achieved through kinetic responses alone. There’s a recognition that addressing the root causes of violent extremism, such as poverty and lack of opportunity, through inclusive, whole-of-government, and whole-of-society solutions, including integrated agricultural approaches, is crucial. The approval of Forest Guards is also seen as a transformative measure to enhance security for farmers.
Beyond the immediate crisis of insecurity, Nigeria’s agricultural sector still grapples with a myriad of systemic challenges. These include poor access to finance, with many farmers relying on informal lenders at exorbitant rates; high production costs, exacerbated by fuel subsidy removal; inadequate infrastructure, leading to significant post-harvest losses; and the impacts of climate change, such as erratic rainfall patterns and floods. Experts advocate for sustained investment in agricultural infrastructure, including irrigation systems, storage facilities, and rural road networks, to reduce post-harvest losses and improve market access.
Despite these hurdles, the potential for agriculture to drive Nigeria’s economic diversification remains immense. By focusing on value addition through agro-processing, leveraging modern agricultural technology (precision farming, irrigation, biotechnology, satellite imagery for yield prediction), diversifying crop production beyond traditional cash crops to include high-demand items, and investing in livestock and aquaculture, Nigeria can unlock significant economic growth. Public-private partnerships and accessible financial solutions, coupled with robust policy reforms, are vital to support smallholder farmers and attract necessary investments.
The journey beyond oil will be long and arduous, but agriculture offers Nigeria a tangible and sustainable path to economic resilience. President Tinubu’s reforms demonstrate a clear intent, but their success hinges on the government’s ability to effectively tackle the escalating violence against farmers. Without a secure environment, the seeds of diversification will struggle to take root, and the promise of a thriving agricultural sector will remain elusive. Only when farmers can work their lands in peace will agriculture truly become the robust engine Nigeria needs to diversify its economy and secure a prosperous future for its citizens.
News
Nigeria Police Dismantle WhatsApp Scam Syndicate, Freeze Millions

Nigeria Police Force has uncovered and dismantled a sophisticated cyber fraud syndicate that hijacked WhatsApp accounts belonging to high-profile Nigerians and used them to defraud their contacts.
The operation was carried out by the National Cybercrime Centre (NPF-NCCC) following a complaint lodged on April 14, 2025.
According to Force Public Relations Officer ACP Olumuyiwa Adejobi, the cyber intelligence team employed advanced digital forensics and investigative tactics to expose the syndicate’s inner workings.
Investigations revealed that the group relied on social engineering and mobile platform compromises to gain control of victims’ WhatsApp accounts.
During the course of the operation, police traced and froze illicit funds amounting to millions of naira across multiple Nigerian banks. A key suspect, Onajite Okoro, was arrested in Warri, Delta State.
He reportedly confessed to working with an accomplice known as “Chief Mallam Zaki,” whom he met through Facebook.
Okoro was found to have played a pivotal role in registering SIM cards, linking them to numerous bank accounts, and facilitating fraudulent transfers. Forensic analysis of his devices and financial records provided further evidence of his involvement in the scam.
Authorities say several other members of the syndicate are still at large, and efforts are underway to apprehend and prosecute them. Inspector-General of Police Kayode Adeolu Egbetokun reaffirmed the Force’s zero-tolerance stance on cyber and financial crimes, emphasizing the NPF’s commitment to staying ahead of emerging digital threats.
The police urged the public to strengthen their digital security by enabling multi-factor authentication, securing communication apps, and remaining cautious of unexpected messages, even from familiar contacts.
The Force reiterated its dedication to safeguarding Nigeria’s cyberspace and ensuring all cybercriminals are brought to justice.
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